S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3370
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by  M. of A. McDONALD, FAHY -- read once and referred to the
   Committee on Corporations, Authorities and Commissions
 
 AN ACT to amend the public authorities law, in  relation  to  facilities
   utilized  by  the  Albany  parking  authority,  compensation  of board
   members of the Albany parking authority, and increasing the amount  of
   bonds of the Albany parking authority authorized to be outstanding
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 6 of section 1493-b of the  public  authorities
 law,  as added by chapter 874 of the laws of 1982, is amended to read as
 follows:
   6. The term "project" shall mean any area or place operated or  to  be
 operated  by the authority for the parking or storing of motor and other
 vehicles OR ANY AREA OR PLACE WHICH USE IS SUPPORTED BY THE  AUTHORITY'S
 PARKING  OR  STORING  OF  SUCH  VEHICLES and shall, without limiting the
 foregoing, include all real and  personal  property,  driveways,  roads,
 approaches, structures, terminals of all kinds, garages, meters, mechan-
 ical  equipment, and all appurtenances and facilities [either] PROXIMATE
 TO, on, above or under the ground which are used or usable in connection
 with such parking or storing of such vehicles in the area of the city OR
 WHICH FACILITATE ECONOMIC DEVELOPMENT THAT INCLUDES INCREASED SUPPLY  OR
 DEMAND FOR PARKING;
   § 2. Section 1493-c of the public authorities law, as added by chapter
 874 of the laws of 1982, is amended to read as follows:
   §  1493-c.  Albany  parking  authority. A board to be known as "Albany
 Parking Authority" is hereby created. Such board shall be a body  corpo-
 rate  and  politic,  constituting  a public benefit corporation, and its
 existence shall commence upon the appointment of the members  as  herein
 provided.  It  shall  consist  of a chairman and four other members, who
 shall be appointed by the mayor, with the  advice  and  consent  of  the
 common  council.  The  members shall serve at the pleasure of the mayor.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD01950-01-1

 A. 3370                             2
 
 Of the members first appointed, one shall be appointed for a  period  of
 one  year,  one  for  a  period  of two years, one for a period of three
 years, one for a period of four years, and one  for  a  period  of  five
 years.  At  the  expiration  of such terms, the terms of office of their
 successors shall be five years. Each  member  shall  continue  to  serve
 until  the  appointment and qualification of his successor. Vacancies in
 such board occurring otherwise than by the expiration of term  shall  be
 filled  for  the  unexpired  term. The members of the board shall choose
 from their number a vice-chairman. The members of the  board  [shall  be
 entitled  to  no  compensation  for their services but] MAY RECEIVE SUCH
 COMPENSATION AS THE AUTHORITY SHALL DETERMINE, NOT TO EXCEED FIVE  THOU-
 SAND  DOLLARS PER MEMBER PER YEAR AND shall be entitled to reimbursement
 for their actual and necessary expenses incurred in the  performance  of
 their  official  duties.  The powers of the authority shall be vested in
 and exercised by a majority of the members of the board.  Such board may
 delegate to one or more of its members or to its  officers,  agents  and
 employees  such  powers and duties as it may deem proper. Such board and
 its corporate existence shall continue only  for  a  period  of  fifteen
 years,  and  thereafter until all its liabilities have been met, and its
 bonds have been paid in full or such liabilities or bonds have otherwise
 been discharged. Upon its ceasing to exist, all its rights  and  proper-
 ties shall pass to the city.
   § 3. Subdivision 1 of section 1493-i of the public authorities law, as
 added by chapter 874 of the laws of 1982, is amended to read as follows:
   1.  The  authority  shall have the power and is hereby authorized from
 time to time to issue its negotiable bonds for any purpose mentioned  in
 section  fourteen  hundred ninety-three-d hereof, including the acquisi-
 tion, construction, reconstruction and repair of personal and real prop-
 erty of all kinds deemed by the board to be necessary  or  desirable  to
 carry out such purpose, as well as to pay such expenses as may be deemed
 by the board necessary or desirable to the financing thereof and placing
 the  project  or projects in operation in the aggregate principal amount
 of not exceeding [fifty] SEVENTY-FIVE million dollars outstanding at any
 one time. The authority shall have power from time to time and  whenever
 it deems refunding expedient, to refund any bonds by the issuance of new
 bonds,  whether  the  bonds to be refunded have or have not matured, and
 may issue bonds partly to refund bonds then outstanding and  partly  for
 any  other  purpose  hereinabove  described.  The refunding bonds may be
 exchanged for the bonds to be refunded, with such  cash  adjustments  as
 may  be  agreed, or may be sold and the proceeds applied to the purchase
 or payment of the bonds to be refunded. In computing the total amount of
 bonds of the authority which may at any time be outstanding  the  amount
 of the outstanding bonds to be refunded from the proceeds of the sale of
 new  bonds or by exchange for new bonds shall be excluded. Except as may
 otherwise be expressly provided by the authority,  the  bonds  of  every
 issue  shall  be general obligations of the authority payable out of any
 moneys or revenues of the authority, subject only to any agreements with
 the holders of particular bonds pledging any particular moneys or reven-
 ues. Notwithstanding the fact that the  bonds  may  be  payable  from  a
 special  fund, if they are otherwise of such form and character as to be
 negotiable instruments under article eight  of  the  uniform  commercial
 code the bonds shall be and are hereby made negotiable instruments with-
 in  the  meaning  of  and  for  all the purposes of article eight of the
 uniform commercial code, subject only to the provisions of the bonds for
 registration.
   § 4. This act shall take effect immediately.

