S T A T E   O F   N E W   Y O R K
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                                10539--A

                          I N  A S S E M B L Y

                              May 31, 2016
                               ___________

Introduced  by M. of A. STECK, SANTABARBARA -- read once and referred to
  the Committee on Corporations, Authorities and Commissions --  commit-
  tee  discharged, bill amended, ordered reprinted as amended and recom-
  mitted to said committee

AN ACT to amend the public authorities law and the tax law, in  relation
  to the Schenectady county Metroplex development authority

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

  Section 1. Subdivision 9 of section 2661  of  the  public  authorities
law,  as  amended by chapter 468 of the laws of 2008, is amended to read
as follows:
  9. The county of Schenectady shall dedicate net collections from sales
and compensating use taxes imposed pursuant to the authority of  section
twelve  hundred  ten-C  of  the  tax  law at the rate of one-half of one
percent, during the period beginning September first,  nineteen  hundred
ninety-eight,  and  ending  August  thirty-first,  two thousand [thirty-
three] THIRTY-EIGHT, or, if the county does not impose taxes pursuant to
the authority of section twelve hundred ten-C of the tax law, the county
shall dedicate net collections from sales  and  compensating  use  taxes
imposed during such period at the rate of one-half of one percent pursu-
ant  to  the authority of section twelve hundred ten of the tax law, and
shall quarterly deposit such net collections in the  Schenectady  metro-
plex  development  authority support fund established in accordance with
subdivision (b) of section twelve hundred ten-C of the tax law. On Janu-
ary first, nineteen hundred ninety-nine, and then quarterly  thereafter,
the  director  of  finance  of Schenectady county shall transfer seventy
percent of such net collections deposited in the  Schenectady  metroplex
development  authority  support fund to the authority for deposit in the
authority's general fund. The authority may use  such  portion  of  such
dedicated  net  collections  received for any lawful purpose or power of
the authority. On January first, nineteen hundred ninety-nine, and  then
quarterly  thereafter,  the  director  of finance of Schenectady county,
after transferring seventy  percent  of  such  net  collections  to  the
authority  for  deposit  in the authority's general fund, shall transfer

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

                                                           LBD15610-02-6

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all remaining monies in the Schenectady metroplex development  authority
support  fund  to the Schenectady county real property tax abatement and
economic development fund.
  S  2.  Subdivision 1 of section 2665 of the public authorities law, as
amended by chapter 468 of the laws  of  2008,  is  amended  to  read  as
follows:
  1.  The  authority  shall have the power and is hereby authorized from
time to time to issue bonds, notes or other  obligations  in  conformity
with  applicable  provisions  of  the uniform commercial code to pay the
cost of any project, the establishment of reserves to secure the  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 or notes of the authority shall
not  exceed  [seventy-five]  ONE HUNDRED million dollars [($75,000,000)]
($100,000,000), excluding bonds or notes issued to refund or repay bonds
or notes therefore issued for such  purposes;  provided,  however,  that
upon  any  such  refunding  or  repayment  the total aggregate principal
amount of outstanding bonds or notes may be greater than  [seventy-five]
ONE  HUNDRED million dollars [($75,000,000)] ($100,000,000), only if the
present value of the aggregate debt service of the refunding  or  repay-
ment  of  bonds or notes to be issued shall not exceed the present value
of the aggregate debt service of the bonds or notes so to be refunded or
repaid. For the purpose of this section, the present value of the aggre-
gate debt service of the refunding or repayment bonds or notes  and  the
aggregate debt service of the bonds or notes refunded or repaid shall be
calculated  by utilizing the effective interest rate of the refunding or
repayment of bonds or notes, which shall be  that  rate  arrived  at  by
doubling the semi-annual interest rate (compounded semi-annually) neces-
sary to discount the debt service payments on the refunding or repayment
of  bonds or notes from payment of dates thereof to the date of issue of
the refunding or repayment of bonds  or  notes  and  to  the  price  bid
including estimated accrued interest from the sale thereof. The authori-
ty  shall  have  the  power  and is hereby authorized to enter into such
agreements and perform such acts as may be required under any applicable
federal legislation to secure a federal guarantee to any bonds.
  S 3. Subdivisions (a), (b) and (c) of section 1210-C of the  tax  law,
as  amended  by  chapter 468 of the laws of 2008, are amended to read as
follows:
  (a) In addition to the taxes  authorized  to  be  imposed  by  section
twelve  hundred ten of this article or any other provision of this arti-
cle, the county of Schenectady is hereby  authorized  and  empowered  to
adopt and amend a local law, ordinance or resolution imposing within the
territorial  limits of said county sales and compensating use taxes at a
rate which is one-half of one percent additional to  the  three  percent
rate  authorized  in  section twelve hundred ten of this article for the
period beginning on or after September first, nineteen  hundred  ninety-
eight  and ending August thirty-first, two thousand [thirty-three] THIR-
TY-EIGHT, which taxes shall be identical to the taxes  imposed  by  said
county pursuant to section twelve hundred ten of this article. Except as
hereinafter  provided,  all  provisions  of  this article, including the
definition and exemption provisions and the provisions relating  to  the
administration,  collection  and distribution by the commissioner, shall
apply for purposes of the taxes authorized to be imposed by this section
in the same manner and with the same force and effect as if the language
of this article had been incorporated in full in this  section  and  had
expressly  referred  to  the  taxes  authorized  to  be  imposed by this

