NY State Senate Bill 2009-S6027

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to corporations, authorities and commissions
Jun 19, 2009	referred to rules

2009-S6027 (ACTIVE) - Details

Current Committee:: Senate Corporations, Authorities And Commissions
Law Section:: Public Authorities Law
Laws Affected:: Amd §§2431, 2432, 2434, 2435, 2437 & 2438, add §2436-b, Pub Auth L; amd §85.80, Loc Fin L

2009-S6027 (ACTIVE) - Summary

Authorizes the issuance and purchase of certain bonds by the municipal bond bank agency.

2009-S6027 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6027

 TITLE OF BILL :

An act to amend the public authorities law and the local finance law,
in relation to authorizing certain bonds to be issued or purchased by
the municipal bond bank agency


 PURPOSE :

This bill would authorize the State of New York Municipal Bond Bank
Agency ("MBBA") to issue bonds, notes or other obligations to purchase
bonds issued by municipalities in New York State to provide for public
improvements afforded by the American Recovery and Reinvestment ACt of
2009 ("Recovery Act"), thus enabling municipalities to lower their
borrowing· costs which will generate fiscal relief and contribute to
economic growth.

 SUMMARY OF PROVISIONS :

Section 1 of the bill would amend Public Authorities Law ("PAL") §
2431 to add to the legislative findings in support of expanding the
powers of MBBA to include the purchase Of obligations issued by
municipalities to take advantage of the Recovery Act.

Section 2 of the bill would amend PAL § 2432(2) to add definitions and
clarify existing definitions to include bonds issued under the
Recovery Act.

Section 3 of the bill would amend PAL § 2434 to add a new subdivision
7-b to create an additional power for MBBA to acquire obligations
issued by municipalities, to provide for public improvements afforded
by the Recovery Act.

Section 4 of the bill would amend PAL § 2435(1) and (2) to eliminate
certain requirements contained therein as to the maximum amount of
bonds that MBBA may acquire from anyone municipality at anyone time,
in connection with the issuance of Recovery Act bonds.

Section 5 of the bill adds a new section PAL § 2436-b to provide for
access by MBBA, pursuant to the procedures specified therein, to
certain sales tax revenues and mortgage recording tax revenues at
local option in the event municipalities fail to pay principal or
interest on obligations of municipalities purchased by MBBA with the
proceeds of recovery act bonds, and provides that access to such
monies shall be in addition to the state aid guarantee found in PAL .
2436.

Section 6 of the bill would amend PAL § 2437 to provide that Recovery
Act bonds can be issued in public or private sales.

Section 7 of the bill would amend PAL § 2438(1) to exclude Recovery
Act bonds from the limitation on the aggregate amount of bonds that
can be issued by MBBA.

Section 8 of the bill would amend PAL § 2442(1) to provide that the
State may amend, modify, repeal or otherwise alter laws that relate to
state aid, taxes, fees, or appropriations without impairing bond
holders.

Section 9 of the bill would amend Local Finance Law § 85.80 to prevent
any municipality whose local ARRA bonds are secured by tax revenues
and purchased by MBBA from filing for bankruptcy while local Recovery
Act bonds remain outstanding.

Section 10 provides for an immediate effective date.

 EXISTING LAW :

MBBA is currently authorized to purchase obligations of municipalities
for various purposes. Once those obligations are purchased, MBBA is
subject to various requirements relating to: debt service reserve
funds amounts of obligations that can be purchased from individual
municipalities, the process to be used by MBBA in selling its bonds,
and the type of state aid guarantees that are available to MBBA in
situations where the municipalities fail to pay principal or interest
on their obligations. Current law does not authorize MBBA to access
sales tax revenues or mortgage recording taxes as available funding
sources, in addition to the state aid guarantee, in situations where
municipalities fail to pay principal or interest on their bonds.

 PRIOR LEGISLATIVE HISTORY :

None.

 JUSTIFICATION :

In 2009, the federal government passed the Recovery Act which enacted
into law a number of changes relating to how municipalities could
borrow to pay for public improvements.  Specifically, the Recovery Act
provided new categories of taxable bonds known as "Build America
Bonds" and "Recovery Zone Economic Development Bonds" that could be
issued in lieu of tax exempt bonds and that allow issuers to choose
either to receive a direct federal subsidy or to offer bondholders a
federal tax credit. Both Build America Bonds and Recovery Zone
Economic Development Bonds may only be issued in 2009 and 2010.
Recovery Zone Economic Development Bonds may only be issued for
investment in "recovery zones." These new types of powers can be used
by municipalities to fund public infrastructure improvements in their
jurisdictions. Municipalities throughout the State, particularly in
today's economic climate, are urgently looking to fund much-needed
improvements through these new financing vehicles which can provide
substantially reduced financing cost versus tax exempt bonds. As
always, their goal is to do so in the most cost-efficient way
possible, to ensure savings for their constituents.

The reason behind the proposed amendments to the MBBA statute is to
make MBBA available to municipalities across the State, so they can
participate and benefit from the new financing options authorized
under the Recovery Act. This will allow municipalities to fund
critical infrastructure and economic development projects in the most
efficient, and cost-effective way. Since its inception, MBBA's purpose
has been to make funds available at reduced interest costs to local
governments to finance public improvements and purposes, particularly
for those municipalities not otherwise able to borrow for such
purposes. MBBA is there to streamline borrowing by local governments,
by issuing bonds in the municipal credit markets and using the
proceeds to purchase the obligations issued by municipalities. This
process allows MBBA to provide interest rate savings to
municipalities, as MBBA can sell bonds at lower interest rates due to
their inherent credit protections and higher credit rating, and pass
along the savings to municipalities. Given that both Build America
Bonds and Recovery Zone Economic Development Bonds must be issued in
taxable form, MBBA will also be able to take advantage of the market
efficiencies that can be provided to larger size issues.

As municipalities throughout the State consider using the new types of
obligations authorized under the Act, having access to MBBA financing
will ensure that they receive the most favorable rates of interest.
MBBA is a proven market participant, having issued bonds on behalf of
various state entities over the years. Its market position allows it
to issue bonds at lower rates of interest than those that can be
issued by smaller, less well known issuers.

