senate Bill S2802

state debt service

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 01 / Feb / 2011
    • REFERRED TO FINANCE
  • 16 / Mar / 2011
    • ORDERED TO THIRD READING CAL.230
  • 16 / Mar / 2011
    • SUBSTITUTED BY A4002

Summary

Makes appropriations for the support of government - State Debt Service Budget.

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Bill Details

See Assembly Version of this Bill:
A4002
Versions:
S2802
Legislative Cycle:
2011-2012
Law Section:
Budget Bills

Sponsor Memo

BILL NUMBER:S2802

TITLE OF BILL:
An act
making appropriations for the legal requirements of the state debt
service and lease purchase payments and other special contractual
obligations

Summary:
This bill would make appropriations for the legal requirements
(payments of principle, interest, related expenses and interest
rate exchange and similar agreements) of the state debt service for
general obligation bonds, lease purchase payments and other special
contractual obligations.

Justification:
Annually the State legislature considers a bill of appropriations for
debt service so that the State may meet its obligations to make
payments on outstanding bonds and new State-supported bond issuances.
The State's good faith debt payments have garnered favorable credit
ratings by Standard & Poor's (AA), Fitch (PA) and Moody's (Aa2) for
the State's general obligation debt. Favorable ratings are determined
by on-time and consistent debt service payments, revenues that are
pledged to support payments and, inter alia, the State's fiscal
stability. For SFY 2011-12, the State plans to make $5.143 billion in
state-supported debt service payments and an additional $586,301
million in other state debt obligations for a total of $6.623 billion
in state-related debt service payments. New State-supported debt is
subject to the statutory debt limitations of the Debt Reform Act of
2000.

Fiscal impact:
This bill would authorize a maximum of $8.879 billion in debt service
appropriations, which includes $1.5 billion in appropriations for
market fluctuations in variable rate debt and interest rate exchange
and similar agreements and $250 million for the Debt Reduction
Reserve Fund.

Effective Date:
Effective April 1st, 2011.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 2802                                                  A. 4002

                      S E N A T E - A S S E M B L Y

                            February 1, 2011
                               ___________

IN  SENATE -- A BUDGET BILL, submitted by the Governor pursuant to arti-
  cle seven of the Constitution -- read twice and ordered  printed,  and
  when printed to be committed to the Committee on Finance

IN  ASSEMBLY  --  A  BUDGET  BILL, submitted by the Governor pursuant to
  article seven of the Constitution -- read once  and  referred  to  the
  Committee on Ways and Means

AN  ACT  making  appropriations  for the legal requirements of the state
  debt service and lease purchase payments and other special contractual
  obligations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  several  sums  specified in this section, or so much
thereof as may be sufficient to accomplish in full the  purposes  desig-
nated by the appropriations, are hereby appropriated to be paid as here-
in  provided for the funds and purposes specified and are made available
for the fiscal year beginning April 1, 2011.

            DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND--311

Maintenance undistributed
For the legal requirements  of  principal,  interest,  and
  related  expenses on general obligation bonds, and lease
  purchase, special contractual  and  revenue  bond  obli-
  gations,  as issued pursuant to article 5-C of the state
  finance law and payments for interest rate exchange  and
  similar  agreements,  in  accordance  with the following
  schedule ............................................... 4,603,325,000
                                                          ==============

                                SCHEDULE

GENERAL OBLIGATION PAYMENTS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

S. 2802                             2                            A. 4002

The sum of $530,000,000, or so  much  thereof  as  may  be
  necessary,  is  hereby  appropriated  for payment by the
  state comptroller for general obligation bonds issued in
  connection  with  higher  education  construction,  pure
  waters,  environmental  quality,  transportation capital
  facilities, rail preservation, outdoor recreation devel-
  opment, energy conservation through improved transporta-
  tion, parks and recreation land acquisition, rebuild New
  York through transportation infrastructure  renewal  and
  accelerated  capacity and transportation improvements of
  the nineties, clean water/clean  air,  and  rebuild  and
  renew  New  York  transportation purposes, in accordance
  with the following sub-schedule .......................... 530,000,000
                                                          --------------

                              sub-schedule

Debt service payments ...................................... 525,000,000
Related expenses ............................................. 5,000,000
                                                          --------------
Total of sub-schedule ...................................... 530,000,000
                                                          ==============

