senate Bill S5863A

Signed By Governor
2013-2014 Legislative Session

Authorizes telephone and telegraph corporations to issue stocks, bonds or other forms of indebtedness for the purposes of expanding broadband services

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Archive: Last Bill Status Via A7167 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 21, 2014 signed chap.438
Nov 10, 2014 delivered to governor
Jun 17, 2014 returned to assembly
passed senate
3rd reading cal.920
substituted for s5863a
Jun 17, 2014 substituted by a7167e
Jun 02, 2014 advanced to third reading
May 29, 2014 2nd report cal.
May 28, 2014 1st report cal.920
Feb 21, 2014 print number 5863a
amend and recommit to energy and telecommunications
Jan 08, 2014 referred to energy and telecommunications
Jun 18, 2013 referred to rules

Votes

view votes

May 28, 2014 - Energy and Telecommunications committee Vote

S5863A
11
0
committee
11
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Energy and Telecommunications committee vote details

Energy and Telecommunications Committee Vote: May 28, 2014

S5863 - Details

See Assembly Version of this Bill:
A7167E
Law Section:
Public Service Law
Laws Affected:
Amd §101, Pub Serv L

S5863 - Summary

Authorizes telephone and telegraph corporations to issue stocks, bonds or other forms of indebtedness for the purposes of expanding broadband services when such corporation is receiving a federal grant or loan therefor.

S5863 - Sponsor Memo

S5863 - Bill Text download pdf

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

                                  5863

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 18, 2013
                               ___________

Introduced by Sen. YOUNG -- (at request of the Legislative Commission on
  Rural  Resources)  -- read twice and ordered printed, and when printed
  to be committed to the Committee on Rules

AN ACT to amend the public service law, in relation to the  issuance  of
  stocks,  bonds  and  other  forms  of  indebtedness for the purpose of
  expanding broadband services

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

  Section  1. Section 101 of the public service law, as amended by chap-
ter 443 of the laws of 2000, is amended to read as follows:
  S 101.  Authority to issue stock, bonds and  other  forms  of  indebt-
edness.    A  telegraph or telephone corporation may, when authorized by
the commission, issue stock, bonds, notes or other evidences of  indebt-
edness  payable  at  periods  of  more than twelve months after the date
thereof, or a receiver of such a corporation, if duly authorized by law,
may issue receiver's certificates, when necessary for the acquisition of
property, the construction, completion, extension or improvement of  its
facilities  or  the improvement or maintenance of its service within the
state, or for the discharge or lawful refunding of its  obligations,  or
reimbursement  of  moneys  actually  expended  from  the income from any
source, within five years next prior to the filing  of  the  application
therefor,  or  for  any  of  such  purposes,  provided, however, that no
authority shall be granted authorizing such issue for  reimbursement  of
moneys  expended  from income for betterments or replacements unless the
applicant shall have kept its accounts and vouchers of such expenditures
in such manner as to enable the commission to ascertain  the  amount  of
moneys  so  expended  and  the purposes for which such expenditures were
made. Stock may be issued to stockholders as a stock  dividend  provided
that  there  shall  have  been secured from the commission authority for
such issuance and for a transfer of surplus  to  capital  in  an  amount
equal to the par or stated value of the stock so authorized and that the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11588-01-3

S5863A (ACTIVE) - Details

See Assembly Version of this Bill:
A7167E
Law Section:
Public Service Law
Laws Affected:
Amd §101, Pub Serv L

S5863A (ACTIVE) - Summary

Authorizes telephone and telegraph corporations to issue stocks, bonds or other forms of indebtedness for the purposes of expanding broadband services when such corporation is receiving a federal grant or loan therefor.

S5863A (ACTIVE) - Sponsor Memo

S5863A (ACTIVE) - Bill Text download pdf

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

                                 5863--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 18, 2013
                               ___________

Introduced by Sen. YOUNG -- (at request of the Legislative Commission on
  Rural  Resources)  -- read twice and ordered printed, and when printed
  to be committed to the  Committee  on  Rules  --  recommitted  to  the
  Committee  on  Energy and Telecommunications in accordance with Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to amend the public service law, in relation to the issuance of
  stocks, bonds and other forms  of  indebtedness  for  the  purpose  of
  expanding broadband services

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

  Section 1. Section 101 of the public service law, as amended by  chap-
ter 443 of the laws of 2000, is amended to read as follows:
  S 101.   Authority  to  issue  stock, bonds and other forms of indebt-
edness.  A telegraph or telephone corporation may,  when  authorized  by
the  commission, issue stock, bonds, notes or other evidences of indebt-
edness payable at periods of more than  twelve  months  after  the  date
thereof, or a receiver of such a corporation, if duly authorized by law,
may issue receiver's certificates, when necessary for the acquisition of
property,  the construction, completion, extension or improvement of its
facilities or the improvement or maintenance of its service  within  the
state,  or  for the discharge or lawful refunding of its obligations, or
reimbursement of moneys actually  expended  from  the  income  from  any
source,  within  five  years next prior to the filing of the application
therefor, or for any  of  such  purposes,  provided,  however,  that  no
authority  shall  be granted authorizing such issue for reimbursement of
moneys expended from income for betterments or replacements  unless  the
applicant shall have kept its accounts and vouchers of such expenditures
in  such  manner  as to enable the commission to ascertain the amount of
moneys so expended and the purposes for  which  such  expenditures  were
made.  Stock  may be issued to stockholders as a stock dividend provided

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11588-02-4

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