NY State Senate Bill 2009-S4079

Senate Bill S4079

2009-2010 Legislative Session

Makes provision for construction and financing of facilities for the New York state library association

download bill text pdf

Archive: Last Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 07, 2010	reported and committed to finance
Jan 06, 2010	referred to corporations, authorities and commissions
Jun 03, 2009	reported and committed to finance
Apr 09, 2009	referred to corporations, authorities and commissions

Votes

- Apr 7, 2010 - Corporations, Authorities And Commissions Committee Vote
  S4079
  
  5
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Corporations, Authorities And Commissions Committee Vote: Apr 7, 2010
      
      aye (5)
      
      Dilan
      
      Larkin
      
      Perkins
      
      Ranzenhofer
      
      Squadron

2009-S4079 (ACTIVE) - Details

See Assembly Version of this Bill:: A2568
Current Committee:: Senate Finance
Law Section:: Public Authorities Law
Laws Affected:: Amd §§1676 & 1680, Pub Auth L

2009-S4079 (ACTIVE) - Summary

Makes provisions for construction and financing of facilities for the New York state library association by the dormitory authority; permits payment or assignment of public moneys to the authority; limits bond amount to five million dollars; provides for the repeal of such provisions upon the expiration thereof.

2009-S4079 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4079

 TITLE OF BILL :
An act to amend the public authorities law, in relation to the
construction and financing of facilities by the dormitory authority
for the New York Library Association; and providing for the repeal of
such provisions upon expiration thereof


 SUMMARY OF SPECIFIC PROVISIONS :
This legislation would amend sections 1676 and 1680 of the public
authorities law to authorize the New York State Dormitory Authority to
provide financing and construction services to the non-profit member
libraries of the New York Library Association.  Individual projects
would be limited to $5 million each in project costs.

 JUSTIFICATION :
This legislation would allow the New York Library Association to
bundle together small bonding projects of less than $5 million per
library and to submit them jointly to the Dormitory Authority for
financing. The Dormitory Authority would be able to pool the
individual loans together to achieve a sufficient size to make low
cost, tax-exempt bond financing available to these libraries. These
projects could also benefit from the construction expertise available
through the Dormitory Authority's construction service. Many libraries
have projects that range in cost from several hundred thousand dollars

to one or two million dollars and are discouraged from submitting
these projects on their own to the Dormitory Authority because of all
the financing costs involved. The fixed financing costs involved in a
tax exempt bond issue make small individual financing impractical. By
pooling several projects together, fixed costs can be apportioned over
several projects, making Dormitory Authority bond financing a
practical alternative for cost effective financing. In 2003, the New
York State Library Association conducted a survey which estimated
public library construction needs in New York State totaling
approximately $1.1 billion. This is directly analogous to existing
authority for Dormitory Authority bond pooling granted to members of
the New York State Rehabilitation Association by Chapter 371 of 1998
and Chapter 580 of 2003.

 LEGISLATIVE HISTORY :
A.6256A, 2007 referred to libraries and education technology; 2008
referred to ways and means. Same as S.1684, 2007 and 2008 passed
senate. A.11500, 2006 referred to libraries and education technology.
Same as S.3110B, 2005 and 2006 passed senate.

 FISCAL IMPLICATIONS :
None to the state. On the local level, it could reduce borrowing costs
incurred by local public libraries in constructing or rehabilitating
library buildings.

 EFFECTIVE DATE :
Immediately, with a sunset of December 31, 2015.