LEASE PURCHASE PAYMENTS
The several sums, or so much thereof as may be  sufficient
  to  accomplish  in  full  the purposes designated by the
  appropriations, are hereby appropriated and are, subject
  to the issuance of certificates of  approval  of  avail-
  ability by the director of the budget, available for the
  purpose  of  making  payments  for  lease purchase obli-
  gations, in accordance with the following schedule ......... 2,925,000
                                                          --------------

                         SCHEDULE

For payment to the Dormitory  Authority  for
  the Judicial Institute at Pace University,
  pursuant  to  chapter  613  of the laws of
  1999, as amended ............................... 550,000
For payment of the lease purchase  agreement
  for Hampton Plaza .............................. 700,000
For  payment of the lease purchase agreement
  for  the  department   of   transportation
  region  one  headquarters  building in the
  city of Schenectady .......................... 1,500,000
                                            --------------
  Total of debt service schedule ............... 2,750,000
                                            --------------

For payment of related expenses, in  accord-
  ance with the following schedule.

                         SCHEDULE

Urban Development Corporation ..................... 50,000
Office of General Services ....................... 125,000

S. 2802                             3                            A. 4002

                                            --------------
Total of related expenses schedule ............... 175,000
                                            --------------

Total of schedules ............................. 2,925,000
                                            ==============

SPECIAL CONTRACTUAL OBLIGATION PAYMENTS
The  several sums, or so much thereof as may be sufficient
  to accomplish in full the  purposes  designated  by  the
  appropriations, are hereby appropriated and are, subject
  to  the  issuance  of certificates of approval of avail-
  ability by the director of the budget, available for the
  purpose of making payments for special contractual obli-
  gations, in accordance with the following schedule ..... 1,662,050,000
                                                          --------------

                         SCHEDULE

For payment to  the  Triborough  Bridge  and
  Tunnel Authority and the Urban Development
  Corporation  pursuant to the provisions of
  an  agreement  of  sublease  between   the
  Triborough Bridge and Tunnel Authority and
  the  state  of New York for the Convention
  Center project .............................. 43,000,000
For payment to the Urban Development  Corpo-
  ration  pursuant  to  the provisions of an
  agreement or  agreements  entered  between
  the State and the Urban Development Corpo-
  ration  to  pay for bonds, notes, or other
  obligations issued  or  entered  into  for
  correctional facilities ..................... 67,000,000
For  payment to the Urban Development Corpo-
  ration pursuant to the  provisions  of  an
  agreement   or  agreements  of  lease  and
  sublease entered  into  between,  but  not
  limited  to,  the Urban Development Corpo-
  ration, the Office of General Services and
  the Department  of  Correctional  Services
  for the rental of correctional facilities ... 21,000,000
For  payment according to the following sub-
  schedule to the Urban  Development  Corpo-
  ration for project revenue bonds, pursuant
  to the provisions of certain agreements of
  lease  between  the entities designated on
  the following sub-schedule and  the  state
  of  New  York  and  the assignment of rent
  thereof to the  Urban  Development  Corpo-
  ration ...................................... 16,000,000

                sub-schedule

Rensselaer  Polytechnic Insti-
  tute (Center for  Industrial
  Innovation) .................... 4,500,000

S. 2802                             4                            A. 4002

Syracuse  University  (Science
  and Technology Center) ......... 2,800,000
Cornell  University (Supercom-
  puter Center) .................... 700,000
Columbia University  (Telecom-
  munications Center) ............ 5,000,000
Clarkson University .............. 1,100,000
University Grants 95 Refunding ... 1,900,000
                              --------------
  Total of sub-schedule ......... 16,000,000
                              --------------

