NY State Senate Bill 2009-S7581

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
Apr 23, 2010	referred to corporations, authorities and commissions

2009-S7581 (ACTIVE) - Details

Current Committee:: Senate Corporations, Authorities And Commissions
Law Section:: Public Authorities Law
Laws Affected:: Amd §§1281, 1285-j & 1285-m, Pub Auth L

2009-S7581 (ACTIVE) - Summary

Relates to the special powers of the NYS Environmental Facilities Corporation.

2009-S7581 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7581

 TITLE OF BILL :

An act to amend the public authorities law, in relation to the special
powers of the New York state environmental facilities corporation


 PURPOSE OF THE BILL :

This bill would amend the Public Authorities Law (PAL) to expand the
opportunities of the Environmental Facilities Corporation (EFC) to
invest moneys in the Clean Water State Revolving Fund (CWSRF) and
Drinking Water State Revolving Fund (DWSRF).

 SUMMARY OF PROVISIONS :

Section 1 of the bill would amend PAL § 1281 to add a new subdivision
35 which defines Multilateral Development Bank.

Section 2 of the bill would amend PAL § 1285-j(6) to add a new
paragraph (c) permitting EFC to invest CWSRF moneys in obligations
issued or fully guaranteed by Multilateral Development Banks; to add a
new paragraph (d) permitting EFC to invest CWSRF moneys in obligations
which have been refunded prior to maturity and are payable from
defeasance securities which meet the requirements of subsections (a),

(b) or (c) of that subdivision; to add a new paragraph (e) permitting
EFC to invest CWSRF moneys in obligations of out-of-state governmental
entities; and to add a new paragraph (f) permitting EFC to invest
CWSRF moneys in obligations of out-of-state not-for-profit
organizations.

Section 2-a of the bill would make the same amendments as Section 2 to
be effective upon the reversion of PAL § 1285-j(6) as provided in
section 3 of chapter 307 of the laws of 2005, as amended.

Section 3 of the bill would amend PAL § 1285-m(6) to add a new
paragraph (c) permitting EFC to invest DWSRF moneys in obligations
issued or fully guaranteed by Multilateral Development Banks; to add a
new paragraph (d) permitting EFC to invest DWSRF moneys in obligations
which have been refunded prior to maturity and are payable from
defeasance securities which meet the requirements of subsections (a),
(b) or (c) of that section; to add a new paragraph (e) permitting EFC
to invest DWSRF moneys in obligations of out-of-state governmental
entities; and to add a new paragraph (f) permitting EFC to invest
DWSRF moneys in obligations of out-of-state not-for-profit
organizations.

Section 3-a of the bill would make the same amendments as Section 3 to
be effective upon the reversion of PAL § 1285-m(6) as provided in
section 3 of chapter 307 of the laws of 2005, as amended.

 EXISTING LAW :

Currently, PAL §§ 1285-j and 1285-m permit EFC to invest CWSRF and
DWSRF moneys (a) in investment agreements continuously secured by
obligations with any insurance or reinsurance company or corporate
affiliate thereof rated by a nationally recognized rating agency in
one of its two highest categories, any bank, trust company or broker
or dealer, as defined by the securities exchange act of 1934, which is
a dealer in government bonds, which reports to, trades with and is
recognized as a primary dealer by a federal reserve bank and is a
member of the securities investors protection corporation, if, (i)
such obligations securing such investment agreements are obligations
as set forth in General Municipal Law ("GML") § 10, (ii) such
obligations are delivered to a trustee for the benefit of the
corporation or, with respect to moneys pledged under an indenture of
trust relating to bonds or notes of the corporation, to the trustee
under such indenture, or are supported by a safe keeping receipt
issued by a depository satisfactory to the corporation as applicable,
provided that such investment agreements must provide that the value
of the underlying obligations shall be maintained at a current market
value, calculated no less frequently than monthly, of not less than
the amount deposited thereunder, (iii) a prior perfected security
interest in the obligations which are securing such agreement has been
granted to the corporation, as applicable, and (iv) such obligations
are free and clear of adverse third party claims, or (b) in
obligations as set forth in GML § 10 that are rated by a nationally
recognized rating agency in one of its two highest rating categories.

