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
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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