NY State Senate Bill 2009-S7847

Senate Bill S7847

Signed By Governor

2009-2010 Legislative Session

Relates to the issuance of revenue bonds and the general debt service fund

download bill text pdf

Archive: Last Bill Status Via A11104 - Signed by Governor

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 17, 2010	signed chap.79 delivered to governor returned to assembly passed senate message of necessity - 3 day message 3rd reading cal.555 substituted for s7847
May 17, 2010	substituted by a11104 ordered to third reading cal.555 reported and committed to rules referred to finance

Votes

- May 17, 2010 - Floor Vote
  A11104
  
  58
  
  Aye
  
  3
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: May 17, 2010
      
      aye (58)
      
      Adams
      
      Addabbo Jr.
      
      Alesi
      
      Aubertine
      
      Bonacic
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Flanagan
      
      Foley
      
      Fuschillo
      
      Golden
      
      Griffo
      
      Hassell-Thompson
      
      Huntley
      
      Johnson
      
      Johnson
      
      Klein
      
      Krueger
      
      Kruger
      
      LaValle
      
      Lanza
      
      Leibell
      
      Libous
      
      Little
      
      Maziarz
      
      McDonald
      
      Montgomery
      
      Nozzolio
      
      Onorato
      
      Oppenheimer
      
      Padavan
      
      Parker
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Robach
      
      Saland
      
      Sampson
      
      Savino
      
      Schneiderman
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      Volker
      
      Winner
      
      Young
      
      nay (3)
      
      Hannon
      
      Larkin
      
      Marcellino
      
      excused (1)
      
      Morahan
  May 17, 2010 - Rules Committee Vote
  S7847
  
  16
  
  Aye
  
  3
  
  Nay
  
  4
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: May 17, 2010
      
      aye (16)
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Hassell-Thompson
      
      Klein
      
      Krueger
      
      LaValle
      
      Montgomery
      
      Parker
      
      Serrano
      
      Seward
      
      Smith
      
      Stachowski
      
      Stewart-Cousins
      
      Valesky
      
      nay (3)
      
      Hannon
      
      Johnson
      
      Skelos
      
      aye wr (4)
      
      Larkin
      
      Padavan
      
      Saland
      
      Volker
  May 17, 2010 - Finance Committee Vote
  S7847
  
  23
  
  Aye
  
  5
  
  Nay
  
  5
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: May 17, 2010
      
      aye (23)
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Farley
      
      Klein
      
      Krueger
      
      Kruger
      
      Leibell
      
      Montgomery
      
      Oppenheimer
      
      Parker
      
      Peralta
      
      Perkins
      
      Robach
      
      Seward
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      nay (5)
      
      Hannon
      
      Johnson
      
      Marcellino
      
      Maziarz
      
      Nozzolio
      
      aye wr (5)
      
      LaValle
      
      Larkin
      
      Padavan
      
      Saland
      
      Volker

2009-S7847 (ACTIVE) - Details

See Assembly Version of this Bill:: A11104
Law Section:: State Finance Law
Laws Affected:: Amd §§68-b & 68-a, St Fin L

2009-S7847 (ACTIVE) - Summary

Relates to the issuance of revenue bonds and the general debt service fund.

2009-S7847 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7847

 TITLE OF BILL :

An act to amend the state finance law, in relation to the issuance of
revenue bonds; and in relation to mental health service facilities
financing; and authorizing the issuance of bonds by an authorized
issuer for any authorized purpose; and providing for the repeal of
certain provisions upon the expiration thereof

 PURPOSE :

This bill would extend, until March 31, 2011, two provisions of law
and would authorize the Dormitory Authority of the State of New York
(DASNY) to issue bonds that would be used to fund capital spending.

 SUMMARY OF PROVISIONS :

This bill would amend section 68-b of the State Finance Law (SFL), to
extend (for one year) the authorization to issue Mental Health Bonds
under the Personal Income Tax (PIT) credit structure.

In addition, this bill would amend section 68-a of the SFL to extend
(for one year) the ability of the DASNY and ESDC to issue Personal
Income Tax (PIT) Revenue Bonds for any authorized purposes.

Finally, this bill would clarify DASNY's ability to issue debt without
an Enacted Budget.

 STATEMENT IN SUPPORT AND BUDGETARY IMPLICATIONS :

This bill is necessary to enable the State to more effectively manage
its cash position. The State issues $6 billion of bonds annually that
are used to reimburse, or fund in the first instance, capital
spending. In most cases, the State advances (loans) funds from the
General Fund or Short-Term Investment Pool (STIP) to fund capital
spending, which is then reimbursed with bond proceeds. The initial
cash outlay to fund capital projects reduces the State's cash
position. Currently, the State has spent $50 million from the General
Fund that cannot be reimbursed because bond proceeds are not
available.