For  payment to the Dormitory Authority, for
  payment of bonds  issued  to  finance  the
  Department   of   Health's  David  Axelrod
  Institute for Public Health,  pursuant  to
  the provisions of an agreement between the
  Dormitory  Authority and the Department of
  Health ....................................... 6,000,000
For payment to the Dormitory Authority,  for
  payment  of  bonds issued to finance State
  Department of Education facilities, pursu-
  ant to an agreement between the  Dormitory
  Authority  and the State Education Depart-
  ment ......................................... 5,500,000
For payment to the  Housing  Finance  Agency
  and  the Urban Development Corporation for
  payment of bonds  issued  to  finance  the
  State's housing programs .................... 34,000,000
For  payment to the Metropolitan Transporta-
  tion Authority, pursuant to state  service
  contracts  authorized  by  section  16  of
  chapter 314 of the laws of  1981,  section
  42  of chapter 929 of the laws of 1986, as
  amended by chapter 13 of the laws of 1987,
  and section 34 of part O of chapter 61  of
  the laws of 2000 ........................... 165,000,000
For   payment   to   the   State  University
  Construction  Fund,  for  payment  to  the
  Dormitory Authority, pursuant to paragraph
  (e)  of  subdivision 19 of section 1680 of
  the public authorities  law,  to  pay  for
  bonds  or  notes issued by such authority,
  pursuant to agreements between  the  State
  University    Construction   Fund,   State
  University of New York and  the  Dormitory
  Authority,  relating  to  State University
  education facilities. Notwithstanding  the
  provisions  of  section  40  of  the state
  finance law or any other provision of  law
  to  the contrary, this appropriation shall
  remain in  full  force  and  effect  until
  April 30, 2012 ............................. 310,000,000
For   payment   to   the   State  University
  Construction  Fund,  for  payment  to  the
  Dormitory  Authority,  in  accordance with

S. 2802                             5                            A. 4002

  subdivision  8  of  section  6304  of  the
  education  law, for bonds, notes, or other
  obligations  issued  by  such   authority,
  pursuant  to  an  agreement  or agreements
  among the State University  of  New  York,
  various community colleges and their spon-
  sors,  and  the  Dormitory  Authority  for
  educational   facilities   of    community
  colleges .................................... 28,000,000
For   payment   to   the   City   University
  Construction  Fund  for  City   University
  senior  colleges  and  for  community col-
  leges. Moneys hereby appropriated, or por-
  tions thereof, are for payments net of all
  interest and investment earnings on senior
  and community college payments  and  other
  excess earnings held by the City Universi-
  ty  Construction  Fund, in accordance with
  the following sub-schedule ................. 270,000,000

                sub-schedule

City     University     senior
  colleges ..................... 240,000,000
City    University   community
  colleges ...................... 30,000,000
                              --------------
  Total of sub-schedule ........ 270,000,000
                              --------------

For  payment  to  the  Dormitory  Authority,
  pursuant  to  the  provisions of a service
  contract  or  contracts,  for  payment  of
  bonds or notes issued for the financing of
  projects at the Albany County Airport ........ 4,000,000
For  payment  to the Dormitory Authority and
  the  Urban  Development  Corporation   for
  bonds  issued  for  one or more facilities
  provided for the department of  audit  and
  control,  the  New  York  state  and local
  employees' retirement system, and the  New
  York  state  and  local  police  and  fire
  retirement system and  on  behalf  of  the
  departments  or  agencies having occupancy
  or use of other state facilities and park-
  ing facilities ............................... 1,200,000
For payment to the Dormitory Authority,  for
  payment  of bonds issued to finance eligi-
  ble  child  care  facilities   development
  projects,  pursuant  to  an  agreement  or
  agreements between the Dormitory Authority
  and the state ................................ 2,000,000
For payment to the Thruway Authority, pursu-
  ant to section 380 of the public  authori-
  ties  law,  to  pay  for Local Highway and

S. 2802                             6                            A. 4002

  Bridge Service  Contract  bonds  or  notes
  issued  by  such  authority pursuant to an
  agreement  between  the  Thruway Authority
  and the state .............................. 205,000,000
For payment to the Environmental  Facilities
  Corporation  to  pay  for  bonds  or notes
  issued by such authority  pursuant  to  an
  agreement between the Environmental Facil-
  ities Corporation and the Office of Parks,
  Recreation and Historic Preservation ......... 1,800,000
For  payment to the Environmental Facilities
  Corporation, pursuant to subdivision 1  of
  section  1290  of  the  public authorities
  law, to pay for bonds or notes  issued  by
  such  authority pursuant to a lease agree-
  ment between the Environmental  Facilities
  Corporation   and  the  Office  of  Parks,
  Recreation   and   Historic   Preservation
  relating  to  the  financing  of Riverbank
  State Park ................................... 5,000,000
For payment to the Environmental  Facilities
  Corporation  for bonds and notes issued by
  such authority, pursuant to  an  agreement
  between   the   Environmental   Facilities
  Corporation  and  the  Office  of   Mental
  Health  relating  to  the  financing  of a
  Waste water treatment facility for Pilgrim
  Psychiatric Center ............................. 950,000
For payment to the Environmental  Facilities
  Corporation,  for  payment of bonds issued
  to  finance  eligible  pipeline  for  jobs
  projects,  pursuant  to  an  agreement  or
  agreements   between   the   Environmental
  Facilities Corporation and the State ......... 1,800,000
For  payment to the Environmental Facilities
  Corporation, for payment of  bonds  issued
  to  finance  environmental  infrastructure
  projects,  pursuant  to  an  agreement  or
  agreements   between   the   Environmental
  Facilities Corporation and the State ........ 18,000,000
For payment according to the following  sub-
  schedule   for  bonds  issued  to  finance
  consolidated service contract refundings ... 428,000,000
                                            --------------