The current statute, whose provisions dealing with the purchase of
municipal bonds of municipalities by MBBA date back to 1972, needs to
be modernized in order to allow for maximum efficiency. The statute
currently offers only one type of intercept (state aid) in situations
where the municipalities fail to pay principal or interest on the
bonds acquired by MBBA. The proposal is to add an additional source of
funding, an intercept of sales tax and/or mortgage recording tax.  The
local tax revenue intercept option is proposed in order to allow
municipalities to make optimal use of the Recovery Act bonding
authorization. Additionally, certain clean-up changes are included,
dealing with limitations on the amount of bonds of individual
municipalities that can be purchased, and on the way in which the MBBA
bonds are sold.

 FISCAL IMPLICATIONS :

This bill would have no cost to the State. MBBA Recovery Act bonds
would not be a debt of the State, and would be secured by
municipalities' debt service payments on their local ARRA bonds or, in
the event of municipal default, by the intercept of State aid and/or
municipal tax revenues.

Municipalities participating in a pooled local ARRA bond issue through
MBBA would be able to issue debt at a lower cost than otherwise
possible. For the purposes of this bill, local ARRA bonds would
include two types of taxable bonds: Build America Bonds and Recovery
Zone Economic Development Bonds. These bonds, which municipalities may
issue only in 2009 and 2010, offer federal interest subsidies of 35
percent and 45 percent, respectively. Build America Bonds are not
subject to a volume cap, and the authority to issue such bonds is
granted to any municipality. Recovery Zone bonds are subject to a
volume cap, and the authority to issue such bonds is allocated among
counties and large municipalities. The U.S. Treasury Department has
allocated over $370 million to New York for Recovery Zone Economic
Development Bonds. The net interest rate on such taxable bonds, after
factoring in the subsidy, is currently lower than the interest rate on
comparable tax-exempt bonds. However, since the taxable bond market
prefers bond issues of at least $100 million, receiving the lowest
possible rate on the ARM bonds in effect requires multiple
municipalities to participate in a pooled issue.

 EFFECTIVE DATE :
This bill will take effect immediately.

2009-S6027 (ACTIVE) - Bill Text download pdf

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

                                  6027

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              June 19, 2009
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Rules

AN ACT to amend the public authorities law and the local finance law, in
  relation to authorizing certain bonds to be issued or purchased by the
  municipal bond bank agency

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

  Section  1.  Section  2431 of the public authorities law is amended by
adding a new closing paragraph to read as follows:
  IT IS FURTHER DECLARED TO BE IN THE PUBLIC  INTEREST  AND  IT  IS  THE
POLICY  OF  THE  STATE TO PROVIDE A MEANS BY WHICH A MUNICIPALITY IN THE
STATE CAN TAKE ADVANTAGE OF THE OPPORTUNITIES FOR BORROWING  TO  PROVIDE
FOR  PUBLIC IMPROVEMENTS AFFORDED BY THE AMERICAN RECOVERY AND REINVEST-
MENT ACT OF 2009 AND TO DO SO BY AUTHORIZING A STATE INSTRUMENTALITY  TO
BORROW  MONEY  AND  USE THE PROCEEDS TO PURCHASE OBLIGATIONS ISSUED BY A
MUNICIPALITY UNDER THE AMERICAN RECOVERY AND REINVESTMENT ACT  OF  2009,
THEREBY RESULTING IN EFFICIENCIES AND INTEREST RATE SAVINGS TO THE MUNI-
CIPALITY.
  S  2.  Subdivisions 2, 3 and 10 of section 2432 of the public authori-
ties law, as amended by section 67 of part H of chapter 83 of  the  laws
of  2002,  are  amended, and two new subdivisions 25 and 26 are added to
read as follows:
  (2) "Bonds" and "Notes". The bonds and notes,  including  any  special
program  bonds  [and],  special  school  purpose bonds, AND RECOVERY ACT
BONDS, respectively issued by the agency pursuant to this  title.  Bonds
and  notes  shall  not  include  any  tax lien collateralized securities
issued pursuant to this title.
  (3) "Municipal Bond". A bond or note or evidence of debt payable  from
any  local  revenues,  including  taxes,  assessments and rents, which a
municipality may lawfully issue to finance local improvements and public

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD12094-02-9

S. 6027                             2

purposes, INCLUDING LOCAL ARRA BONDS, but does not include (a) any  bond
or note or evidence of debt issued by any other state or any public body
or  municipal corporation thereof, (b) any special program agreement, or
(c)  any  special school purpose agreement or any special school deficit
program agreement.
  (10) "Debt Service Reserve Fund Requirement". With respect to any debt
service reserve fund created by section [two thousand four]  TWENTY-FOUR
hundred  thirty-nine  of this title relating to bonds other than special
program bonds or special school purpose bonds or special school  deficit
program bonds OR RECOVERY ACT BONDS, as of any particular date of compu-
tation,  an  amount  of  money  equal  to the greatest of the respective
amounts, for the then current or any succeeding calendar year, of annual
debt service payments required to be made to the agency on all municipal
bonds purchased with the proceeds of bonds which bonds  are  secured  by
such  debt  service  reserve fund, such annual debt service payments for
any calendar year being an amount of money equal to the aggregate of (a)
all interest payable during such calendar year on  all  municipal  bonds
purchased by the agency and then outstanding on said date of computation
which  are secured by such debt service reserve fund, plus (b) the prin-
cipal amount of all municipal bonds purchased by  the  agency  and  then
outstanding  on said date of computation which mature during such calen-
dar year and are secured by such debt service  reserve  fund;  and  with
respect  to  any debt service reserve fund created by section [two thou-
sand four] TWENTY-FOUR hundred thirty-nine of this title relating to  an
issue or issues of special program bonds or special school purpose bonds
or  special  school  deficit  program  bonds OR RECOVERY ACT BONDS, such
amount as shall be determined by the agency.
  (25) "RECOVERY ACT BONDS". AN ISSUE OF BONDS OF THE AGENCY, ALL  OR  A
PORTION OF THE PROCEEDS OF WHICH ARE USED TO PURCHASE LOCAL ARRA BONDS.
  (26)  "LOCAL  ARRA BONDS". A MUNICIPAL BOND ISSUED TO FINANCE OR REFI-
NANCE PURPOSES ELIGIBLE, IN WHOLE OR IN PART, FOR SUBSIDIES OR TAX CRED-
ITS UNDER THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009.
  S 3. Section 2434 of the public authorities law is amended by adding a
new subdivision 7-b to read as follows:
  (7-B) TO ACQUIRE AND CONTRACT TO ACQUIRE  LOCAL  ARRA  BONDS,  AND  TO
ENTER  INTO  ARRANGEMENTS  WITH  A  MUNICIPALITY FOR THE PURCHASE OF ITS
LOCAL ARRA BONDS;
  S 4. Subdivisions 1 and 2 of section 2435 of  the  public  authorities
law, subdivision 1 as amended by chapter 346 of the laws of 1974, subdi-
vision  2  as  added  by chapter 902 of the laws of 1972, are amended to
read as follows:
  1. The agency may purchase, and contract to purchase, municipal  bonds
from  municipalities at such price or prices, upon such terms and condi-
tions and in such manner, not inconsistent with the  provisions  of  the
local  finance law, as the agency shall deem advisable; provided, howev-
er, that the average interest rate payable on all municipal bonds (taken
as a group) purchased with the proceeds of an issue of bonds shall equal
or exceed the interest rate  on  such  issue  of  bonds[;  and  provided
further, however, that the]. THE agency shall not purchase the municipal
bonds of any municipality if (I) the aggregate principal amount thereof,
together with the aggregate principal balances of the municipal bonds of
such  municipality  then  outstanding  and held by the agency, exceed an
amount equal to ten percent of the aggregate  principal  amount  of  the
statutory authorization at the time for the issuance of bonds and notes,
as  provided  in section twenty-four hundred thirty-eight of this title,
and [the agency shall not purchase the municipal bonds  of  any  munici-