 PRIOR LEGISLATIVE HISTORY :

This is a new bill.

 STATEMENT IN SUPPORT :

Over the past decade, the Legislature has assisted EFC in expanding
its investment authorization, in particular with regard to the
collateral eligible to secure public deposits. (See Chapter 413 of the
Laws of 1996, Chapter 327 of the Laws of 1998, Chapter 121 of the Laws
of 2000 and Chapter 307 of the Laws of 2005, all of which expanded the
scope of eligible investment providers). Most recently, Chapter 307 of
the Laws of 2005 (as extended by Chapter 214 of the Laws of 2008),
permitted EFC to directly invest in any security obligation permitted
under the GML. Each of these statutory amendments reduced the risk to
participating municipalities that interest subsidies would fall short
of targets by expanding the universe of eligible providers and
eligible collateral. The proposed amendment would further reduce this
risk and, in addition, would directly boost the prospect for increased
annualized program earnings and enhance the scope of eligible
investment providers. Program earnings are immediately available to
support additional projects.  The continuing high demand for financing
from EFC by municipalities underscores the need to prudently increase
and diversify program earnings to support the future project needs of
New York's municipalities.

This legislation would allow EFC to invest SRF funds in certain
obligations which have been refunded prior to maturity and are payable
from certain defeasance securities ("Pre-refunded Obligations") held
in escrow until maturity of the refunded obligations. These
obligations, absent a refunding, would not be eligible under the
current statutory framework. However, upon refunding such obligations,
if payable from escrow defeasance securities that are otherwise
eligible under PAL §§ 1285-j and 1285-m, such obligations may offer an
opportunity for greater returns and enhanced ratings and security than
would be available from a direct investment in the escrow defeasance
securities.

In addition, this legislation would allow EFC to invest in certain
obligations issued by or fully guaranteed by Multilateral Development
Banks and certain obligations issued by out-of-state governmental
entities and not-for-profit organizations. Eroding market conditions
and declining ratings of previously qualified insurers, banks or
broker dealers have combined to significantly diminish the traditional
Guaranteed Investment Contract ("GIC") market. Due to the lack of
qualified GIC providers, it is currently not possible for EFC to
successfully bid and place GICs which have traditionally provided
security for EFC's leveraged financings, and investment earnings to
subsidize the interest cost associated with the underlying municipal
project financings. As a result, EFC may have to use program equity to
meet its subsidy obligations to its municipal borrowers. This scenario
would erode EFC's ability to fund additional SRF projects.
However, certain international institutions and out-of-state
governmental entities could provide an alternate source for reserve
investments at excellent credit ratings levels, given the broad-based
sovereign support inherent in these institutions. Multilateral
Development Banks and out-of-state governmental entities have active
structured debt programs. Similar to Multilateral Development Banks
and out-of-state governmental entities, certain out-of-state
not-for-profit organizations could provide an alternate source of
reserve fund investments at excellent credit ratings levels. These
institutions operate stable business models and will add to the pool
of eligible investment providers thereby reducing the risk that EFC is
unable to secure investments at rates needed to meet subsidy
obligations to SRF program borrowers.

By allowing CWSRF and DWSRF assets to be invested in these
obligations, the SRF programs and participating municipalities would
benefit from higher investment returns without diminishing investment
credit quality.

 BUDGET IMPLICATIONS :

None.