                sub-schedule

Urban Development Corporation .. 342,000,000
Dormitory Authority ............. 86,000,000
                              --------------
  Total of sub-schedule ........ 428,000,000
                              --------------

Total of debt service schedule ............. 1,633,250,000
                                            --------------

S. 2802                             7                            A. 4002

For payment of related expenses  in  accord-
  ance with the following schedule.

                         SCHEDULE

Urban Development Corporation .................. 5,000,000
Housing Finance Agency ......................... 4,000,000
Dormitory Authority ........................... 13,000,000
Dormitory Authority Capital Expenses ........... 5,000,000
Environmental Facilities Corporation ............. 300,000
Triborough Bridge and Tunnel Authority ......... 1,000,000
Thruway Authority ................................ 500,000
                                            --------------
Total of related expenses schedule ............ 28,800,000
                                            --------------

Total of schedules ......................... 1,662,050,000
                                            ==============

REVENUE BOND FINANCING AGREEMENT PAYMENTS
The  several sums, or so much thereof as may
  be necessary, are hereby appropriated  for
  payment  to  the  dormitory authority, the
  environmental facilities corporation,  the
  housing   finance   agency,   the  thruway
  authority,  and  the   urban   development
  corporation  and are, subject to the issu-
  ance of certificates of approval of avail-
  ability by the  director  of  the  budget,
  available   for   the  purpose  of  making
  financing agreement  payments  related  to
  personal  income  tax  revenue  bond obli-
  gations, as authorized pursuant to article
  5-C  of  the  state  finance  law  and  in
  accordance with the following schedule ... 2,408,350,000
                                            --------------

                         SCHEDULE

Economic Development and Housing ............. 385,000,000
Education .................................... 470,000,000
Environment .................................. 105,000,000
General Purpose .............................. 940,000,000
Healthcare .................................... 15,000,000
State Facilities and Equipment ............... 200,000,000
Transportation ............................... 275,000,000
                                            --------------
Total of schedule .......................... 2,390,000,000
                                            --------------

For  payment  of related expenses in accord-
  ance with the following schedule.

                         SCHEDULE

Urban Development Corporation .................. 2,000,000

S. 2802                             8                            A. 4002

Housing Finance Agency ......................... 2,500,000
Dormitory Authority ........................... 12,000,000
Dormitory Authority Capital Expenses ............. 800,000
Environmental Facilities Corporation ............. 800,000
Thruway Authority ................................ 250,000
                                            --------------
Total of schedule ............................. 18,350,000
                                            --------------

Total of schedules ......................... 2,408,350,000
                                            ==============

Total of schedule ........................................ 4,603,325,000
                                                          ==============

                DEBT SERVICE FUND--HOUSING DEBT FUND--316

GENERAL OBLIGATION PAYMENTS
The  sum  of  $15,500,000,  or  so  much thereof as may be
  necessary, is hereby appropriated  for  payment  by  the
  state  comptroller  of principal and interest on general
  obligation bonds issued in connection with state housing
  (low cost, middle income and urban renewal) ............... 15,500,000
                                                          ==============

               DEBT SERVICE FUND--HEALTH INCOME FUND--319

For debt service and related expenses in  accordance  with
  the following schedule .................................... 34,800,000
                                                          --------------

                                SCHEDULE

The  sum  of  $30,000,000,  or  so  much thereof as may be
  necessary of operating revenues received from department
  of health facilities other than the New York City Veter-
  ans' Home, is hereby appropriated  for  payment  by  the
  state  comptroller of all obligations under the terms of
  agreements between the health department and the  dormi-
  tory authority ............................................ 30,000,000
The sum of $2,000,000, or so much thereof as may be neces-
  sary  of  operating  revenues received from the New York
  City Veterans' Home, is hereby appropriated for  payment
  by  the  state  comptroller of all obligations under the
  terms of agreements between the  health  department  and
  the dormitory authority .................................... 2,000,000
Related expenses ............................................... 800,000
Capital expenses ............................................. 2,000,000
                                                          --------------
  Total of schedule ......................................... 34,800,000
                                                          ==============