S. 6027                             3

pality if] (II) the aggregate principal amount thereof exceeds an amount
equal  to fifty percent of the aggregate principal amount of all munici-
pal bonds proposed to be so purchased at the  time;  PROVIDED,  HOWEVER,
THAT THIS SENTENCE SHALL NOT APPLY TO LOCAL ARRA BONDS.
  2.  The  agency  shall require as a condition of purchase of municipal
bonds from municipalities that each such municipality shall agree (i) to
pledge its full faith and credit for the payment of the principal of and
interest on such municipal bonds, (ii) to make annual appropriations for
amounts required for the payment of such  principal  and  interest,  and
(iii)  if at any time the municipality fails to make the required appro-
priation to pay such principal  and  interest,  or  fails  to  make  the
payment  of  the  required  principal  and  interest,  the provisions of
section twenty-four hundred [and] thirty-six AND/OR TWENTY-FOUR  HUNDRED
THIRTY-SIX-B of this title shall take effect. All municipalities selling
municipal  bonds  to  the agency are hereby authorized to make and carry
out the agreements with the agency required in this subdivision.
  S 5. The public authorities law is amended by  adding  a  new  section
2436-b to read as follows:
  S  2436-B.  LOCAL  ARRA  BONDS. (1) THE AGENCY MAY PURCHASE LOCAL ARRA
BONDS  USING  THE  PROCEEDS  OF  RECOVERY  ACT  BONDS,  SUBJECT  TO  THE
PROVISIONS  OF THIS SECTION AND TO ANY OTHER PROVISION OF LAW APPLICABLE
TO THE MUNICIPALITY AND BONDS IT ISSUES, INCLUDING ANY  DEBT  LIMITATION
APPLICABLE  TO THE MUNICIPALITY THAT ISSUED THE LOCAL ARRA BOND, AS WELL
AS TO THE OTHER PROVISIONS OF THIS TITLE. TO THE EXTENT  THAT  ANY  SUCH
OTHER  PROVISION  OF LAW CONFLICTS WITH A PROVISION OF THIS SECTION, THE
PROVISION OF THIS SECTION SHALL CONTROL, EXCEPT AS OTHERWISE STATED.
  (2) SUBJECT TO THE PROVISIONS OF THIS SECTION:
  (A) LOCAL ARRA BONDS ISSUED BY A COUNTY, EXCEPT A COUNTY WHOLLY WITHIN
A CITY, MAY BE ADDITIONALLY SECURED BY A PLEDGE TO  THE  AGENCY  OF  ITS
AVAILABLE  COUNTY SALES TAX REVENUES SUBJECT TO THE PROVISIONS OF SUBDI-
VISION FIVE OF THIS SECTION.
  (B) LOCAL ARRA BONDS ISSUED BY A CITY MAY BE ADDITIONALLY SECURED BY A
PLEDGE TO THE AGENCY OF ITS AVAILABLE CITY SALES  TAX  REVENUES  OR  ITS
AVAILABLE  MORTGAGE  RECORDING  TAX  REVENUES,  OR  BOTH  SUBJECT TO THE
PROVISIONS OF SUBDIVISION FIVE OF THIS SECTION.
  (C) LOCAL ARRA BONDS ISSUED BY A SCHOOL DISTRICT MAY  BE  ADDITIONALLY
SECURED BY A PLEDGE TO THE AGENCY OF ITS AVAILABLE SCHOOL DISTRICT SALES
TAX  REVENUES  SUBJECT  TO  THE  PROVISIONS  OF SUBDIVISION FIVE OF THIS
SECTION.
  (D) LOCAL ARRA BONDS ISSUED BY A TOWN MAY BE ADDITIONALLY SECURED BY A
PLEDGE TO THE AGENCY OF ITS AVAILABLE MORTGAGE  RECORDING  TAX  REVENUES
SUBJECT TO THE PROVISIONS OF SUBDIVISION FIVE OF THIS SECTION.
  (E)  LOCAL  ARRA BONDS ISSUED BY A VILLAGE MAY BE ADDITIONALLY SECURED
BY A PLEDGE TO THE AGENCY OF ITS AVAILABLE MORTGAGE RECORDING TAX REVEN-
UES SUBJECT TO THE PROVISIONS OF SUBDIVISION FIVE OF THIS SECTION.
  (3) (A) NOTHING CONTAINED IN THIS TITLE  SHALL  LIMIT  THE  RIGHT  AND
OBLIGATIONS  OF  A  MUNICIPALITY  TO  COMPLY  WITH THE PROVISIONS OF ANY
EXISTING CONTRACT WITH OR FOR THE BENEFIT OF THE HOLDERS OF ANY  OF  ITS
OTHER BONDS, NOTES OR OTHER OBLIGATIONS.
  (B)  NOTHING  CONTAINED  IN THIS TITLE SHALL BE CONSTRUED TO LIMIT THE
POWER OF A MUNICIPALITY TO DETERMINE, FROM TIME TO TIME,  WITHIN  AVAIL-
ABLE FUNDS FOR THE MUNICIPALITY, THE PURPOSES FOR WHICH EXPENDITURES ARE
TO BE MADE BY THE MUNICIPALITY AND THE AMOUNTS OF SUCH EXPENDITURES.
  (C)  NOTHING  CONTAINED  IN  THIS  TITLE SHALL ALTER, LIMIT, MODIFY OR
IMPAIR THE RIGHT OF ANY SCHOOL DISTRICT OR OF ANY CITY, TOWN, OR VILLAGE
WITHIN A COUNTY TO RECEIVE FROM THE COUNTY NET COLLECTIONS,  AS  AUTHOR-

