Bill Text: NY S06519 | 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 thirty million dollars to finance critical infrastructure improvements to parking facilities located in the city of Yonkers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2022-06-03 - COMMITTED TO RULES [S06519 Detail]

Download: New_York-2021-S06519-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6519

                               2021-2022 Regular Sessions

                    IN SENATE

                                       May 4, 2021
                                       ___________

        Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
          and when printed to be committed to the Committee on Cities 2

        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  thirty  million  dollars  to finance critical
          infrastructure 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].    The  aggregate
    13  principal  amount  of  such  bonds outstanding at any one time shall not
    14  [exceeding] exceed thirty million dollars [outstanding on or before June
    15  thirtieth, nineteen hundred ninety-two]. Said bonds must  be  issued  no
    16  later  than June thirtieth, two thousand thirty-one. The authority shall
    17  have power from time to time and whenever it deems refunding  expedient,
    18  to  refund  any  bonds,  including the unpaid balance of the authority's
    19  revenue bonds, Series 1999A, dated June twenty-ninth,  nineteen  hundred
    20  ninety-nine,  the issuance of which is hereby ratified and confirmed, by
    21  the issuance of new bonds, whether the bonds to be refunded have or have
    22  not matured, and may issue bonds partly to refund bonds then outstanding

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11225-02-1
        S. 6519                             2

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