senate Bill S7776

2013-2014 Legislative Session

Relates to bonds of the Ogdensburg bridge authority; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 06, 2014 referred to transportation

S7776 - Details

See Assembly Version of this Bill:
A9629A
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Add §736, rpld §706, Pub Auth L

S7776 - Summary

Relates to bonds of the Ogdensburg Bridge Authority.

S7776 - Sponsor Memo

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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