S. 6027                             4

IZED  BY SECTION TWELVE HUNDRED SIXTY-TWO OF THE TAX LAW OR OTHER APPLI-
CABLE PROVISION OF PART FOUR OF ARTICLE TWENTY-NINE OF THE TAX LAW OR BY
AN UNCONSOLIDATED STATE LAW THAT NOTWITHSTANDS SUCH PROVISION OF THE TAX
LAW, FROM THE COUNTY'S SALES AND COMPENSATING USE TAXES IMPOSED PURSUANT
TO  THE AUTHORITY OF SUBPART B OF PART ONE OF ARTICLE TWENTY-NINE OF THE
TAX LAW. FURTHER, NOTHING CONTAINED IN THIS TITLE  SHALL  ALTER,  LIMIT,
MODIFY  OR  IMPAIR  THE  RIGHT  OF  ANY  CITY OR TOWN WITHIN A COUNTY TO
RECEIVE FROM THE COUNTY THE NET AMOUNT OF MORTGAGE RECORDING TAX  REVEN-
UES IMPOSED BY SUBDIVISION ONE OF SECTION TWO HUNDRED FIFTY-THREE OF THE
TAX  LAW,  AS  AUTHORIZED  BY  SUBDIVISION  THREE OF SECTION TWO HUNDRED
SIXTY-ONE OF THE TAX LAW.
  (D) THE AGENCY'S RECOVERY ACT BONDS SECURED BY PAYMENTS  OF  PRINCIPAL
AND INTEREST DUE WITH RESPECT TO LOCAL ARRA BONDS SHALL NOT BE A DEBT OF
EITHER  THE  STATE  OR  ANY  MUNICIPALITY, AND NEITHER THE STATE NOR ANY
MUNICIPALITY SHALL BE LIABLE THEREON, NOR SHALL THEY BE PAYABLE  OUT  OF
ANY  FUNDS  OTHER  THAN THOSE OF THE AGENCY; AND SUCH RECOVERY ACT BONDS
SHALL CONTAIN ON THE FACE THEREOF A STATEMENT TO SUCH EFFECT.
  (E) SUBJECT TO THE PROVISIONS OF ANY CONTRACT WITH HOLDERS  OF  BONDS,
NOTES OR OTHER OBLIGATIONS, PROCEEDS OF RECOVERY ACT BONDS TO BE PAID TO
A  MUNICIPALITY  TO  PURCHASE  ITS LOCAL ARRA BONDS SHALL BE PAID TO THE
MUNICIPALITY AND SHALL NOT BE COMMINGLED WITH ANY  OTHER  MONEY  OF  THE
AGENCY.
  (F)  NOTHING  CONTAINED  IN  THIS TITLE SHALL BE CONSTRUED TO CREATE A
DEBT OF THE STATE WITHIN THE MEANING OF ANY CONSTITUTIONAL OR  STATUTORY
PROVISIONS.  ANY  PROVISION  WITH  RESPECT  TO STATE AID SHALL BE DEEMED
EXECUTORY ONLY TO THE EXTENT OF MONEYS AVAILABLE, AND NO LIABILITY SHALL
BE INCURRED BY THE STATE BEYOND THE MONEYS AVAILABLE FOR  THAT  PURPOSE,
AND ANY PAYMENT TO BE MADE BY THE COMPTROLLER OF STATE AID IS SUBJECT TO
ANNUAL APPROPRIATION OF STATE AID BY THE STATE LEGISLATURE.
  (G)  NOTHING  CONTAINED  IN THIS TITLE SHALL BE DEEMED TO RESTRICT THE
RIGHT OF THE STATE TO AMEND, REPEAL,  MODIFY,  OR  OTHERWISE  ALTER  ANY
PROVISION  OF  LAW  RELATING  TO STATE AID TO MUNICIPALITIES. THE AGENCY
SHALL INCLUDE IN ANY RESOLUTION, CONTRACT, OR AGREEMENT WITH HOLDERS  OF
ITS  BONDS,  NOTES OR OTHER OBLIGATIONS A PROVISION WHICH STATES THAT NO
DEFAULT OCCURS AS A RESULT OF THE STATE'S EXERCISING ITS RIGHT TO AMEND,
REPEAL, MODIFY, OR OTHERWISE ALTER ANY  PROVISION  OF  LAW  RELATING  TO
STATE AID TO MUNICIPALITIES.
  (4)  (A)  A  MUNICIPALITY MAY COVENANT AND AGREE THAT THE MUNICIPALITY
WILL NOT LIMIT, ALTER OR IMPAIR THE RIGHTS HEREBY VESTED IN  THE  AGENCY
TO FULFILL THE TERMS OF ANY AGREEMENTS MADE WITH HOLDERS OF THE AGENCY'S
RECOVERY  ACT  BONDS,  THE  PROCEEDS  OF WHICH WERE USED TO PURCHASE THE
MUNICIPALITY'S LOCAL ARRA BONDS, SUCH HOLDERS PURSUANT TO THIS TITLE, OR
IN ANY WAY IMPAIR THE RIGHTS AND REMEDIES OF SUCH HOLDERS OR THE SECURI-
TY FOR SUCH BONDS, UNTIL SUCH BONDS, TOGETHER WITH THE INTEREST  THEREON
AND  ALL  COSTS AND EXPENSES IN CONNECTION WITH ANY ACTION OR PROCEEDING
BY OR ON BEHALF OF SUCH HOLDERS, ARE FULLY PAID AND DISCHARGED.  NOTHING
CONTAINED IN THIS TITLE SHALL BE DEEMED TO RESTRICT  ANY  RIGHT  OF  THE
MUNICIPALITY TO AMEND, MODIFY, REPEAL OR OTHERWISE ALTER ANY LOCAL LAWS,
ORDINANCES  OR  RESOLUTIONS  IMPOSING  OR  RELATING TO TAXES OR FEES, OR
APPROPRIATIONS RELATING TO SUCH TAXES OR FEES, OR SETTING ASIDE OR ALLO-
CATING AND APPLYING, PAYING OR USING NET  COLLECTIONS  PURSUANT  TO  THE
AUTHORITY OF PART FOUR OF ARTICLE TWENTY-NINE OF THE TAX LAW OR PURSUANT
TO  THE AUTHORITY OF ANY OTHER PROVISION OF STATE LAW THAT NOTWITHSTANDS
A PROVISION OF SUCH PART, SO LONG AS, AFTER GIVING EFFECT TO SUCH AMEND-
MENT, MODIFICATION OR OTHER ALTERATION, THE  AGGREGATE  AMOUNT  AS  THEN
PROJECTED  BY  THE  MUNICIPALITY OF (I) SALES AND COMPENSATING USE TAXES

