Assembly Bill A3398

2015-2016 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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2015-A3398 (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
2013-2014: A5199
2017-2018: A4706

2015-A3398 (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.

2015-A3398 (ACTIVE) - Bill Text download pdf 

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

                                  3398

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 22, 2015
                               ___________

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

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 SIXTEEN, 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.
                                                           LBD01707-01-5

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