senate Bill S7514A

Signed By Governor
2015-2016 Legislative Session

Authorizes the financing of and providing for a period of probable usefulness to the pre-payment of certain service contract obligations

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


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

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 12, 2016 signed chap.238
Aug 02, 2016 delivered to governor
Jun 15, 2016 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.376
substituted for a10514
Jun 14, 2016 referred to ways and means
delivered to assembly
passed senate
home rule request
ordered to third reading cal.1698
committee discharged and committed to rules
Jun 02, 2016 print number 7514a
Jun 02, 2016 amend and recommit to local government
May 06, 2016 referred to local government

Co-Sponsors

S7514 (ACTIVE) - Details

See Assembly Version of this Bill:
A10514
Law Section:
Monroe County

S7514 (ACTIVE) - Summary

Authorizes the financing of and provides for a period of probable usefulness to the pre-payment of certain service contract obligations.

S7514 (ACTIVE) - Sponsor Memo

S7514 (ACTIVE) - Bill Text download pdf

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

                                  7514

                            I N  S E N A T E

                               May 6, 2016
                               ___________

Introduced by Sens. ROBACH, FUNKE -- read twice and ordered printed, and
  when printed to be committed to the Committee on Local Government

AN ACT authorizing the financing of and providing for a period of proba-
  ble  usefulness  to  the pre-payment of certain service contract obli-
  gations

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

  Section 1. The county of Monroe is hereby authorized to finance by the
issuance  of  bonds  of  the  county,  the  pre-payment of the following
service contract obligations  in  amounts  sufficient  to  redeem  bonds
issued  by the following local development corporations, including inci-
dental expenses in connection therewith:
  (a) Energy Supply Agreement between the  county  and  Monroe  Newpower
Corporation dated December 31, 2012, as amended.
  (b)  Security and Safety Systems Services Agreement between the county
and Monroe Security & Safety Systems Local Development Corporation dated
January 10, 2010, as amended.
  (c) Master Systems  and  Service  Agreement  between  the  county  and
Upstate  Telecommunications  Corporation  dated  February  7,  2005,  as
amended  (collectively,  the  "Service  Contract  Obligations";  each  a
"Service Contract Obligation").
  S  2.  The financing of any one Service Contract Obligation shall be a
specific object or purpose of the county. The financing of two  or  more
Service  Contract Obligations shall be a class of objects or purposes of
the county.
  S 3. The period of probable usefulness for the financing of a  Service
Contract Obligations shall be twenty years.
  S 4. Such bonds of the county may be sold at public sale in accordance
with the provisions of Title 4 of the local finance law. Notwithstanding
any limitations on private sale of bonds provided by law, the county may
(a)  arrange  for  the underwriting of its bonds at private sale through
negotiated agreement, compensation for such underwriting to be  provided
by negotiated fee or by sale of such bonds or notes to an underwriter at
a  price  of less than the sum of par value of, and the accrued interest

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

Co-Sponsors

S7514A (ACTIVE) - Details

See Assembly Version of this Bill:
A10514
Law Section:
Monroe County

S7514A (ACTIVE) - Summary

Authorizes the financing of and provides for a period of probable usefulness to the pre-payment of certain service contract obligations.

S7514A (ACTIVE) - Sponsor Memo

S7514A (ACTIVE) - Bill Text download pdf

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

                                 7514--A

                            I N  S E N A T E

                               May 6, 2016
                               ___________

Introduced by Sens. ROBACH, FUNKE -- read twice and ordered printed, and
  when  printed  to be committed to the Committee on Local Government --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN ACT authorizing the financing of and providing for a period of proba-
  ble  usefulness  to  the pre-payment of certain service contract obli-
  gations

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

  Section 1. The county of Monroe is hereby authorized to finance by the
issuance  of  bonds  of  the  county,  the  pre-payment of the following
service contract obligations  in  amounts  sufficient  to  redeem  bonds
issued  by the following local development corporations, including inci-
dental expenses in connection therewith:
  (a) Energy Supply Agreement between the  county  and  Monroe  Newpower
Corporation dated December 31, 2012, as amended.
  (b)  Security and Safety Systems Services Agreement between the county
and Monroe Security & Safety Systems Local Development Corporation dated
January 10, 2010, as amended.
  (c) Master Systems  and  Service  Agreement  between  the  county  and
Upstate  Telecommunications  Corporation  dated  February  7,  2005,  as
amended  (collectively,  the  "Service  Contract  Obligations";  each  a
"Service Contract Obligation").
  S  2.  The financing of any one Service Contract Obligation shall be a
specific object or purpose of the county. The financing of two  or  more
Service  Contract Obligations shall be a class of objects or purposes of
the county.
  S 3. The period of probable usefulness for the financing of a  Service
Contract Obligation shall be twenty years.
  S 4. Such bonds of the county may be sold at public sale in accordance
with  the  provisions  of Title 4 of the local finance law.  The cost of
underwriting shall be deemed an incidental expense for purposes of  this
act. In anticipation of the sale and issuance of such bonds, bond antic-
ipation  notes  are  hereby authorized to be issued at public or private
sale.
  S 5. This act shall take effect immediately.

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