S. 6027                             5

IMPOSED BY THE MUNICIPALITY PURSUANT TO THE AUTHORITY OF  SUBPART  B  OF
PART  ONE  OF ARTICLE TWENTY-NINE OF THE TAX LAW (TO THE EXTENT THAT THE
MUNICIPALITY IS AUTHORIZED TO IMPOSE SUCH TAXES AND IS IMPOSING THEM  AT
THE  TIME  IT  ISSUES  ITS  LOCAL  ARRA  BONDS);  AND  (II) ALL SUCH NET
COLLECTIONS TO BE SET ASIDE OR TO BE ALLOCATED AND APPLIED, PAID OR USED
BY THE MUNICIPALITY PURSUANT TO THE AUTHORITY OF PART  FOUR  OF  ARTICLE
TWENTY-NINE  OF  THE TAX LAW OR PURSUANT TO ANY OTHER PROVISION OF STATE
LAW THAT NOTWITHSTANDS A PROVISION OF SUCH PART FOUR DURING EACH OF  THE
AGENCY'S  FISCAL  YEARS  FOLLOWING THE EFFECTIVE DATE OF SUCH AMENDMENT,
MODIFICATION OR OTHER ALTERATION SHALL BE  NOT  LESS  THAN  TWO  HUNDRED
PERCENT  OF MAXIMUM ANNUAL DEBT SERVICE ON THE MUNICIPALITY'S LOCAL ARRA
BONDS THEN OUTSTANDING. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS
SECTION, A MUNICIPALITY THAT IMPOSES SALES AND COMPENSATING USE TAXES AT
THE TIME IT ISSUES LOCAL ARRA BONDS FURTHER AGREES THAT IT SHALL CONTIN-
UE TO IMPOSE SUCH TAXES DURING THE TIME SUCH BONDS  ARE  OUTSTANDING  AT
THE  MAXIMUM  RATE AUTHORIZED THEREFOR, WITHOUT REGARD TO ANY ADDITIONAL
RATE, PROVIDED THAT ANY INCREASE IN THE RATE OF SUCH  TAXES  TO  SATISFY
THIS OBLIGATION SHALL COMPLY WITH THE APPLICABLE PROVISIONS OF SUBPART B
OF PART ONE OF ARTICLE TWENTY-NINE OF THE TAX LAW.
  (B) ANY SUCH AGREEMENT WITH A MUNICIPALITY MAY BE PLEDGED BY THE AGEN-
CY  TO  SECURE  ITS RECOVERY ACT BONDS USED TO PURCHASE LOCAL ARRA BONDS
ISSUED BY THAT MUNICIPALITY AND MAY NOT BE MODIFIED THEREAFTER EXCEPT AS
PROVIDED BY THE TERMS OF THE PLEDGE OR SUBSEQUENT  AGREEMENTS  WITH  THE
HOLDERS OF SUCH RECOVERY ACT BONDS.
  (C)  THE  AGENCY  SHALL NOT INCLUDE WITHIN ANY RESOLUTION, CONTRACT OR
AGREEMENT WITH  HOLDERS  OF  RECOVERY  ACT  BONDS  ANY  PROVISION  WHICH
PROVIDES  THAT A DEFAULT OCCURS AS A RESULT OF A MUNICIPALITY EXERCISING
ITS RIGHT TO AMEND, MODIFY, REPEAL OR OTHERWISE ALTER SUCH  TAXES,  FEES
OR  APPROPRIATIONS  OR SUCH NET COLLECTIONS. NOTHING IN THIS TITLE SHALL
BE DEEMED TO OBLIGATE A MUNICIPALITY TO MAKE ANY PAYMENTS OR IMPOSE  ANY
TAXES  OR  SET  ASIDE  OR ALLOCATE AND APPLY, PAY OR USE NET COLLECTIONS
PURSUANT TO THE AUTHORITY OF PART FOUR OF ARTICLE TWENTY-NINE OF THE TAX
LAW OR PURSUANT TO THE AUTHORITY OF AN  UNCONSOLIDATED  STATE  LAW  THAT
NOTWITHSTANDS A PROVISION OF SUCH PART; EXCEPT THAT A MUNICIPALITY SHALL
IMPOSE TAXES PURSUANT TO THE AUTHORITY OF SUBPART B OF PART ONE OF ARTI-
CLE  TWENTY-NINE OF THE TAX LAW AT THE MAXIMUM RATE AUTHORIZED THEREFOR,
WITHOUT REGARD TO ANY ADDITIONAL RATE, PROVIDED THAT ANY INCREASE IN THE
RATE OF SUCH TAXES TO SATISFY THIS  OBLIGATION  SHALL  COMPLY  WITH  THE
APPLICABLE PROVISIONS OF SUBPART B OF PART ONE OF ARTICLE TWENTY-NINE OF
THE TAX LAW.
  (5)  (A) IF A MUNICIPALITY FAILS TO PAY TO THE AGENCY ANY PRINCIPAL OR
INTEREST DUE ON ITS LOCAL ARRA BONDS SECURED BY A PLEDGE OF  ITS  AVAIL-
ABLE  LOCAL SALES AND USE TAX REVENUES OR ITS AVAILABLE MORTGAGE RECORD-
ING TAX REVENUES, OR BOTH, AS  DESCRIBED  IN  SUBDIVISION  TWO  OF  THIS
SECTION,  THE  CHAIRMAN  OF  THE  AGENCY SHALL NOTIFY THE COMPTROLLER IN
WRITING THAT SUCH MUNICIPALITY HAS FAILED TO MEET ITS OBLIGATIONS.  SUCH
NOTICE  SHALL  SET  FORTH IN DETAIL THE TERM, AMOUNT, INTEREST RATE, AND
PAYMENT SCHEDULE OF THE LOCAL ARRA  BONDS  IN  DEFAULT,  AND  THE  EXACT
AMOUNTS OF PRINCIPAL AND INTEREST DUE FROM SUCH MUNICIPALITY IN DEFAULT.
THE AGENCY SHALL PROVIDE A COPY OF SUCH NOTICE TO THE CHIEF FISCAL OFFI-
CER  OF  SUCH MUNICIPALITY IN DEFAULT AND, IN THE CASE OF A DEFAULT BY A
CITY, TOWN, OR VILLAGE WITH RESPECT TO LOCAL ARRA BONDS SECURED BY MORT-
GAGE RECORDING TAX REVENUES, ALSO TO THE CHIEF  FISCAL  OFFICER  OF  THE
COUNTY  IN WHICH THE CITY, TOWN, OR VILLAGE IS LOCATED. THE AGENCY SHALL
PROVIDE SUCH NOTICE TO THE COMPTROLLER AT LEAST THIRTY DAYS PRIOR TO THE

