senate Bill S6352

Signed by Governor

DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND BUDGET BILL

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Bill Status


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

  • 21 / Jan / 2014
    • REFERRED TO FINANCE
  • 13 / Mar / 2014
    • ORDERED TO THIRD READING CAL.282
  • 13 / Mar / 2014
    • PASSED SENATE
  • 13 / Mar / 2014
    • DELIVERED TO ASSEMBLY
  • 14 / Mar / 2014
    • REFERRED TO WAYS AND MEANS
  • 19 / Mar / 2014
    • SUBSTITUTED FOR A8552
  • 19 / Mar / 2014
    • ORDERED TO THIRD READING RULES CAL.24
  • 19 / Mar / 2014
    • PASSED ASSEMBLY
  • 19 / Mar / 2014
    • RETURNED TO SENATE
  • 31 / Mar / 2014
    • DELIVERED TO GOVERNOR
  • 11 / Apr / 2014
    • SIGNED CHAP.52

Summary

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

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Bill Details

See Assembly Version of this Bill:
A8552
Versions:
S6352
Legislative Cycle:
2013-2014
Law Section:
Budget Bills
view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 6352                                                  A. 8552

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

                            January 21, 2014
                               ___________

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 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

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 --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

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, 2014.

              DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND

Maintenance undistributed
For the legal requirements  of  principal,  interest,  and
  related  expenses  on  general obligation bonds, special
  contractual and  revenue  bond  obligations,  as  issued
  pursuant  to  articles  5-C and 5-F of the state finance
  law and payments for interest rate exchange and  similar
  agreements, in accordance with the following schedule .. 5,381,200,000
                                                          ==============


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

S. 6352                             2                            A. 8552

                                SCHEDULE

GENERAL OBLIGATION PAYMENTS
The  sum  of  $482,500,000,  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 .......................... 482,500,000
                                                          --------------

                              sub-schedule

Debt service payments ...................................... 480,000,000
Related expenses ............................................. 2,500,000
                                                          --------------
Total of sub-schedule ...................................... 482,500,000
                                                          ==============

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 ..... 1,325,700,000
                                                          --------------

                         SCHEDULE

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 ...................................... 11,300,000

S. 6352                             3                            A. 8552

                sub-schedule

Syracuse  University  (Science
  and Technology Center) ......... 2,800,000
Cornell  University (Supercom-
  puter Center) .................... 700,000
Columbia University  (Telecom-
  munications Center) ............ 4,800,000
Clarkson University .............. 1,100,000
University Grants 95 Refunding ... 1,900,000
                              --------------
  Total of sub-schedule ......... 11,300,000
                              --------------

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 .................... 39,000,000
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 ............................ 82,000,000
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, 2015 ............................. 240,000,000

S. 6352                             4                            A. 8552

For   payment   to   the   State  University
  Construction  Fund,  for  payment  to  the
  Dormitory  Authority,  in  accordance with
  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 .................................... 30,000,000
For payment to the City University Construc-
  tion   Fund  for  City  University  senior
  colleges  and  for   community   colleges.
  Moneys  hereby  appropriated,  or portions
  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 ................. 194,000,000

                sub-schedule

City     University     senior
  colleges ..................... 170,000,000
City   University    community
  colleges ...................... 24,000,000
                              --------------
  Total of sub-schedule ........ 194,000,000
                              --------------

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 Thruway Authority, pursu-
  ant  to section 380 of the public authori-
  ties law, to pay  for  Local  Highway  and
  Bridge  Service  Contract  bonds  or notes
  issued by such authority  pursuant  to  an
  agreement  between  the  Thruway Authority
  and the state .............................. 190,000,000

S. 6352                             5                            A. 8552

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 ................................... 5,200,000
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 ........................... 1,000,000
For payment according to the following  sub-
  schedule   for  bonds  issued  to  finance
  consolidated service contract refundings ... 475,000,000
                                            --------------

                sub-schedule

Urban Development Corporation .. 385,000,000
Dormitory Authority ............. 80,000,000
Thruway Authority ............... 10,000,000
                              --------------
  Total of sub-schedule ........ 475,000,000
                              --------------

Total of debt service schedule ............. 1,305,200,000
                                            --------------

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

                         SCHEDULE

Urban Development Corporation .................. 2,000,000
Housing Finance Agency ......................... 2,000,000
Dormitory Authority ............................ 7,500,000
Dormitory Authority Capital Expenses ........... 8,500,000
Environmental Facilities Corporation ............. 200,000
Thruway Authority ................................ 300,000
                                            --------------
Total of related expenses schedule ............ 20,500,000
                                            --------------

Total of schedules ......................... 1,325,700,000
                                            ==============