 EFFECTIVE DATE :
This bill would take effect immediately; provided, however, that (a)
the amendments to PAL § 1285-j(6) made by section 2 of the bill would
not affect the expiration of such subdivision and shall be deemed to
expire therewith; (b) the amendments to PAL § 1285-m(6) made by
section 3 of the bill would not affect the expiration of such
subdivision and shall be deemed to expire therewith; (c) section 2-a
of the bill would take effect on the same date as the reversion of PAL
§ 1285-j(6) as provided in section 3 of chapter 307 of the laws
of2005, as amended; and (d) section 3-a of the bill would take effect
on the same date as the reversion of PAL § 1285-m(6) as provided in
section 3 of chapter 307 of the laws of2005, as amended.

2009-S7581 (ACTIVE) - Bill Text download pdf

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

                                  7581

                            I N  S E N A T E

                             April 23, 2010
                               ___________

Introduced  by  Sen. PERKINS -- (at request of the Environmental Facili-
  ties Corporation) -- 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  special
  powers of the New York state environmental facilities corporation

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

  Section 1. Section 1281 of the public authorities law  is  amended  by
adding a new subdivision 35 to read as follows:
  35. "MULTILATERAL DEVELOPMENT BANK" SHALL MEAN THE EUROPEAN INVESTMENT
BANK,  THE  INTERNATIONAL  BANK  FOR RECONSTRUCTION AND DEVELOPMENT, THE
EUROPEAN BANK FOR  RECONSTRUCTION  AND  DEVELOPMENT,  THE  INTERNATIONAL
DEVELOPMENT  ASSOCIATION,  THE  INTERNATIONAL  FINANCE  CORPORATION, THE
MULTILATERAL INVESTMENT GUARANTEE AGENCY, THE AFRICAN DEVELOPMENT  BANK,
THE  AFRICAN DEVELOPMENT FUND, THE ASIAN DEVELOPMENT BANK, THE INTER-AM-
ERICAN DEVELOPMENT BANK, THE INTER-AMERICAN INVESTMENT CORPORATION,  AND
THE BANK FOR ECONOMIC COOPERATION AND DEVELOPMENT IN THE MIDDLE EAST AND
NORTH AFRICA, AND ANY SUBSIDIARY OF ANY SUCH INSTITUTION.
  S 2. Subdivision 6 of section 1285-j of the public authorities law, as
amended  by  chapter  307  of  the  laws  of 2005, is amended to read as
follows:
  6. Moneys in  the  water  pollution  control  revolving  fund  may  be
invested  as  provided  in  subdivision  four  of section twelve hundred
eighty-four of this title and may be further invested (a) in  investment
agreements  continuously  secured  by  obligations with any insurance or
reinsurance company or corporate affiliate thereof rated by a nationally
recognized rating agency in one of its two highest categories, any bank,
trust company or broker or dealer, as defined by the securities exchange
act of 1934, which is a dealer in government bonds,  which  reports  to,
trades  with  and is recognized as a primary dealer by a federal reserve
bank and is a member of the securities investors protection corporation,
if, (i) such obligations securing such investment agreements  are  obli-
gations  as  set forth in section ten of the general municipal law, (ii)