S. 6027                             6

DATE THAT THE COMPTROLLER IS EXPECTED TO WITHHOLD  AND  PAY  OVER  LOCAL
SALES AND USE TAX REVENUES TO THE AGENCY.
  (B)  UPON  THE  COMPTROLLER RECEIVING SUCH COMPLETE, CERTIFIED WRITTEN
NOTICE FROM THE  AGENCY,  THE  COMPTROLLER  SHALL,  NOTWITHSTANDING  ANY
PROVISION  OF  SECTION  TWELVE  HUNDRED  SIXTY-ONE OF THE TAX LAW TO THE
CONTRARY, PAY TO THE AGENCY, ON OR BEFORE  THE  FIFTEENTH  DAY  OF  EACH
MONTH,  ALL OR A PORTION OF THE LOCAL SALES AND USE TAX REVENUES DUE THE
MUNICIPALITY IN DEFAULT, UNTIL THE AMOUNT CERTIFIED IN DEFAULT HAS  BEEN
EXTINGUISHED.  THE  COMPTROLLER  SHALL  MAKE SUCH PAYMENTS TO THE AGENCY
ONLY OUT OF NET COLLECTIONS NOT OTHERWISE PLEDGED, REQUIRED TO BE INTER-
CEPTED OR OTHERWISE ENCUMBERED BY PROVISIONS OF LAW IN EFFECT IMMEDIATE-
LY PRIOR TO THE DATE THE MUNICIPALITY'S LOCAL ARRA BONDS  SECURED  BY  A
PLEDGE AUTHORIZED BY THIS SECTION SHALL HAVE BEEN ISSUED.
  (C)  UPON  RECEIVING  SUCH COMPLETE, CERTIFIED WRITTEN NOTICE FROM THE
AGENCY, THE CHIEF  FISCAL  OFFICER  OF  A  COUNTY,  NOTWITHSTANDING  THE
PROVISIONS  OF  SECTION  TWO HUNDRED SIXTY-ONE OF THE TAX LAW, SHALL PAY
OVER TO THE COMPTROLLER, THE NET AMOUNT OF MORTGAGE RECORDING TAX REVEN-
UES IMPOSED BY SUBDIVISION ONE OF SECTION TWO HUNDRED FIFTY-THREE OF THE
TAX LAW DUE TO THE CITY, TOWN, OR VILLAGE IN DEFAULT. THE  CHIEF  FISCAL
OFFICER OF THE COUNTY SHALL CONTINUE TO MAKE THOSE PAYMENTS TO THE COMP-
TROLLER  UNTIL  THE  AGENCY SENDS CERTIFIED NOTICE TO THE OFFICER AND TO
THE COMPTROLLER THAT THE CITY OR TOWN IS NO LONGER IN DEFAULT. THE COMP-
TROLLER SHALL PAY TO THE AGENCY, ON OR BEFORE THE FIFTEENTH DAY OF  EACH
MONTH,  ALL OR A PORTION OF THE MORTGAGE RECORDING TAX REVENUES RECEIVED
FROM THE CHIEF FISCAL OFFICER OF THE COUNTY, UNTIL THE AMOUNT  CERTIFIED
IN DEFAULT HAS BEEN EXTINGUISHED.
  (D)  SUCH  PAYMENTS  BY THE COMPTROLLER TO THE AGENCY SHALL BE MADE ON
ACCOUNT OF, AND FOR THE BENEFIT OF, THE MUNICIPALITY IN DEFAULT.  IF  SO
REQUESTED  BY  THE  AGENCY,  AS INDICATED IN ITS CERTIFIED NOTICE TO THE
COMPTROLLER, THE COMPTROLLER SHALL  MAKE  SUCH  PAYMENTS  TO  A  TRUSTEE
PURSUANT TO AN INDENTURE FOR HOLDERS OF THE RECOVERY ACT BONDS ISSUED BY
THE  AGENCY  THAT  WERE  USED  TO PURCHASE THE MUNICIPALITY'S LOCAL ARRA
BONDS IN DEFAULT.  SUCH PAYMENTS BY THE COMPTROLLER ON  BEHALF  OF  SUCH
MUNICIPALITY  SHALL BE APPLIED BY THE AGENCY OR, IF PAID DIRECTLY TO THE
TRUSTEE, BY SUCH TRUSTEE, TO CURE THAT MUNICIPALITY'S  DEFAULT.  TO  THE
EXTENT THE COMPTROLLER MAKES ANY SUCH PAYMENT TO THE AGENCY OR TO SUCH A
TRUSTEE, THE MUNICIPALITY'S DEFAULT SHALL BE CURED.
  (E) THE COMPTROLLER SHALL NOT BE RESPONSIBLE FOR ANY INACCURACY IN THE
AMOUNT  OF  SUCH PAYMENTS BASED UPON THE NOTICE FURNISHED BY THE AGENCY.
THE COMPTROLLER SHALL NOT BE REQUIRED TO MAKE PAYMENTS UNDER THIS SUBDI-
VISION WHICH ARE GREATER THAN THE AMOUNTS OF LOCAL  SALES  AND  USE  TAX
REVENUES  DUE  THE  MUNICIPALITY, AS CERTIFIED TO THE COMPTROLLER BY THE
COMMISSIONER OF TAXATION AND FINANCE AS PROVIDED IN SUBDIVISION  (C)  OF
SECTION  TWELVE HUNDRED SIXTY-ONE OF THE TAX LAW (SUBJECT TO THE LIMITA-
TION IN PARAGRAPH (B) OF THIS SUBDIVISION), OR WHICH  ARE  GREATER  THAN
THE  AMOUNT  OF  NET  MORTGAGE  RECORDING TAX REVENUES PAID TO THE COMP-
TROLLER BY THE CHIEF FISCAL OFFICER OF THE COUNTY. AFTER THE COMPTROLLER
MAKES ANY PAYMENTS OF NET COLLECTIONS REQUIRED UNDER THIS  SECTION,  THE
COMPTROLLER  SHALL  PAY  ANY BALANCE OF NET COLLECTIONS DUE SUCH MUNICI-
PALITY TO SUCH MUNICIPALITY IN THE MANNER PROVIDED IN SUBDIVISION (C) OF
SECTION TWELVE HUNDRED SIXTY-ONE OF THE TAX LAW OR OTHER APPLICABLE LAW.
THE COMPTROLLER SHALL BE REQUIRED TO MAKE PAYMENTS  UNDER  THIS  SECTION
FOR  ONLY  SO LONG AS THE MUNICIPALITY IS IN DEFAULT AS CERTIFIED IN THE
AGENCY'S NOTICE TO THE COMPTROLLER.
  (F) THE AUTHORITY IN THIS SECTION TO WITHHOLD LOCAL SALES AND USE  TAX
REVENUES  AND  MORTGAGE  RECORDING TAX REVENUES AND PAY THEM OVER TO THE

