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Senate Bill S6171

2009-2010 Legislative Session

Removes the debt cap on bonds and notes for the town of Islip

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Sponsored By

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

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2009-S6171 (ACTIVE) - Details

See Assembly Version of this Bill:
A9455
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง2046-g, Pub Auth L

2009-S6171 (ACTIVE) - Summary

Removes the debt ceiling for the town of Islip resource recover agency.

2009-S6171 (ACTIVE) - Sponsor Memo

2009-S6171 (ACTIVE) - Bill Text download pdf 

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

                                  6171

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                           September 18, 2009
                               ___________

Introduced  by  Sen.  FOLEY  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the public authorities law, in relation to removing  the
  debt ceiling cap

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

  Section 1. Subdivision 1 of section 2046-g of the  public  authorities
law,  as added by chapter 632 of the laws of 1982, is amended to read as
follows:
  1. The agency shall have the power and is hereby authorized from  time
to  time  to  issue  bonds  and  notes,  in  conformity  with applicable
provisions of the uniform commercial code, in such principal amounts  as
it  may  determine to be necessary to pay the cost of any project or for
any other corporate purpose, including incidental expenses in connection
therewith [provided such bonds and notes shall in no event exceed  fifty
million  dollars  in outstanding indebtedness at any time, except as any
such higher amount has been approved in advance of issuance by the qual-
ified voters of the town of  Islip  at  a  public  referendum  conducted
pursuant  to the rules and regulations of the state board of elections].
The agency shall have power and is hereby authorized to enter into  such
agreements and perform such acts as may be required under any applicable
federal legislation to secure a federal guarantee of any bonds or notes.
The  agency  shall  have  power from time to time to refund any bonds or
notes by the issuance of new bonds or notes whether the bonds  or  notes
to  be  refunded  have or have not matured, and may issue bonds or notes
partly to refund bonds or notes then  outstanding  and  partly  for  any
other  corporate  purpose.  Bonds  or  notes issued by the agency may be
general obligations secured by the faith and credit of the agency or may
be special obligations payable solely  out  of  particular  revenues  or
other moneys as may be designated in the proceedings of the agency under
which the bonds or notes shall be authorized to be issued and subject to
any  agreements with the holders of outstanding bonds and notes pledging
any particular revenues or moneys.
  S 2.  This act shall take effect immediately.

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