REVENUE BOND FINANCING AGREEMENT PAYMENTS
The  several sums, or so much thereof as may
  be necessary, are hereby appropriated  for

S. 6352                             6                            A. 8552

  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 ... 3,420,000,000
                                            --------------

                         SCHEDULE

Debt Service Payment ....................... 3,400,000,000
Related Expenses .............................. 20,000,000
                                            --------------
Total of schedule .......................... 3,420,000,000
                                            ==============

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
  thruway  authority, and the urban develop-
  ment corporation and are, subject  to  the
  issuance  of  certificates  of approval of
  availability by the director of  the  bud-
  get,  available  for the purpose of making
  financing agreement  payments  related  to
  sales  tax  revenue  bond  obligations, as
  authorized pursuant to article 5-F of  the
  state  finance  law and in accordance with
  the following schedule ..................... 153,000,000
                                            --------------

                                SCHEDULE

Debt Service Payments ........................ 150,000,000
Related Expenses ............................... 3,000,000
                                            --------------
Total of schedule ............................ 153,000,000
                                            ==============

Total of schedule ........................................ 5,381,200,000
                                                          ==============

                  DEBT SERVICE FUND--HOUSING DEBT FUND

GENERAL OBLIGATION PAYMENTS
The sum of $10,000,000, or  so  much  thereof  as  may  be
  necessary,  is  hereby  appropriated  for payment by the
  state comptroller of principal and interest  on  general

S. 6352                             7                            A. 8552

  obligation bonds issued in connection with state housing
  (low cost, middle income and urban renewal) ............... 10,000,000
                                                          ==============

                  DEBT SERVICE FUND--HEALTH INCOME FUND

For  debt  service and related expenses in accordance with
  the following schedule .................................... 33,500,000
                                                          --------------

                                SCHEDULE

The sum of $29,000,000, 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 ............................................ 29,000,000
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 ............................................. 1,000,000
Capital expenses ............................................. 1,500,000
                                                          --------------
  Total of schedule ......................................... 33,500,000
                                                          ==============

             DEBT SERVICE FUND--MENTAL HEALTH SERVICES FUND

The sum of $298,000,000, 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 ................... 298,000,000
                                                          --------------

                                SCHEDULE

Debt service payments ...................................... 290,000,000
Related expenses ............................................. 8,000,000
                                                          --------------
Total of schedule .......................................... 298,000,000
                                                          ==============

         DEBT SERVICE FUND--LOCAL GOVERNMENT ASSISTANCE TAX FUND

The  sum  of  $405,500,000,  or  so much thereof as may be
  necessary, is hereby appropriated  for  payment  of  all

S. 6352                             8                            A. 8552

  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 ................... 405,500,000
                                                          --------------

                                SCHEDULE

Debt service payments ...................................... 400,000,000
Related expenses ............................................. 5,500,000
                                                          --------------
Total of schedule .......................................... 405,500,000
                                                          ==============

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

The sum of $25,600,000, 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 ........................................ 25,600,000
                                                          --------------

                                SCHEDULE

Debt service payments ....................................... 25,000,000
Related expenses ............................................... 300,000
Capital expenses ............................................... 300,000
                                                          --------------
Total of schedule ........................................... 25,600,000
                                                          ==============

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

The sum of $820,300,000 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 ...................................................... 820,300,000
                                                          --------------

S. 6352                             9                            A. 8552

                                SCHEDULE

Debt service payments ...................................... 820,000,000
Related expenses ............................................... 300,000
                                                          --------------
Total of schedule .......................................... 820,300,000
                                                          ==============

                       DEBT REDUCTION RESERVE FUND

The  sum  of  $500,000,000,  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
  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 ....... 500,000,000
                                                          ==============

                   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, 2014.

                  GENERAL FUND--STATE PURPOSES ACCOUNT

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

S. 6352                            10                            A. 8552

                                                          ==============

                                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 ........................................... 1,400,000,000
                                                          --------------

                                SCHEDULE

Debt service payments ...................................... 900,000,000
Related expenses ............................................ 50,000,000
Interest rate exchange and similar agreements .............. 450,000,000
                                                          --------------
Total of schedule ........................................ 1,400,000,000
                                                          ==============

              DEBT SERVICE FUND--GENERAL DEBT SERVICE FUND

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 ..... 66,000,000
                                                          --------------

                                SCHEDULE

Debt service payments ....................................... 65,000,000
Related expenses ............................................. 1,000,000
                                                          --------------
Total of schedule ........................................... 66,000,000
                                                          ==============

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 ........ 236,000,000
                                                          --------------

S. 6352                            11                            A. 8552

                                SCHEDULE

Debt service payments ...................................... 235,000,000
Related expenses ............................................. 1,000,000
                                                          --------------
Total of schedule .......................................... 236,000,000
                                                          ==============

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