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Senate Bill S3161

2009-2010 Legislative Session

Relates to the Erie county fiscal stability authority's borrowing determinations

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Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

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2009-S3161 (ACTIVE) - Details

See Assembly Version of this Bill:
A6083
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง3959, Pub Auth L
Versions Introduced in 2011-2012 Legislative Session:
A4685

2009-S3161 (ACTIVE) - Summary

Relates to the Erie county fiscal stability authority's borrowing determinations.

2009-S3161 (ACTIVE) - Sponsor Memo

2009-S3161 (ACTIVE) - Bill Text download pdf 

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

                                  3161

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 12, 2009
                               ___________

Introduced  by  Sen.  STACHOWSKI  -- read twice and ordered printed, and
  when printed to be committed to the Committee on Corporations, Author-
  ities and Commissions

AN ACT to amend the public authorities law,  in  relation  to  the  Erie
  county fiscal stability authority's borrowing determinations

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

  Section 1. Paragraph (i) of subdivision  2  of  section  3959  of  the
public  authorities law, as added by chapter 182 of the laws of 2005, is
amended to read as follows:
  (i) shall, with respect to any proposed borrowing by or on  behalf  of
the county or any covered organization on or after July first, two thou-
sand  five,  review  the  terms of and comment, within thirty days after
notification by the county or covered organization of a proposed borrow-
ing, on the prudence of each proposed issuance of bonds or notes  to  be
issued by the county or covered organization and no such borrowing shall
be  made  unless  first reviewed[,] AND commented upon [and approved] by
the authority. The authority shall  comment  within  thirty  days  after
notification by the county or covered organization of a proposed borrow-
ing  to  the  county  executive,  the  comptroller, the legislature, the
director of the budget, the chair of the state senate finance committee,
the chair of the state assembly ways and means committee and  the  state
comptroller  [and  indicate  approval  or  disapproval  of  the proposed
borrowing]. WITH RESPECT TO ANY PROPOSED BORROWING BY  THE  COUNTY,  THE
APPROVAL OF SUCH BORROWING BY THE AUTHORITY SHALL NOT BE REQUIRED IN THE
EVENT  THAT THE COUNTY'S RATINGS FROM AT LEAST TWO NATIONALLY RECOGNIZED
RATING AGENCIES ARE INVESTMENT GRADE AT THE TIME OF SUCH  BORROWING.  NO
SUCH  PROPOSED  BORROWING  BY  THE  COUNTY  SHALL  BE  MADE UNLESS FIRST
APPROVED BY THE AUTHORITY IN THE EVENT THAT THE  COUNTY  DOES  NOT  HAVE
RATINGS  FROM  AT  LEAST TWO NATIONALLY RECOGNIZED RATING AGENCIES WHICH
ARE INVESTMENT GRADE AT THE TIME OF SUCH BORROWING. Notwithstanding  the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09170-01-9

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