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

                                                           LBD15908-03-0

S. 7581                             2

such obligations are delivered to a  trustee  for  the  benefit  of  the
corporation  or,  with  respect  to moneys pledged under an indenture of
trust relating to bonds or notes of  the  corporation,  to  the  trustee
under  such indenture, or are supported by a safe keeping receipt issued
by a depository satisfactory to the corporation as applicable,  provided
that  such  investment  agreements  must  provide  that the value of the
underlying obligations shall be maintained at a  current  market  value,
calculated  no less frequently than monthly, of not less than the amount
deposited thereunder, (iii) a prior perfected security interest  in  the
obligations  which  are  securing such agreement has been granted to the
corporation, as applicable, and (iv) such obligations are free and clear
of adverse third party claims, or (b) in obligations  as  set  forth  in
section  ten of the general municipal law that are rated by a nationally
recognized rating agency in one of its two highest rating categories, OR
(C) IN OBLIGATIONS OF MULTILATERAL DEVELOPMENT BANKS THAT ARE  RATED  BY
AT LEAST ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF ITS TWO HIGH-
EST  RATING  CATEGORIES,  OR (D) IN OBLIGATIONS WHICH HAVE BEEN REFUNDED
PRIOR TO MATURITY AND ARE PAYABLE FROM DEFEASANCE SECURITIES WHICH  MEET
THE  REQUIREMENTS  OF  PARAGRAPH (A), (B) OR (C) OF THIS SUBDIVISION, OR
(E) IN OBLIGATIONS OF OUT-OF-STATE GOVERNMENTAL ENTITIES THAT ARE  RATED
BY  AT  LEAST  ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF ITS TWO
HIGHEST  RATING  CATEGORIES,  OR  (F)  IN  OBLIGATIONS  OF  OUT-OF-STATE
NOT-FOR-PROFIT  ORGANIZATIONS THAT ARE DESCRIBED IN SECTION 501(C)(3) OF
THE INTERNAL REVENUE CODE AND ARE  RATED  BY  AT  LEAST  ONE  NATIONALLY
RECOGNIZED RATING AGENCY IN ONE OF ITS TWO HIGHEST RATING CATEGORIES.
  S  2-a. Subdivision 6 of section 1285-j of the public authorities law,
as amended by chapter 155 of the laws of 2003, is  amended  to  read  as
follows:
  6.  Moneys  in  the  water  pollution  control  revolving  fund may be
invested as provided in  subdivision  four  of  section  twelve  hundred
eighty-four  of this title and may be further invested (a) in investment
agreements continuously secured by obligations  with  any  insurance  or
reinsurance company or corporate affiliate thereof rated by a nationally
recognized rating agency in one of its two highest categories, any bank,
trust company or broker or dealer, as defined by the securities exchange
act  of  1934,  which is a dealer in government bonds, which reports to,
trades with and is recognized as a primary dealer by a  federal  reserve
bank and is a member of the securities investors protection corporation,
if,  (i)  such obligations securing such investment agreements are obli-
gations as set forth in section ten of the general municipal  law,  (ii)
such  obligations  are  delivered  to  a  trustee for the benefit of the
corporation or, with respect to moneys pledged  under  an  indenture  of
trust  relating  to  bonds  or  notes of the corporation, to the trustee
under such indenture, or are supported by a safe keeping receipt  issued
by  a depository satisfactory to the corporation as applicable, provided
that such investment agreements must  provide  that  the  value  of  the
underlying  obligations  shall  be maintained at a current market value,
calculated no less frequently than monthly, of not less than the  amount
deposited  thereunder,  (iii) a prior perfected security interest in the
obligations which are securing such agreement has been  granted  to  the
corporation, as applicable, and (iv) such obligations are free and clear
of  adverse  third  party  claims, or (b) in obligations the interest on
which is excludable from gross income under section one hundred three of
the internal revenue code, provided that such obligations are rated by a
nationally recognized rating agency in one of  its  two  highest  rating
categories, OR (C) IN OBLIGATIONS OF MULTILATERAL DEVELOPMENT BANKS THAT