     DEBT SERVICE FUND--STATE UNIVERSITY DORMITORY INCOME FUND--330

The  sum  of  $105,300,000,  or  so much thereof as may be
  necessary, is hereby appropriated  for  payment  by  the

S. 2802                             9                            A. 4002

  state  comptroller of all obligations under the terms of
  agreements between the state university of New York  and
  the dormitory authority and refunds to students for room
  rental  and college fee overpayments, in accordance with
  the following schedule ................................... 105,300,000
                                                          --------------

                                SCHEDULE

Debt service payments ....................................... 95,000,000
Related expenses ............................................... 800,000
Capital expenses ............................................. 9,500,000
                                                          --------------
Total of schedule .......................................... 105,300,000
                                                          ==============

           DEBT SERVICE FUND--MENTAL HEALTH SERVICES FUND--304

The sum of $353,000,000, or so  much  thereof  as  may  be
  necessary,  is  hereby  appropriated  for payment by the
  state comptroller of all obligations  of  the  dormitory
  authority,  as  successor  to the facilities development
  corporation and  the  medical  care  facilities  finance
  agency pursuant to chapter 83 of the laws of 1995, under
  the  terms  of  any  lease, sublease, or other financing
  agreement with the  department  of  mental  hygiene,  in
  accordance with the following schedule ................... 353,000,000
                                                          --------------

                                SCHEDULE

Debt service payments ...................................... 345,000,000
Related expenses ............................................. 8,000,000
                                                          --------------
Total of schedule .......................................... 353,000,000
                                                          ==============

      DEBT SERVICE FUND--LOCAL GOVERNMENT ASSISTANCE TAX FUND--364

The  sum  of  $392,000,000,  or  so much thereof as may be
  necessary, is hereby appropriated  for  payment  of  all
  obligations,  including  but not limited to reserve fund
  credit facilities, to the  local  government  assistance
  corporation  pursuant  to  a certificate or certificates
  filed by the chairman of the corporation with the  state
  comptroller  and the governor, pursuant to subdivision 1
  of section  3240  of  the  public  authorities  law,  in
  accordance with the following schedule ................... 392,000,000
                                                          --------------

                                SCHEDULE

Debt service payments ...................................... 385,000,000
Related expenses ............................................. 7,000,000
                                                          --------------

S. 2802                            10                            A. 4002

Total of schedule .......................................... 392,000,000
                                                          ==============

            TRUST AND AGENCY FUND--SCHOOL CAPITAL FACILITIES
                       FINANCING RESERVE FUND--130

The  sum  of  $30,500,000,  or  so  much thereof as may be
  necessary, is hereby appropriated  for  payment  by  the
  state  comptroller  to  the  dormitory authority for the
  purpose of meeting the terms of any  contractual  agree-
  ments  between the dormitory authority and participating
  special act school districts listed in  chapter  566  of
  the  laws  of  1967, as amended, state-supported schools
  for blind and deaf  students  and  children  with  other
  handicapping  conditions  pursuant  to article 85 of the
  education  law,  and  private   not-for-profit   schools
  approved  by  the  commissioner of education pursuant to
  article 89 of the education law, in accordance with  the
  following schedule ........................................ 30,500,000
                                                          --------------

                                SCHEDULE

Debt service payments ....................................... 30,000,000
Related expenses ............................................... 250,000
Capital expenses ............................................... 250,000
                                                          --------------
Total of schedule ........................................... 30,500,000
                                                          ==============

            DEDICATED HIGHWAY AND BRIDGE TRUST FUND--SPECIAL
               OBLIGATION RESERVE AND PAYMENT ACCOUNT--072

The  sum  of  $960,250,000,  or  so much thereof as may be
  necessary, is hereby appropriated to pay  for  bonds  or
  notes  as  required  under  dedicated highway and bridge
  trust fund cooperative agreements under section 10-e  of
  the highway law, in accordance with the following sched-
  ule ...................................................... 960,250,000
                                                          --------------

                                SCHEDULE

Debt service payments ...................................... 960,000,000
Related expenses ............................................... 250,000
                                                          --------------
Total of schedule .......................................... 960,250,000
                                                          ==============

