| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to transportation |
| Mar 25, 2009 |
referred to transportation |
Senate Bill S3621
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Transportation Committee
Actions
2009-S3621 (ACTIVE) - Details
- Current Committee:
- Senate Transportation
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §383, Pub Auth L
2009-S3621 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3621
TITLE OF BILL :
An act to amend the public authorities law, in relation to the powers
of the New York state thruway authority to finance certain projects in
connection with the canal system including emergency projects
PURPOSE OF BILL :
This bill would amend the Public Authorities Law ("PAL") to increase
the Thruway Authority's bond authorization for Canal System purposes
from $60 million to $160 million; and would increase the Canal System
emergency bond authorization from $10 million to $20 million.
SUMMARY OF PROVISIONS :
This bill would amend PAL § 383(1)(b) to increase the Thruway
Authority's bond authorization for Canal System purposes from $60
million to $160 million and would amend PAL Section 383(1)(c) to
increase the Canal related emergency bond authorization from $10
million to $20 million.
EXISTING LAW :
2009-S3621 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3621
2009-2010 Regular Sessions
I N S E N A T E
March 25, 2009
___________
Introduced by Sen. DILAN -- (at request of the Thruway Authority) --
read twice and ordered printed, and when printed to be committed to
the Committee on Transportation
AN ACT to amend the public authorities law, in relation to the powers of
the New York state thruway authority to finance certain projects in
connection with the canal system including emergency projects
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 383 of the public authorities law,
as added by chapter 766 of the laws of 1992, is amended to read as
follows:
1. (a) The authority is hereby authorized, as an additional corporate
purpose thereof, to issue its bonds, notes and other obligations in
conformity with applicable provisions of the uniform commercial code for
purposes of financing the construction, reconstruction, development and
improvement of the New York state canal system.
(b) The authority may issue bonds, notes or other obligations pursuant
to paragraph (a) of this subdivision in an aggregate principal amount
not exceeding ONE HUNDRED sixty million dollars plus a principal amount
of bonds, notes or other obligations issued (i) to fund any related debt
service reserve fund, (ii) to provide capitalized interest for a period
not exceeding six months, except that where the proceeds of such bonds,
notes or other obligations are expended on a revenue-producing project,
such period shall be that allowable under the United States internal
revenue code of nineteen hundred eighty-six, as amended, in order to
preserve the exclusion of interest on such bonds, notes or other obli-
gations from federal income taxation, and (iii) to provide fees and
other charges and expenses, including underwriters' discounts, related
to the issuance of such bonds, notes and other obligations and the main-
tenance of such reserves, all as determined by the authority, excluding
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09486-01-9
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