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Senate Bill S4171

2015-2016 Legislative Session

Provides that bonds issued by the Long Island power authority must be authorized by a majority of the ratepayers of the authority by a public referendum after public hearing

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Archive: Last Bill Status - In Senate Committee Energy And Telecommunications Committee

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2015-S4171 (ACTIVE) - Details

Current Committee:
Senate Energy And Telecommunications
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง1020-k, Pub Auth L

2015-S4171 (ACTIVE) - Summary

Provides that bonds issued by the Long Island power authority must be authorized by a majority of the ratepayers of the authority by a public referendum after public hearing.

2015-S4171 (ACTIVE) - Sponsor Memo

2015-S4171 (ACTIVE) - Bill Text download pdf 

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

                                  4171

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              March 5, 2015
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on  Energy  and  Telecommuni-
  cations

AN  ACT to amend the public authorities law, in relation to the authori-
  zation for bonds issued by the Long Island power authority

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

  Section  1.  Subdivision 1 of section 1020-k of the public authorities
law, as added by chapter 517 of the laws of 1986, is amended and  a  new
subdivision 1-a is added to read as follows:
  1.  [The]  EXCEPT  AS  MAY  BE OTHERWISE PROVIDED IN THIS SECTION, THE
authority shall have power and is hereby authorized from time to time to
issue its negotiable bonds in conformity with applicable  provisions  of
the  uniform  commercial  code for any purpose authorized by this title,
including without limitation (a) to acquire any real or personal proper-
ty or facilities deemed necessary by the authority, (b) to pay  interest
on  bonds or notes of the authority, (c) to establish reserves to secure
such bonds and notes, (d) to establish or maintain such other  funds  or
accounts  for  such purpose or purposes as the authority may deem neces-
sary or desirable, and (e) to pay all other expenses  of  the  authority
incident to the issuance of such bonds or notes.
  1-A.  ANY  ISSUANCE  OF BONDS BY THE AUTHORITY MUST BE AUTHORIZED BY A
MAJORITY OF THE RATEPAYERS OF THE AUTHORITY BY A PUBLIC REFERENDUM AFTER
AT LEAST ONE PUBLIC HEARING IN EACH OF THE AFFECTED COUNTIES.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09738-01-5

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