                    DEBT REDUCTION RESERVE FUND - 064

The  sum  of  $250,000,000,  or  so much thereof as may be
  necessary,  is  hereby  appropriated   from   the   debt
  reduction  reserve  fund  for the purposes of principal,
  interest, and related expenses, for retiring or  defeas-
  ing  bonds  previously  issued,  including  any  accrued

S. 2802                            11                            A. 4002

  interest or other  expenses  related  thereto,  for  any
  state-related bonding program or programs and for trans-
  fer,  upon  request  of  the  director of the budget, to
  various  capital  projects  funds  as  designated by the
  director of  the  budget  for  the  funding  of  capital
  projects,  equipment  acquisitions,  or similar expenses
  which have been authorized by law to be financed through
  the issuance of bonds, notes, or other obligations ....... 250,000,000
                                                          ==============

                   CONTINGENT AND OTHER APPROPRIATIONS

  S 2. The several sums specified in this section, or so much thereof as
may be sufficient to accomplish in full the purposes designated  by  the
appropriations,  are  hereby  appropriated to be paid as herein provided
for the funds and purposes specified and  are  made  available  for  the
fiscal year beginning April 1, 2011.

                GENERAL FUND--STATE PURPOSES ACCOUNT--003

The  sum  of  $20,000,000,  or  so  much thereof as may be
  necessary, is hereby appropriated from the general  fund
  to  the  credit of the state purposes account solely for
  the purpose of making payments of rebates to the federal
  government to maintain the exemption from federal income
  taxation of the interest paid to the  holders  of  state
  obligations issued pursuant to sections 55 and 57 of the
  state finance law ......................................... 20,000,000
                                                          ==============

The  sum  of  $225,000,000,  or  so much thereof as may be
  necessary, is hereby appropriated from the general  fund
  to  the  credit of the state purposes account solely for
  the purpose of redeeming general obligation bonds issued
  by the state of New York, provided,  however,  that  the
  amount  to  be expended from this appropriation shall be
  limited to the amount, as determined by the comptroller,
  to be necessary to maintain the exemption  from  federal
  taxation  of  the  interest paid to the holders of state
  obligations issued pursuant to sections 55 and 57 of the
  state finance law ........................................ 225,000,000
                                                          ==============

                                ALL FUNDS

For payment of principal and interest, including  but  not
  limited  to  reserve fund credit facilities, on variable
  rate obligations and interest rate exchange and  similar
  agreements  for  state-supported debt or for transfer to
  any other appropriation, in accordance with the  follow-
  ing schedule ........................................... 1,500,000,000
                                                          --------------

                                SCHEDULE

Debt service payments .................................... 1,000,000,000

S. 2802                            12                            A. 4002

Related expenses ........................................... 100,000,000
Interest rate exchange and similar agreements .............. 400,000,000
                                                          --------------
Total of schedule ........................................ 1,500,000,000
                                                          ==============

            DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND--311

SPECIAL CONTRACTUAL OBLIGATION PAYMENTS
For  payment  to  the dormitory authority, as successor to
  the medical care facilities finance agency  pursuant  to
  chapter 83 of the laws of 1995, for payment of principal
  interest,  and related expenses on bonds or notes issued
  pursuant to the provisions of section  7-a  of  the  New
  York  state  medical care facilities finance agency act,
  as amended, which  provide  that  the  service  contract
  payments  will be made to meet the debt service payments
  due if the funds and accounts established under the bond
  resolution, the secured hospital  debt  service  reserve
  fund,  and the secured hospital capital reserve fund are
  inadequate, in accordance with the following schedule ..... 84,000,000
                                                          --------------

                                SCHEDULE

Debt service payments ....................................... 83,000,000
Related expenses ............................................. 1,000,000
                                                          --------------
Total of schedule ........................................... 84,000,000
                                                          ==============

For payment to the  tobacco  settlement  financing  corpo-
  ration, for payment of bonds or notes issued pursuant to
  the  provisions  of part D3 of chapter 62 of the laws of
  2003 which provides that contingency  contract  payments
  will  be  made  to meet the debt service payments due if
  the funds and accounts established under the bond inden-
  tures, the  debt  service  accounts,  the  debt  service
  reserve accounts and the supplemental accounts are inad-
  equate, in accordance with the following schedule ........ 306,000,000
                                                          --------------

                                SCHEDULE

Debt service payments ...................................... 305,000,000
Related expenses ............................................. 1,000,000
                                                          --------------
Total of schedule .......................................... 306,000,000
                                                          ==============

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