Senate Bill S5861

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

                                  5861

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              June 9, 2015
                               ___________

Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the public authorities law, in relation to the powers of
  the Ogdensburg bridge authority and the Ogdensburg port authority

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

  Section  1. Subdivisions 1 and 3 of section 706 of the public authori-
ties law, subdivision 1 as amended by chapter 972 of the laws  of  1969,
subdivision 3 as amended by chapter 809 of the laws of 1968, are amended
to read as follows:
  1.  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  in such amount as may be
necessary to pay the cost  of  the  bridge  and  approach  roads  herein
authorized  and  the  cost  of all land, property, rights, easements and
franchises deemed necessary for the construction  thereof,  and  to  pay
interest  prior  to  and  during  construction  and  for  one year after
completion of construction,  FOR  RECONSTRUCTION  AND  UPGRADES  TO  THE
BRIDGE,  the  purchase  price  of  the ferry or ferries authorized to be
acquired, the repayment of any advances or appropriations  made  by  the
state  of  New  York  to the authority and such other expenses as may be
deemed necessary or incident to the financing and to the construction of
the bridge and approach roads, and to placing the same in operation, AND
INFRASTRUCTURE, UPGRADE AND EXPANSION AT  THE  OGDENSBURG  INTERNATIONAL
AIRPORT.
  3.  The  bonds  shall  be  authorized by resolution of the board.  The
bonds shall be dated, shall bear interest at  such  rate  or  rates  not
exceeding  six  per centum per annum, shall mature at such time or times
all as may be determined by the authority and  may  be  made  redeemable
before maturity, at the option of the authority, at such price or prices
and  under  such  terms  and conditions as may be fixed by the authority

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11544-02-5
              

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prior to the issuance of the bonds. The authority  shall  determine  the
form  and  the  manner of execution of the bonds, including any interest
coupons to be attached thereto, and shall fix the denomination or denom-
inations  of  the  bonds and the place or places of payment of principal
and interest, which may be at any bank or trust company within or  with-
out  the  state.  In  case any officer whose signature or a facsimile of
whose signature shall appear on any bonds or coupons shall cease  to  be
such  officer  before the delivery of such bonds, such signature or such
facsimile shall nevertheless be valid and sufficient  for  all  purposes
the  same  as  if he had remained in office until such delivery, and any
bond may bear the facsimile signature of, or  may  be  signed  by,  such
person as at the actual time of the execution of such bond shall be duly
authorized  to  sign  such  bond  although at the date of such bond such
person may not have been such officer. The bonds may be issued in coupon
form or in registered form or both coupon form and  registered  form  as
the authority may determine, and provisions may be made by the authority
for  the  registration of any coupon bond as to principal alone and also
as to both principal and interest,  for  the  reconversion  into  coupon
bonds of any bonds registered as to both principal and interest, and for
the  exchange of either coupon bonds or registered bonds without coupons
for an equal aggregate principal amount of other coupon bonds or  regis-
tered  bonds  without  coupons  or  both  of any denomination or denomi-
nations.   Notwithstanding any other provisions of  this  title  or  any
recitals  in  the  bonds  issued under the provisions of this title, all
such bonds shall be deemed to be negotiable instruments under  the  laws
of the state of New York. The authority may sell such bonds at public OR
PRIVATE sale, to the bidders who shall offer the lowest interest cost to
the  authority, at such a price, not less than ninety-five per centum of
their value, that the interest cost to maturity for the  money  received
for  any  issue of such bonds shall not exceed six per centum per annum.
Prior to the preparation of definitive bonds, the authority  may,  under
like  restrictions,  issue  interim receipts or temporary bonds, with or
without coupons, exchangeable for definitive bonds when such bonds shall
have been executed and are available for  delivery.  The  authority  may
also  provide  for the replacement of any bonds which shall become muti-
lated or shall be destroyed or lost. Bonds may be issued by the authori-
ty under the provisions of this title without any other  proceedings  or
the happenings of any other conditions or things than those proceedings,
conditions or things which are specifically required by this title.
  S  2. Subdivisions 21 and 22 of section 1379 of the public authorities
law, subdivision 21 as added by chapter 842 of  the  laws  of  1959  and
subdivision  22  as  amended  by  chapter  759  of the laws of 1971, are
amended to read as follows:
  (21) Negotiate with the officials of the city of  Ogdensburg  for  the
acquisition  of  the  Ogdensburg  [municipal]  INTERNATIONAL airport, to
acquire such airport, and when so acquired,  to  operate,  maintain  and
improve  such  airport  and  to  construct, extend, operate and maintain
runways, hangars, shops, passenger stations,  control  towers,  and  all
facilities  necessary or convenient in connection with a modern [munici-
pal] INTERNATIONAL airport; to contract for the construction,  operation
or  maintenance of any parts thereof or for services to be performed; to
rent parts thereof, and grant concessions; all on such terms and  condi-
tions  as it may determine subject to all federal, state and local regu-
lations.
  (22) Proceed with the development of the port district and to improve,
construct [and], develop, RECONSTRUCT AND UPDATE such facilities  as  it

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may deem necessary including the leasing or rental of its properties and
facilities  for public or private purposes in order to make the develop-
ment thereof economically feasible; provided,  however,  that  no  lease
shall  be  made  for a period of more than thirty years from the date of
its execution.
  S 3. This act shall take effect immediately.