S. 6027                             7

AGENCY SHALL BE IN ADDITION TO THE  STATE  AID  GUARANTY  SET  FORTH  IN
SECTION TWENTY FOUR HUNDRED THIRTY-SIX OF THIS TITLE; AND THE AGENCY MAY
CERTIFY  THAT  EITHER  OR  BOTH  REVENUE  SOURCES MAY BE WITHHELD TO THE
EXTENT  NECESSARY TO SATISFY THE MUNICIPALITY'S UNMET OBLIGATIONS TO THE
AGENCY.
  (G) ANY WITHHOLDING OF REVENUES PURSUANT TO THIS SUBDIVISION OR  STATE
AID  PURSUANT  TO  SECTION  TWENTY-FOUR HUNDRED THIRTY-SIX OF THIS TITLE
WITH RESPECT TO LOCAL ARRA BONDS SHALL BE MADE IN CONSULTATION WITH  THE
DIRECTOR  OF  THE BUDGET OF THE STATE; PROVIDED, HOWEVER, SUCH CONSULTA-
TION SHALL NOT DELAY OR OTHERWISE ADVERSELY AFFECT THE AGENCY'S RIGHT TO
RECEIVE TIMELY PAYMENT OF SUCH REVENUES AND/OR STATE AID.
  (6) WHEN USED IN THIS SECTION, THE  FOLLOWING  TERMS  SHALL  HAVE  THE
FOLLOWING MEANINGS UNLESS THE CONTEXT CLEARLY INDICATES OTHERWISE:
  (A)  "SALES AND COMPENSATING USE TAXES" MEANS TAXES IMPOSED BY A COUN-
TY, CITY, OR SCHOOL DISTRICT PURSUANT TO THE AUTHORITY OF SUBPART  B  OF
PART ONE OF ARTICLE TWENTY-NINE OF THE TAX LAW.
  (B)  "NET  COLLECTIONS"  SHALL HAVE THE SAME MEANING AS IN SUBDIVISION
(F) OF SECTION TWELVE HUNDRED SIXTY-TWO OF THE TAX LAW.
  (C) "COUNTY SALES TAX REVENUES" MEANS NET COLLECTIONS  SET  ASIDE  FOR
COUNTY  PURPOSES  PURSUANT  TO SUBDIVISION (A) OF SECTION TWELVE HUNDRED
SIXTY-TWO OF THE TAX LAW OR OTHER APPLICABLE PROVISION OF PART  FOUR  OF
ARTICLE TWENTY-NINE OF THE TAX LAW, FROM A COUNTY'S SALES AND COMPENSAT-
ING USE TAXES.
  (D)  "CITY  SALES  TAX  REVENUES"  MEANS NET COLLECTIONS FROM A CITY'S
SALES AND COMPENSATING USE TAXES.
  (E) "SCHOOL DISTRICT SALES TAX REVENUES" MEANS NET COLLECTIONS FROM  A
SCHOOL  DISTRICT'S  SALES AND COMPENSATING USE TAXES IMPOSED PURSUANT TO
THE AUTHORITY OF SECTION TWELVE HUNDRED TWELVE OF THE TAX LAW AND, IF  A
CITY  IMPOSES  SALES  AND  COMPENSATING  USE  TAXES  FOR SCHOOL DISTRICT
PURPOSES PURSUANT TO THE AUTHORITY OF SECTION TWELVE HUNDRED  ELEVEN  OF
THE  TAX  LAW,  NET  COLLECTIONS FROM SUCH CITY TAXES AND FROM ANY TAXES
IMPOSED BY A SCHOOL DISTRICT LOCATED PARTLY IN THAT CITY IMPOSED  PURSU-
ANT TO THE AUTHORITY OF SUBDIVISION (B) OF SECTION TWELVE HUNDRED ELEVEN
OF THE TAX LAW.
  (F)  "LOCAL  SALES AND USE TAX REVENUES" MEANS ANY OF THE TAX REVENUES
DEFINED IN PARAGRAPH (C), (D) OR (E) OF THIS SUBDIVISION, OR ANY  COMBI-
NATION OF THEM, AS THE CASE MAY BE.
  S  6.  Subdivision 5 of section 2437 of the public authorities law, as
amended by section 73 of part H of chapter 83 of the laws  of  2002,  is
amended to read as follows:
  (5) Any bonds or notes of the agency other than special program bonds,
special  school purpose bonds [or], special school deficit program bonds
OR RECOVERY ACT BONDS shall be sold at public sale and from time to time
upon such terms and at such prices as may be determined by  the  agency,
and  the  agency may pay all expenses, premiums and commissions which it
may deem necessary or advantageous in connection with the  issuance  and
sale  thereof.  Any  special program bonds, special school purpose bonds
[or], special school deficit program bonds OR RECOVERY ACT  BONDS  shall
be  sold at public or private sale and from time to time upon such terms
and at such prices as may be determined by the agency,  and  the  agency
may  pay all expenses, premiums and commissions which it may deem neces-
sary or advantageous in connection with the issuance  and  sale  thereof
provided,  however,  that  special  program  bonds relating to a special
program agreement entered for the purpose described in paragraph (b)  of
subdivision  one  of  section  twenty-four hundred thirty-five-a of this
title shall be sold on or before June thirtieth, two  thousand  one.  No

