Assembly Bill A5199

2013-2014 Legislative Session

Limits the annual increase in debt of the New York city municipal water finance authority to six percent without the approval of the New York city council

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2013-A5199 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §1045-d, ren §§1045-aa & 1045-bb to be §§1045-bb & 1045-cc, add §1045-aa, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8747
2011-2012: A3302
2015-2016: A3398
2017-2018: A4706

2013-A5199 (ACTIVE) - Summary

Limits the annual increase in debt of the New York city municipal water finance authority to six percent without the approval of the New York city council.

2013-A5199 (ACTIVE) - Bill Text download pdf 

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

                                  5199

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 21, 2013
                               ___________

Introduced  by  M.  of A. BRENNAN, MILLMAN, MAISEL, BARRON, PERRY, COOK,
  WEPRIN -- Multi-Sponsored by -- M. of A. GLICK, GOTTFRIED -- read once
  and referred to the Committee on Corporations, Authorities and Commis-
  sions

AN ACT to amend the public authorities law, in relation to debt held  by
  the New York city municipal water finance authority

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

  Section 1. Subdivision 3 of section 1045-d of the  public  authorities
law,  as added by chapter 513 of the laws of 1984, is amended to read as
follows:
  3. To borrow money and issue negotiable or non-negotiable notes, bonds
or other obligations and to provide for the rights of the holders there-
of, PROVIDED, HOWEVER, THAT SUCH POWER TO BORROW MONEY AND ISSUE NEGOTI-
ABLE OR NON-NEGOTIABLE NOTES, BONDS OR OTHER OBLIGATIONS SHALL BE LIMIT-
ED TO THE LIMITATION ON THE ANNUAL INCREASE IN  DEBT  AS  SET  FORTH  IN
SECTION ONE THOUSAND FORTY-FIVE-AA OF THIS TITLE;
  S  2.  Sections  1045-aa and 1045-bb of the public authorities law are
renumbered sections 1045-bb and 1045-cc and a  new  section  1045-aa  is
added to read as follows:
  S  1045-AA.  LIMITATION  ON DEBT INCREASE. BEGINNING WITH THE NEW YORK
CITY FISCAL YEAR BEGINNING JULY FIRST, TWO THOUSAND FOURTEEN, THE ANNUAL
INCREASE IN TOTAL DEBT HELD BY THE AUTHORITY AT ANY TIME DURING A FISCAL
YEAR SHALL NOT EXCEED SIX PERCENT OF THE TOTAL DEBT HELD BY THE AUTHORI-
TY DURING THE PRECEDING FISCAL YEAR WITHOUT  THE  APPROVAL  BY  MAJORITY
VOTE OF THE NEW YORK CITY COUNCIL.
  S 3.  This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09058-01-3

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