|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 06, 2014||referred to transportation|
senate Bill S7776
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7776 - Details
- See Assembly Version of this Bill:
- Current Committee:
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add §736, rpld §706, Pub Auth L
S7776 - Sponsor Memo
BILL NUMBER:S7776 TITLE OF BILL: An act to amend the public authorities law, in relation to bonds of the Ogdensburg Bridge Authority; and to repeal section 706 of the public authorities law relating thereto PURPOSE: To update the bonding language for the Ogdensburg Bridge and Port Authority so that the Authority has the ability to finance capital projects. SUMMARY OF PROVISIONS: Section 1 establishes a new Section 736, which provides the Ogdensburg Bridge and Port Authority with the ability to issue bonds to finance capital projects. This section establishes the specifications and the terms for issuing such bonds. Section 2 repeals Section 706 of the Public Authorities Law. Section 3 provides the effective date. EXISTING LAW: Section 706 of the Public Authorities Law provides the Ogdensburg Bridge and Port Authority with the ability to bond. But, the bonding language contained in Section 706 is out of date and needs to be updated. There-
S7776 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7776 I N S E N A T E June 6, 2014 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Transportation AN ACT to amend the public authorities law, in relation to bonds of the Ogdensburg Bridge Authority; and to repeal section 706 of the public authorities law relating thereto 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 736 to read as follows: S 736. BONDS OF THE AUTHORITY. 1. THE AUTHORITY SHALL HAVE THE POWER AND IS HEREBY AUTHORIZED FROM TIME TO TIME TO ISSUE BONDS, NOTES OR OTHER OBLIGATIONS TO PAY THE COST OF ANY PROJECT OR FOR ANY OTHER CORPO- RATE PURPOSE, INCLUDING THE ESTABLISHMENT OF RESERVES TO SECURE BONDS, THE PAYMENT OF PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE BONDS AND THE PAYMENT OF INCIDENTAL EXPENSES IN CONNECTION THEREWITH. THE AGGREGATE PRINCIPAL AMOUNT OF SUCH BONDS, NOTES OR OTHER OBLIGATIONS SHALL NOT EXCEED ONE HUNDRED MILLION DOLLARS, EXCLUDING BONDS, NOTES OR OTHER OBLIGATIONS ISSUED TO REFUND OR OTHERWISE REPAY BONDS, NOTES OR OTHER OBLIGATIONS THEREFORE ISSUED FOR SUCH PURPOSES; PROVIDED, HOWEVER, THAT UPON ANY SUCH REFUNDING OR REPAYMENT OF THE TOTAL AGGREGATE PRINCI- PAL AMOUNT OF OUTSTANDING BONDS, NOTES OR OTHER OBLIGATIONS MAY BE GREATER THAN ONE HUNDRED MILLION DOLLARS ONLY IF THE PRESENT VALUE OF THE AGGREGATE DEBT SERVICE OF THE FUNDING OR REPAYMENT BONDS, NOTES OR OTHER OBLIGATIONS TO BE ISSUED SHALL NOT EXCEED THE PRESENT VALUE OF THE AGGREGATE DEBT SERVICE OF THE BONDS, NOTES OR OTHER OBLIGATIONS TO BE REFUNDED OR REPAID. FOR PURPOSES OF THIS SECTION, THE PRESENT VALUES OF THE AGGREGATE DEBT SERVICE OF THE REFUNDING OR REPAYMENT BONDS, NOTES OR OTHER OBLIGATIONS AND OF THE AGGREGATE DEBT SERVICE OF THE BONDS, NOTES OR OTHER OBLIGATIONS SO REFUNDED OR REPAID, SHALL BE CALCULATED BY UTILIZING THE EFFECTIVE INTEREST RATE OF THE REFUNDING OR REPAYMENT BONDS, NOTES OR OTHER OBLIGATIONS, WHICH SHALL BE THAT RATE ARRIVED AT BY DOUBLING THE SEMI-ANNUAL INTEREST RATE (COMPOUNDED SEMI-ANNUALLY) NECESSARY TO DISCOUNT THE DEBT SERVICE PAYMENTS ON THE REFUNDING OR REPAYMENT BONDS, NOTES OR OTHER OBLIGATIONS FROM THE PAYMENT DATES THER- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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