This bill would allow DASNY, and other authorized State debt issuers,
to issue bonds for the same purposes that were authorized in the
previous fiscal year. This authorization would allow DASNY to issue
bonds, so timely reimbursement t an occur, improving the State's cash
position. In addition, this authorization would enable the State to
access credit markets at favorable times, providing an opportunity to
"lock in" an attractive cost of capital.

 EFFECTIVE DATE :
Immediately.

2009-S7847 (ACTIVE) - Bill Text download pdf

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

    S. 7847                                                 A. 11104

                      S E N A T E - A S S E M B L Y

                              May 17, 2010
                               ___________

IN  SENATE  --  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 Finance

IN  ASSEMBLY  --  Introduced by COMMITTEE ON RULES -- (at request of the
  Governor) -- read once and referred to the Committee on Ways and Means

AN ACT to amend the state finance law, in relation to  the  issuance  of
  revenue  bonds;  and  in  relation to mental health service facilities
  financing; and authorizing the issuance  of  bonds  by  an  authorized
  issuer  for  any  authorized  purpose; and providing for the repeal of
  certain provisions upon the expiration thereof

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

  Section 1.  Subdivision 8 of section 68-b of the state finance law, as
amended  by  section 50 of part PP of chapter 56 of the laws of 2009, is
amended to read as follows:
  8. Revenue bonds may  only  be  issued  for  authorized  purposes,  as
defined  in  section  sixty-eight-a of this article. Notwithstanding the
foregoing, the dormitory authority of the state  of  New  York  and  the
urban development corporation may issue revenue bonds for any authorized
purpose  of any other such authorized issuer through March thirty-first,
two thousand [ten] ELEVEN. The authorized issuers shall  not  issue  any
revenue  bonds  in  an  amount in excess of statutory authorizations for
such authorized purposes. Authorizations for  such  authorized  purposes
shall  be  reduced  in  an  amount  equal to the amount of revenue bonds
issued for such authorized purposes under this article.  Such  reduction
shall  not  be  made in relation to revenue bonds issued to fund reserve
funds, if any, and costs of issuance, if these  items  are  not  counted
under  existing authorizations, nor shall revenue bonds issued to refund
bonds issued under existing authorizations reduce  the  amount  of  such
authorizations.
  S  2.  Subdivision  2  of  section  68-a  of the state finance law, as
amended by section 56-a of part PP of chapter 56 of the laws of 2009, is
amended to read as follows:

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

                                                           LBD12232-02-0

S. 7847                             2                           A. 11104

  2. "Authorized purpose" for purposes of this article and section nine-
ty-two-z of this chapter shall mean any purposes  for  which  state-sup-
ported debt, as defined by section sixty-seven-a of this chapter, may or
has  been  issued  except  debt  for which the state is constitutionally
obligated  thereunder  to  pay  debt  service  and related expenses, and
except (a) as authorized in paragraph (b) of subdivision one of  section
three  hundred eighty-five of the public authorities law, (b) as author-
ized for the department of health of the state of New York facilities as
specified in paragraph a of subdivision two of section  sixteen  hundred
eighty  of  the public authorities law, (c) state university of New York
dormitory facilities  as  specified  in  subdivision  eight  of  section
sixteen  hundred seventy-eight of the public authorities law, and (d) as
authorized for mental health services facilities by  section  nine-a  of
section  one of chapter three hundred ninety-two of the laws of nineteen
hundred seventy-three constituting  the  New  York  state  medical  care
facilities  financing  act. Notwithstanding the provisions of clause (d)
of this subdivision, for the  period  April  first,  two  thousand  nine
through  March  thirty-first,  two  thousand [ten] ELEVEN, mental health
services facilities, as authorized by section nine-a of section  one  of
chapter  three hundred ninety-two of the laws of nineteen hundred seven-
ty-three constituting the New York state medical care facilities financ-
ing act, shall constitute an authorized purpose.
  S 3. Notwithstanding any other provision of law to the contrary, bonds
may be issued by an authorized issuer for any authorized  purpose,  both
as  defined  by  section 68-a of the state finance law, for purposes for
which the legislature enacted appropriations or reappropriations  during
the 2009-2010 fiscal year.
  S  4. This act shall take effect immediately and section three of this
act shall expire and be deemed repealed April 1, 2011.

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