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Assembly Bill A1038

2011-2012 Legislative Session

Prohibits certain limitations on discounts for use of the Cross Bay Veterans Memorial Bridge

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2011-A1038 (ACTIVE) - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd ยงยง561 & 1269, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
A280

2011-A1038 (ACTIVE) - Summary

Prohibits provision in bonds or notes issued by the Metropolitan Transportation Authority or Triborough Bridge and Tunnel Authority limiting discounts or requiring a minimum toll on the Cross Bay Veterans Memorial Bridge; applies only prospectively to resolutions passed or bonds or notes issued on or after the effective date.

2011-A1038 (ACTIVE) - Bill Text download pdf 

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

                                  1038

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by M. of A. PHEFFER -- read once and referred to the Commit-
  tee on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation  to  prohibiting
  limitations  on  discounts from the Cross Bay Veterans Memorial Bridge
  as security for bonds and notes

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

  Section  1.  Section  561  of the public authorities law is amended by
adding a new subdivision 4-d to read as follows:
  4-D. NO RESOLUTION AUTHORIZING ANY BONDS OR NOTES, OR THE ISSUE OF ANY
BONDS OR NOTES OR OTHER INSTRUMENT, INCLUDING BOND COVENANTS OR  SERIES,
BY  WHICH  A  PLEDGE OF THE AUTHORITY TO ANY BONDHOLDER OR NOTEHOLDER IS
CREATED SHALL CONTAIN A PROVISION LIMITING THE DISCOUNTS OR REQUIRING  A
MINIMUM TOLL ON THE CROSS BAY VETERANS MEMORIAL BRIDGE.
  S 2. Section 1269 of the public authorities law is amended by adding a
new subdivision 3-a to read as follows:
  3-A. NO RESOLUTION AUTHORIZING ANY BONDS OR NOTES, OR THE ISSUE OF ANY
BONDS  OR NOTES OR OTHER INSTRUMENT, INCLUDING BOND COVENANTS OR SERIES,
BY WHICH A PLEDGE OF THE AUTHORITY TO ANY BONDHOLDER  OR  NOTEHOLDER  IS
CREATED  SHALL CONTAIN A PROVISION LIMITING THE DISCOUNTS OR REQUIRING A
MINIMUM TOLL ON THE CROSS BAY VETERANS MEMORIAL BRIDGE.
  S 3. This act shall take effect immediately and  shall  apply  to  any
resolution  authorizing  bonds or notes which is passed and any bonds or
notes which are issued on and after such date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00721-01-1

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