2009-S4079 (ACTIVE) - Bill Text download pdf

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

                                  4079

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              April 9, 2009
                               ___________

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

AN ACT  to  amend  the  public  authorities  law,  in  relation  to  the
  construction  and  financing  of facilities by the dormitory authority
  for the New York Library Association; and providing for the repeal  of
  such provisions upon expiration thereof

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

  Section 1. Paragraph (b) of subdivision  2  of  section  1676  of  the
public authorities law is amended by adding a new undesignated paragraph
to read as follows:
  THE  NON-PROFIT MEMBERS OF THE NEW YORK LIBRARY ASSOCIATION, INC.  FOR
THE ACQUISITION, FINANCING,  CONSTRUCTION,  RECONSTRUCTION,  RENOVATION,
DEVELOPMENT, IMPROVEMENT, EXPANSION AND EQUIPPING OF LIBRARY FACILITIES.
  S  2.  Subdivision  1 of section 1680 of the public authorities law is
amended by adding two new undesignated paragraphs to read as follows:
  THE NON-PROFIT MEMBERS OF THE NEW YORK LIBRARY ASSOCIATION, INC.   FOR
THE  ACQUISITION,  FINANCING, REFINANCING, CONSTRUCTION, RECONSTRUCTION,
RENOVATION, DEVELOPMENT, IMPROVEMENT, EXPANSION AND EQUIPPING OF LIBRARY
FACILITIES IN THE STATE OF NEW  YORK.  THE  PRINCIPAL  AMOUNT  OF  BONDS
ISSUED  BY THE DORMITORY AUTHORITY FOR THE COSTS OF EACH PROJECT AUTHOR-
IZED HEREUNDER SHALL NOT EXCEED FIVE MILLION DOLLARS, EXCEPT  FOR  BONDS
ISSUED TO REFUND OR REFINANCE BONDS PREVIOUSLY ISSUED FOR SUCH PROJECTS.
  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW, EACH OF THE NON-PROFIT
MEMBERS OF THE  NEW  YORK  LIBRARY  ASSOCIATION,  INC.  SUBJECT  TO  THE
PROVISIONS  OF  THIS CHAPTER, INCLUDING ASSOCIATION AND PUBLIC LIBRARIES
AS DEFINED IN SECTION TWO HUNDRED  FIFTY-THREE  OF  THE  EDUCATION  LAW,
SHALL HAVE FULL POWER AND AUTHORITY TO ASSIGN AND PLEDGE TO THE DORMITO-
RY  AUTHORITY,  ANY  AND ALL PUBLIC FUNDS TO BE APPORTIONED OR OTHERWISE
MADE PAYABLE BY THE  STATE,  A  POLITICAL  SUBDIVISION,  AS  DEFINED  IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03307-01-9

S. 4079                             2

SECTION  ONE  HUNDRED  OF  THE  GENERAL  MUNICIPAL  LAW,  OR ANY LIBRARY
DISTRICT IN THE STATE IN AN  AMOUNT  SUFFICIENT  TO  MAKE  ALL  PAYMENTS
REQUIRED  TO  BE MADE PURSUANT TO ANY LEASE, SUBLEASE OR OTHER AGREEMENT
ENTERED  INTO BETWEEN THE NON-PROFIT MEMBER AND THE DORMITORY AUTHORITY.
ALL STATE AND LOCAL OFFICERS ARE HEREBY AUTHORIZED TO PAY ALL SUCH FUNDS
SO ASSIGNED AND PLEDGED TO THE DORMITORY AUTHORITY OR, UPON DIRECTION OF
THE DORMITORY AUTHORITY, TO ANY TRUSTEE OF ANY DORMITORY AUTHORITY  BOND
OR  NOTE  ISSUE,  PURSUANT TO A CERTIFICATE FILED WITH ANY SUCH STATE OR
LOCAL OFFICER BY THE DORMITORY AUTHORITY PURSUANT TO THE  PROVISIONS  OF
THIS SECTION.
  S 3. Any contracts entered into by the dormitory authority pursuant to
this act shall be deemed state contracts within the meaning of that term
as  set  forth  in  article 15-A of the executive law, and the authority
shall be deemed, for the purposes of this act, a contracting  agency  as
that term is used in such article.
  S  4. The expiration and repeal of sections one, two and three of this
act shall not affect or impair in any manner any bonds  issued,  or  any
loan made to any borrower, pursuant to the provisions of this act  prior
to the expiration of such sections.
  S  5.  This  act shall take effect immediately and shall expire and be
deemed repealed December 31, 2015.

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