A. 10539--A                         3

section; provided, however, that any provision of this article  relating
to  a  maximum  rate  shall be calculated without reference to the addi-
tional rate authorized by this section. For purposes of part IV of  this
article,  relating  to  the disposition of revenues resulting from taxes
collected and administered by the commissioner, the additional sales and
compensating use taxes authorized by this section shall be deemed to  be
imposed  under the authority of section twelve hundred ten of this arti-
cle and all provisions  relating  to  the  deposit,  administration  and
disposition  of  taxes, penalties and interest relating to taxes imposed
by a county under the authority of section twelve hundred  ten  of  this
article  shall,  except  as  otherwise  specifically  provided  in  this
section, apply to the additional sales and compensating use tax  imposed
pursuant to the authority of this section.
  (b) Notwithstanding any other provision of this article to the contra-
ry, the net collections from the tax imposed pursuant to subdivision (a)
of  this  section  for the period beginning on or after September first,
nineteen hundred ninety-eight and ending August thirty-first, two  thou-
sand  [thirty-three]  THIRTY-EIGHT  shall, upon payment to the county of
Schenectady, be  deposited  in  the  Schenectady  metroplex  development
authority  support fund, pursuant to subdivision nine of section twenty-
six hundred sixty-one of the public authorities law, with such  fund  to
be designated as a special dedicated support fund, to be created by said
county  therefor separate and apart from any other funds and accounts of
the county. Pending deposit from such Schenectady metroplex  development
authority  support  fund into the general fund of the Schenectady metro-
plex development authority, all moneys therein may be  invested  in  the
manner  provided  in  section  eleven  of the general municipal law. Any
interest earned or capital gain realized on the moneys so  deposited  or
invested  shall  accrue to and become part of such Schenectady metroplex
development authority support fund.
  (c) If the county of Schenectady does not impose the one-half  of  one
percent  rate  of  taxes  authorized  by subdivision (a) of this section
during the period beginning September first,  nineteen  hundred  ninety-
eight  and ending August thirty-first, two thousand [thirty-three] THIR-
TY-EIGHT, the county shall  dedicate  net  collections  from  sales  and
compensating  use  taxes  imposed  during  such  period  pursuant to the
authority of section twelve hundred ten of this article at the  rate  of
one-half of one percent and shall quarterly deposit such net collections
in  the  Schenectady metroplex development authority support fund estab-
lished in accordance with subdivision (b) of this section.
  S 4. Severability clause. If any clause, sentence, paragraph, subdivi-
sion, section or part of this act shall be  adjudged  by  any  court  of
competent  jurisdiction  to  be invalid, such judgment shall not affect,
impair, or invalidate the remainder thereof, but shall  be  confined  in
its  operation  to the clause, sentence, paragraph, subdivision, section
or part thereof directly involved in the controversy in which such judg-
ment shall have been rendered. It is hereby declared to be the intent of
the legislature that this act would  have  been  enacted  even  if  such
invalid provisions had not been included herein.
  S 5. This act shall take effect immediately.