Bill Text: NY A08029 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the Yonkers parking authority to issue bonds or notes in the principal amount not to exceed sixty million dollars to finance critical infrastructure improvements to parking facilities located in the city of Yonkers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-06-10 - substituted by s7236 [A08029 Detail]

Download: New_York-2021-A08029-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8029

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      June 7, 2021
                                       ___________

        Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
          tee on Corporations, Authorities and Commissions

        AN ACT to amend the public authorities law, in relation  to  authorizing
          the Yonkers parking authority to issue bonds or notes in the principal
          amount not to exceed sixty million dollars to finance critical infras-
          tructure  improvements  to  parking  facilities located in the city of
          Yonkers

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subdivision 1 of section 1596-i of the public authorities
     2  law, as amended by chapter 592 of the laws of 1988, is amended  to  read
     3  as follows:
     4    1.  The  authority  shall have the power and is hereby authorized from
     5  time to time to issue its negotiable bonds in conformity with applicable
     6  provisions of the uniform commercial code for any purpose  mentioned  in
     7  section fifteen hundred ninety-six-d of this title, including the acqui-
     8  sition,  construction,  reconstruction  and  repair of personal and real
     9  property of all kinds deemed by the board to be necessary  or  desirable
    10  to  carry  out  such  purpose, as well as to pay such expenses as may be
    11  deemed by the board necessary or desirable to the financing thereof  and
    12  placing  the project or projects in operation in the aggregate principal
    13  amount of not exceeding [thirty million dollars outstanding on or before
    14  June thirtieth, nineteen  hundred  ninety-two]  sixty  million  dollars.
    15  Said  bonds  must  be  issued no later than June thirtieth, two thousand
    16  thirty-one. The authority shall have power from time to time and whenev-
    17  er it deems refunding expedient, to  refund  any  bonds,  including  the
    18  unpaid  balance  of  the  authority's revenue bonds, Series 1999A, dated
    19  June twenty-ninth, nineteen hundred ninety-nine, the issuance  of  which
    20  is  hereby ratified and confirmed, by the issuance of new bonds, whether
    21  the bonds to be refunded have or have not matured, and may  issue  bonds
    22  partly to refund bonds then outstanding and partly for any other purpose

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11814-02-1
        A. 8029                             2

     1  hereinabove  described.  The  refunding  bonds  may be exchanged for the
     2  bonds to be refunded with such cash adjustments as may be agreed, or may
     3  be sold and the proceeds applied to the purchase or payment of the bonds
     4  to  be refunded. In computing the total amount of bonds of the authority
     5  which may at any time be outstanding the amount of the outstanding bonds
     6  to be refunded from the proceeds of the sale of new bonds or by exchange
     7  for new bonds shall be excluded.  Except as may otherwise  be  expressly
     8  provided  by  the  authority,  the bonds of every issue shall be general
     9  obligations of the authority payable out of any moneys  or  revenues  of
    10  the  authority,  subject  only  to  any  agreements  with the holders of
    11  particular bonds pledging any particular moneys or revenues.
    12    § 2. This act shall take effect immediately.