S. 7581                             3

ARE  RATED BY AT LEAST ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF
ITS TWO HIGHEST RATING CATEGORIES, OR (D) IN OBLIGATIONS WHICH HAVE BEEN
REFUNDED PRIOR TO MATURITY AND ARE PAYABLE  FROM  DEFEASANCE  SECURITIES
WHICH  MEET THE REQUIREMENTS OF PARAGRAPH (A), (B) OR (C) OF THIS SUBDI-
VISION, OR (E) IN OBLIGATIONS OF OUT-OF-STATE GOVERNMENTAL ENTITIES THAT
ARE RATED BY AT LEAST ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE  OF
ITS TWO HIGHEST RATING CATEGORIES, OR (F) IN OBLIGATIONS OF OUT-OF-STATE
NOT-FOR-PROFIT  ORGANIZATIONS THAT ARE DESCRIBED IN SECTION 501(C)(3) OF
THE INTERNAL REVENUE CODE AND ARE  RATED  BY  AT  LEAST  ONE  NATIONALLY
RECOGNIZED RATING AGENCY IN ONE OF ITS TWO HIGHEST RATING CATEGORIES.
  S 3. Subdivision 6 of section 1285-m of the public authorities law, as
amended  by  chapter  307  of  the  laws  of 2005, is amended to read as
follows:
  6. Moneys in the drinking water revolving  fund  may  be  invested  as
provided  in  subdivision  four of section twelve hundred eighty-four of
this title and may be further invested:
  (a) in investment agreements continuously secured by obligations  with
any  insurance  company  or  reinsurance  company or corporate affiliate
thereof rated by a nationally recognized rating agency in one of its two
highest categories, any bank, trust company  or  broker  or  dealer,  as
defined  by  the  securities  exchange act of 1934, which is a dealer in
government bonds, which reports to, trades with and is recognized  as  a
primary  dealer by a federal reserve bank and is a member of the securi-
ties investors protection  corporation,  if  such  investment  agreement
provides that:
  (i)  such  obligations  securing  such investment agreements are obli-
gations as set forth in section ten of the general municipal law;
  (ii) such obligations are to be delivered to a trustee for the benefit
of the corporation or, with respect to moneys pledged under an indenture
of trust or trust agreement relating to bonds or  notes  of  the  corpo-
ration,  to  the trustee under such indenture or trust agreement, or are
supported by a safe keeping receipt issued by a depository  satisfactory
to  the  corporation as applicable, provided that such investment agree-
ments must provide that the value of the underlying obligations shall be
maintained at a current market value, calculated no less frequently than
monthly, of not less than the amount deposited thereunder;
  (iii) a prior perfected security interest in the obligations which are
securing such agreement has been granted to the corporation, such  trus-
tee or such depository as applicable; and
  (iv)  such  obligations  are  free  and  clear  of adverse third party
claims; or
  (b) in obligations as set forth in section ten of the general  munici-
pal  law  that are rated by a nationally recognized rating agency in one
of its two highest rating categories; OR
  (C) IN OBLIGATIONS OF MULTILATERAL DEVELOPMENT BANKS THAT ARE RATED BY
A NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF ITS TWO  HIGHEST  RATING
CATEGORIES; OR
  (D)  IN OBLIGATIONS WHICH HAVE BEEN REFUNDED PRIOR TO MATURITY AND ARE
PAYABLE FROM DEFEASANCE SECURITIES WHICH MEET THE REQUIREMENTS OF  PARA-
GRAPH (A), (B) OR (C) OF THIS SUBDIVISION; OR
  (E)  IN  OBLIGATIONS  OF  OUT-OF-STATE  GOVERNMENTAL ENTITIES THAT ARE
RATED BY AT LEAST ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF  ITS
TWO HIGHEST RATING CATEGORIES; OR
  (F)  IN  OBLIGATIONS OF OUT-OF-STATE NOT-FOR-PROFIT ORGANIZATIONS THAT
ARE DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND  ARE

