Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 10, 2010 |
signed chap.561 |
Dec 07, 2010 |
delivered to governor returned to assembly passed senate 3rd reading cal.10 substituted for s68014 |
Dec 07, 2010 |
substituted by a42014 ordered to third reading cal.10 |
Dec 03, 2010 |
referred to rules |
Senate Bill S68014
Signed By Governor2009-2010 Legislative Session
Sponsored By
There are no sponsors of this bill.
Archive: Last Bill Status Via A42014 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2009-S68014 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A42014
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §1678, Pub Auth L
2009-S68014 (ACTIVE) - Sponsor Memo
BILL NUMBER:S68014 TITLE OF BILL: An act to amend the public authorities law, in relation to the powers and duties of the dormitory authority of the state of New York relative to the establishment of subsidiaries for certain purposes PURPOSE: The bill would authorize the Dormitory Authority of the State of New York ("DASNY") to form a subsidiary for the purpose of exercising certain rights of DASNY, consistent with Public Authorities Law §2827-a, in connection with taking title to certain real property on which DASNY holds one or more mortgages to secure loans made by DASNY to North General Hospital ("North General"). SUMMARY OF PROVISIONS: Section 1 of the bill would add a new subdivision 25 to PAL § 1678 to authorize DASNY to create a subsidiary for the purpose of limiting the potential liability of DASNY when exercising its powers and duties in connection with the exercise of remedies by DASNY against North General, an eligible secured borrower (as defined in chapter 590 of the laws of 2002) located in the borough of Manhattan, New York. Among the powers that could be exercised by this subsidiary would be:
2009-S68014 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 14 Third Extraordinary Session I N S E N A T E December 3, 2010 ___________ Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the public authorities law, in relation to the powers and duties of the dormitory authority of the state of New York rela- tive to the establishment of subsidiaries for certain purposes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1678 of the public authorities law is amended by adding a new subdivision 25 to read as follows: 25. (A) TO FORM A SUBSIDIARY FOR THE PURPOSE OF LIMITING THE POTENTIAL LIABILITY OF THE AUTHORITY WHEN EXERCISING THE POWERS AND DUTIES CONFERRED UPON THE AUTHORITY BY ARTICLE EIGHT OF THIS CHAPTER IN CONNECTION WITH THE EXERCISE OF REMEDIES BY THE AUTHORITY AGAINST NORTH GENERAL HOSPITAL, AN ELIGIBLE SECURED BORROWER (AS DEFINED IN CHAPTER FIVE HUNDRED NINETY OF THE LAWS OF TWO THOUSAND TWO) LOCATED IN THE BOROUGH OF MANHATTAN, NEW YORK THAT HAS DEFAULTED IN ITS OBLIGATIONS UNDER ITS LOAN AGREEMENT OR MORTGAGE WITH THE AUTHORITY AND FOR WHICH AN EVENT OF DEFAULT HAS BEEN DECLARED BY THE AUTHORITY. SUCH SUBSIDIARY CREATED PURSUANT TO THIS SUBDIVISION MAY EXERCISE AND PERFORM ONE OR MORE OF THE PURPOSES, POWERS, DUTIES, FUNCTIONS, RIGHTS AND RESPONSIBIL- ITIES OF THE AUTHORITY OTHER THAN THE ISSUANCE OF INDEBTEDNESS, IN CONNECTION WITH REAL AND PERSONAL PROPERTY WITH RESPECT TO WHICH THE AUTHORITY HOLDS OR HELD A MORTGAGE, SECURITY INTEREST OR OTHER COLLAT- ERAL INTEREST INCLUDING: (I) BIDDING FOR, TAKING, HOLDING, SELLING, CONVEYING, ASSIGNING OR TRANSFERRING TITLE TO SUCH PROPERTY; (II) ENTER- ING INTO LEASES, SUBLEASES, OPERATING AGREEMENTS, SECURITY AGREEMENTS, LOAN AGREEMENTS OR OTHER ENCUMBRANCES OR ARRANGEMENTS WITH REGARD TO SUCH PROPERTY AND ACTING IN A MANNER CONSISTENT WITH THE RIGHTS, OBLI- GATIONS OR RESPONSIBILITIES OF THE OWNER OF SUCH PROPERTY PURSUANT TO SUCH AGREEMENTS OR ENCUMBRANCES; (III) ASSUMING ANY INDEBTEDNESS OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD12326-03-0
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.