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3370--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by  M. of A. McDONALD, FAHY -- read once and referred to the
   Committee on Corporations, Authorities and  Commissions  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  to  amend the public authorities law, in relation to facilities
   utilized by  the  Albany  parking  authority,  compensation  of  board
   members  of the Albany parking authority, and increasing the amount of
   bonds of the Albany parking authority authorized to be outstanding
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 6 of section 1493-b of the public authorities
 law, as added by chapter 874 of the laws of 1982, is amended to read  as
 follows:
   6.  The  term "project" shall mean any area or place operated or to be
 operated by the authority for the parking or storing of motor and  other
 vehicles  OR ANY AREA OR PLACE WHICH USE IS SUPPORTED BY THE AUTHORITY'S
 PARKING OR STORING OF SUCH VEHICLES  and  shall,  without  limiting  the
 foregoing,  include  all  real  and personal property, driveways, roads,
 approaches, structures, terminals of all kinds, garages, meters, mechan-
 ical equipment, and all appurtenances and facilities [either]  PROXIMATE
 TO, on, above or under the ground which are used or usable in connection
 with such parking or storing of such vehicles in the area of the city OR
 WHICH FACILITATES INCREASED SUPPLY OR DEMAND FOR PARKING;
   § 2. Section 1493-c of the public authorities law, as added by chapter
 874 of the laws of 1982, is amended to read as follows:
   §  1493-c.  Albany  parking  authority. A board to be known as "Albany
 Parking Authority" is hereby created. Such board shall be a body  corpo-
 rate  and  politic,  constituting  a public benefit corporation, and its
 existence shall commence upon the appointment of the members  as  herein
 provided.  It  shall  consist  of a chairman and four other members, who
 shall be appointed by the mayor, with the  advice  and  consent  of  the
 common  council.  The  members shall serve at the pleasure of the mayor.
 Of the members first appointed, one shall be appointed for a  period  of
 one  year,  one  for  a  period  of two years, one for a period of three
              

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01950-02-1

 A. 3370--A                          2
 
 years, one for a period of four years, and one  for  a  period  of  five
 years.  At  the  expiration  of such terms, the terms of office of their
 successors shall be five years. Each  member  shall  continue  to  serve
 until  the  appointment and qualification of his successor. Vacancies in
 such board occurring otherwise than by the expiration of term  shall  be
 filled  for  the  unexpired  term. The members of the board shall choose
 from their number a vice-chairman. The members of the  board  [shall  be
 entitled  to  no  compensation  for their services but] MAY RECEIVE SUCH
 COMPENSATION AS THE AUTHORITY SHALL DETERMINE, NOT TO EXCEED FIVE  THOU-
 SAND  DOLLARS PER MEMBER PER YEAR AND shall be entitled to reimbursement
 for their actual and necessary expenses incurred in the  performance  of
 their  official  duties.  The powers of the authority shall be vested in
 and exercised by a majority of the members of the board.  Such board may
 delegate to one or more of its members or to its  officers,  agents  and
 employees  such  powers and duties as it may deem proper. Such board and
 its corporate existence shall continue only  for  a  period  of  fifteen
 years,  and  thereafter until all its liabilities have been met, and its
 bonds have been paid in full or such liabilities or bonds have otherwise
 been discharged. Upon its ceasing to exist, all its rights  and  proper-
 ties shall pass to the city.
   § 3. Subdivision 1 of section 1493-i of the public authorities law, as
 added by chapter 874 of the laws of 1982, is amended to read as follows:
   1.  The  authority  shall have the power and is hereby authorized from
 time to time to issue its negotiable bonds for any purpose mentioned  in
 section  fourteen  hundred ninety-three-d hereof, including the acquisi-
 tion, construction, reconstruction and repair of personal and real prop-
 erty of all kinds deemed by the board to be necessary  or  desirable  to
 carry out such purpose, as well as to pay such expenses as may be deemed
 by the board necessary or desirable to the financing thereof and placing
 the  project  or projects in operation in the aggregate principal amount
 of not exceeding [fifty] SEVENTY-FIVE million dollars outstanding at any
 one time. The authority shall have power from time to time and  whenever
 it deems refunding expedient, to refund any bonds by the issuance of new
 bonds,  whether  the  bonds to be refunded have or have not matured, and
 may issue bonds partly to refund bonds then outstanding and  partly  for
 any  other  purpose  hereinabove  described.  The refunding bonds may be
 exchanged for the bonds to be refunded, with such  cash  adjustments  as
 may  be  agreed, or may be sold and the proceeds applied to the purchase
 or payment of the bonds to be refunded. In computing the total amount of
 bonds of the authority which may at any time be outstanding  the  amount
 of the outstanding bonds to be refunded from the proceeds of the sale of
 new  bonds or by exchange for new bonds shall be excluded. Except as may
 otherwise be expressly provided by the authority,  the  bonds  of  every
 issue  shall  be general obligations of the authority payable out of any
 moneys or revenues of the authority, subject only to any agreements with
 the holders of particular bonds pledging any particular moneys or reven-
 ues. Notwithstanding the fact that the  bonds  may  be  payable  from  a
 special  fund, if they are otherwise of such form and character as to be
 negotiable instruments under article eight  of  the  uniform  commercial
 code the bonds shall be and are hereby made negotiable instruments with-
 in  the  meaning  of  and  for  all the purposes of article eight of the
 uniform commercial code, subject only to the provisions of the bonds for
 registration.
   § 4. This act shall take effect immediately.