S. 7581                             4

RATED  BY AT LEAST ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF ITS
TWO HIGHEST RATING CATEGORIES.
  S  3-a. Subdivision 6 of section 1285-m of the public authorities law,
as amended by chapter 155 of the laws of 2003, is  amended  to  read  as
follows:
  6.  Moneys  in  the  drinking  water revolving fund may be invested as
provided in subdivision four of section twelve  hundred  eighty-four  of
this title and may be further invested:
  (a)  in investment agreements continuously secured by obligations with
any insurance company or  reinsurance  company  or  corporate  affiliate
thereof rated by a nationally recognized rating agency in one of its two
highest  categories,  any  bank,  trust  company or broker or dealer, as
defined by the securities exchange act of 1934, which  is  a  dealer  in
government  bonds,  which reports to, trades with and is recognized as a
primary dealer by a federal reserve bank and is a member of the  securi-
ties  investors  protection  corporation,  if  such investment agreement
provides that:
  (i) such obligations securing such  investment  agreements  are  obli-
gations as set forth in section ten of the general municipal law;
  (ii) such obligations are to be delivered to a trustee for the benefit
of the corporation or, with respect to moneys pledged under an indenture
of  trust  or  trust  agreement relating to bonds or notes of the corpo-
ration, to the trustee under such indenture or trust agreement,  or  are
supported  by a safe keeping receipt issued by a depository satisfactory
to the corporation as applicable, provided that such  investment  agree-
ments must provide that the value of the underlying obligations shall be
maintained at a current market value, calculated no less frequently than
monthly, of not less than the amount deposited thereunder;
  (iii) a prior perfected security interest in the obligations which are
securing  such agreement has been granted to the corporation, such trus-
tee or such depository as applicable; and
  (iv) such obligations are  free  and  clear  of  adverse  third  party
claims; or
  (b)  in  obligations  the  interest  on which is excludable from gross
income under section one hundred three of  the  internal  revenue  code,
provided  that  such  obligations  are  rated by a nationally recognized
rating agency in one of its two highest rating categories; OR
  (C) IN OBLIGATIONS OF MULTILATERAL DEVELOPMENT BANKS THAT ARE RATED BY
A NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF ITS TWO  HIGHEST  RATING
CATEGORIES; OR
  (D)  IN OBLIGATIONS WHICH HAVE BEEN REFUNDED PRIOR TO MATURITY AND ARE
PAYABLE FROM DEFEASANCE SECURITIES WHICH MEET THE REQUIREMENTS OF  PARA-
GRAPH (A), (B) OR (C) OF THIS SUBDIVISION; OR
  (E)  IN  OBLIGATIONS  OF  OUT-OF-STATE  GOVERNMENTAL ENTITIES THAT ARE
RATED BY AT LEAST ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF  ITS
TWO HIGHEST RATING CATEGORIES; OR
  (F)  IN  OBLIGATIONS OF OUT-OF-STATE NOT-FOR-PROFIT ORGANIZATIONS THAT
ARE DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND  ARE
RATED  BY AT LEAST ONE NATIONALLY RECOGNIZED RATING AGENCY IN ONE OF ITS
TWO HIGHEST RATING CATEGORIES.
  S 4. This act shall take effect immediately; provided, however, that:
  (a) the amendments to subdivision 6 of section 1285-j  of  the  public
authorities  law  made  by  section two of this act shall not affect the
expiration of such subdivision and shall be deemed to expire therewith;

S. 7581                             5

  (b) the amendments to subdivision 6 of section 1285-m  of  the  public
authorities  law  made by section three of this act shall not affect the
expiration of such subdivision and shall be deemed to expire therewith;
  (c)  section  two-a  of this act shall take effect on the same date as
the reversion of subdivision 6 of section 1285-j of the public  authori-
ties law as provided in section 3 of chapter 307 of the laws of 2005, as
amended; and
  (d)  section three-a of this act shall take effect on the same date as
the reversion of subdivision 6 of section 1285-m of the public  authori-
ties law as provided in section 3 of chapter 307 of the laws of 2005, as
amended.

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Senate Bill S7581

Sponsored By

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

2009-S7581 (ACTIVE) - Details

2009-S7581 (ACTIVE) - Summary

2009-S7581 (ACTIVE) - Sponsor Memo

2009-S7581 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S7581

Share this bill

Sponsored By

Bill Perkins

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

2009-S7581 (ACTIVE) - Details

2009-S7581 (ACTIVE) - Summary

2009-S7581 (ACTIVE) - Sponsor Memo

2009-S7581 (ACTIVE) - Bill Text download pdf

Comments