| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 18, 2011 |
referred to corporations, authorities and commissions |
Senate Bill S2319
2011-2012 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
Actions
2011-S2319 (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add ยง2881, Pub Auth L
- Versions Introduced in 2009-2010 Legislative Session:
-
S173
2011-S2319 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2319
TITLE OF BILL:
An act
to amend the public authorities law, in relation to bonds and notes
of public authorities and public benefit corporations
SUMMARY:
This bill adds a new section 2881 to the public Authorities Law. The
new section will provide that the bonding activities of public
authorities and public benefit corporations would be restricted in
order that no bond or note may be issued for a purpose with a
probable life shorter than the contract life of the bond or note.
JUSTIFICATION:
The State constitution forbids the State from issuing bonds for
purposes with an expected life shorter than the contract life of the
bond itself.
The purpose of this constitutional provision is to prevent the State
from bonding out its operations costs. This bill would extend the
same principal of fiscal soundness to all public authorities and
public benefit corporations created by or pursuant to New York State
law.
FISCAL IMPLICATIONS:
No cost to the State.
2011-S2319 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2319
2011-2012 Regular Sessions
I N S E N A T E
January 18, 2011
___________
Introduced by Sen. KRUGER -- 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 bonds and
notes of public authorities and public benefit corporations
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The public authorities law is amended by adding a new
section 2881 to read as follows:
S 2881. BONDS AND NOTES OF PUBLIC AUTHORITIES AND PUBLIC BENEFIT
CORPORATIONS. NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ON AND AFTER
THE EFFECTIVE DATE OF THIS SECTION, NO DEBT SECURED BY A BOND OR NOTE
FOR A WORK OR PURPOSE ISSUED BY A PUBLIC AUTHORITY OR PUBLIC BENEFIT
CORPORATION CREATED BY OR PURSUANT TO NEW YORK STATE LAW, WHETHER SUCH
AUTHORITY OR CORPORATION IS OTHERWISE GOVERNED BY THIS CHAPTER, SHALL BE
CONTRACTED FOR A PERIOD LONGER THAN THE PROBABLE LIFE OF THE WORK OR
PURPOSE FOR WHICH THE DEBT IS TO BE CONTRACTED.
S 2. This act shall take effect on the ninetieth day after it shall
have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07455-01-1
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