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Assembly Bill A4195

2009-2010 Legislative Session

Increases authority of town of Islip resource recovery agency to issue bonds and notes from 50 million to 75 million

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Archive: Last Bill Status - In Assembly Committee

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2009-A4195 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2046-g, Pub Auth L

2009-A4195 (ACTIVE) - Summary

Increases authority of town of Islip resource recovery agency to issue bonds and notes from 50 million to 75 million.

2009-A4195 (ACTIVE) - Bill Text download pdf 

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

                                  4195

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2009
                               ___________

Introduced  by M. of A. RAMOS -- read once and referred to the Committee
  on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation to  issuance  of
  bonds and notes by the town of Islip resource recovery agency

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

  Section 1. Subdivision 1 of section 2046-g of the  public  authorities
law,  as added by chapter 632 of the laws of 1982, is amended to read as
follows:
  1. The agency shall have the power and is hereby authorized from  time
to  time  to  issue  bonds  and  notes,  in  conformity  with applicable
provisions of the uniform commercial code, in such principal amounts  as
it  may  determine to be necessary to pay the cost of any project or for
any other corporate purpose, including incidental expenses in connection
therewith provided such bonds and notes shall in no event exceed [fifty]
SEVENTY-FIVE million dollars in outstanding indebtedness  at  any  time,
except  as  any such higher amount has been approved in advance of issu-
ance by the qualified voters of the town of Islip at a public referendum
conducted pursuant to the rules and regulations of the  state  board  of
elections. The agency shall have power and is hereby authorized to enter
into  such agreements and perform such acts as may be required under any
applicable federal legislation to secure  a  federal  guarantee  of  any
bonds  or notes. The agency shall have power from time to time to refund
any bonds or notes by the issuance of new bonds  or  notes  whether  the
bonds  or  notes  to be refunded have or have not matured, and may issue
bonds or notes partly to refund bonds  or  notes  then  outstanding  and
partly  for  any  other  corporate purpose. Bonds or notes issued by the
agency may be general obligations secured by the faith and credit of the
agency or may be special obligations payable solely  out  of  particular
revenues  or other moneys as may be designated in the proceedings of the
agency under which the bonds or notes shall be authorized to  be  issued
and  subject to any agreements with the holders of outstanding bonds and
notes pledging any particular revenues or moneys.
  S 2. This act shall take effect immediately.

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