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Senate Bill S3696

2009-2010 Legislative Session

Relates to agreements in connection with indebtedness of the Battery Park city authority

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Sponsored By

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

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2009-S3696 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง1977-a, Pub Auth L

2009-S3696 (ACTIVE) - Summary

Relates to agreements in connection with indebtedness of the Battery Park city authority.

2009-S3696 (ACTIVE) - Sponsor Memo

2009-S3696 (ACTIVE) - Bill Text download pdf 

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

                                  3696

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 27, 2009
                               ___________

Introduced  by  Sen.  PERKINS  --  (at  request of the Battery Park City
  Authority) -- read twice and ordered printed, and when printed  to  be
  committed  to  the  Committee on Corporations, Authorities and Commis-
  sions

AN ACT to amend the public authorities law, in relation to agreements in
  connection with indebtedness of the Battery Park city authority

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

  Section  1.  Subdivision 4 of section 1977-a of the public authorities
law, as amended by section 2 of part AA of chapter 686 of  the  laws  of
2003, is amended to read as follows:
  4.  The  authority  shall  have  the power to enter into interest rate
exchange agreements, which shall mean written contracts entered into  in
connection  with  the  issuance  of authority debt or in connection with
such authority debt already  outstanding  to  provide  for  exchange  of
payments  based  upon fixed and/or variable interest rates, and shall be
for exchanges in currency of the United States  of  America  only.  [The
authority  shall  have  the  power: (a) until December thirty-first, two
thousand three, to enter into such interest  rate  exchange  agreements,
and  (b) thereafter to enter into replacements and substitutions for and
amendments to exchange agreements, provided that  no  such  replacement,
substitution  or  amendment shall increase the notional principal amount
under an exchange agreement or extend the term  of  an  exchange  agree-
ment.]  The  authority  shall be subject to subdivision three of section
sixty-nine-d of the state finance law.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09032-01-9

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