S. 6027                             8

special program bonds, special school purpose bonds [or], special school
deficit  program  bonds, OR RECOVERY ACT BONDS of the agency may be sold
by the agency at private sale, however, unless such sale and  the  terms
thereof have been approved in writing by (a) the comptroller, where such
sale is not to the comptroller, or (b) the director of the budget, where
such sale is to the comptroller.
  S  7.  Subdivision 1 of section 2438 of the public authorities law, as
amended by section 24 of part A4 of chapter 58 of the laws of  2006,  is
amended to read as follows:
  (1) The agency shall not issue bonds and notes in an aggregate princi-
pal  amount  at  any one time outstanding exceeding one billion dollars,
excluding tax lien collateralized  securities,  special  school  purpose
bonds,  special  school  deficit  program  bonds,  special program bonds
issued to finance the reconstruction, rehabilitation or renovation of an
educational facility pursuant to the provisions of  subdivision  (b)  of
section sixteen of chapter six hundred five of the laws of two thousand,
special  program  bonds  issued  to  finance  the  cost of a project for
design, reconstruction or rehabilitation of a school  building  pursuant
to  the  provisions  of section fourteen of the city of Syracuse and the
board of education of the city school district of the city  of  Syracuse
cooperative  school reconstruction act, RECOVERY ACT BONDS and bonds and
notes issued to refund outstanding bonds and notes.
  S 8. Section 2442 of the public authorities law, as amended by chapter
203 of the laws of 2000, is amended to read as follows:
  S 2442. Agreement of the state. (1) The state of New York does  hereby
pledge  to  and  agree  with the holders of any bonds, notes or tax lien
collateralized securities issued under this title that  the  state  will
not limit or alter the rights hereby vested in the agency to fulfill the
terms  of  any  agreements  made with the holders thereof, or in any way
impair the rights and remedies of such holders until such bond, notes or
tax lien collateralized securities together with the  interest  thereon,
with  interest on any unpaid installments of interest, and all costs and
expenses in connection with any action or proceedings by or on behalf of
such holders, are fully met and discharged. The agency is authorized  to
include this pledge and agreement of the state in any agreement with the
holders  of  such  bonds,  notes  or tax lien collateralized securities.
NOTHING CONTAINED IN THIS TITLE SHALL BE DEEMED TO RESTRICT ANY RIGHT OF
THE STATE TO AMEND, MODIFY, REPEAL OR OTHERWISE ALTER (A) ANY  PROVISION
OF  LAW  RELATING  TO STATE AID, OR (B) STATUTES IMPOSING OR RELATING TO
TAXES OR FEES, OR (C) APPROPRIATIONS RELATING THERETO.
  (2) THE AGENCY SHALL NOT INCLUDE WITHIN ANY  RESOLUTION,  CONTRACT  OR
AGREEMENT  WITH  HOLDERS OF THE BONDS, NOTES OR OTHER OBLIGATIONS ISSUED
UNDER THIS TITLE ANY PROVISION WHICH PROVIDES THAT A DEFAULT OCCURS AS A
RESULT OF THE STATE EXERCISING ITS RIGHT TO AMEND, MODIFY, OR REPEAL  OR
OTHERWISE  ALTER  (A) ANY PROVISION OF LAW RELATING TO STATE AID; OR (B)
STATUTES IMPOSING OR RELATING TO TAXES OR FEES,  OR  (C)  APPROPRIATIONS
RELATING THERETO.  NOTHING IN THIS TITLE SHALL BE DEEMED TO OBLIGATE THE
STATE  TO  MAKE  ANY  PAYMENTS  OR  IMPOSE ANY TAXES TO SATISFY THE DEBT
SERVICE OBLIGATIONS OF THE AGENCY.
  S 9. Section 85.80 of the local finance law, as amended by chapter 777
of the laws of 1978, is amended to read as follows:
  S 85.80 Authority for  municipality  or  emergency  financial  control
board  to  file  petition under federal statute.   A municipality or its
emergency financial control board in addition to, or in lieu of,  filing
a  petition  under  this  title, or the city of New York or the New York
state financial control board, may file any  petition  with  any  United

S. 6027                             9

States  district court or court of bankruptcy under any provision of the
laws of the United States, now or hereafter in effect, for the  composi-
tion  or adjustment of municipal indebtedness. Nothing contained in this
title  shall  be  construed  to  limit the authorization granted by this
section.  HOWEVER, NO MUNICIPALITY SHALL FILE ANY PETITION AUTHORIZED BY
THIS SECTION FOR SO LONG AS ITS LOCAL ARRA BONDS, AS DEFINED IN  SECTION
TWENTY-FOUR  HUNDRED THIRTY-TWO OF THE PUBLIC AUTHORITIES LAW, PURCHASED
BY THE STATE OF NEW YORK MUNICIPAL BOND BANK AGENCY AND SECURED  BY  ITS
PLEDGE  OF TAX REVENUES PURSUANT TO THE AUTHORITY OF SECTION TWENTY-FOUR
HUNDRED THIRTY-SIX-B OF THE PUBLIC AUTHORITIES LAW REMAIN OUTSTANDING.
  S 10. This act shall take effect immediately.

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Senate Bill S6027

Sponsored By

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

2009-S6027 (ACTIVE) - Details

2009-S6027 (ACTIVE) - Summary

2009-S6027 (ACTIVE) - Sponsor Memo

2009-S6027 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S6027

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Sponsored By

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

2009-S6027 (ACTIVE) - Details

2009-S6027 (ACTIVE) - Summary

2009-S6027 (ACTIVE) - Sponsor Memo

2009-S6027 (ACTIVE) - Bill Text download pdf

Comments