NY State Senate Bill 2015-S7514

Senate Bill S7514

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

Archive: Last Bill Status - Signed by Governor

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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Actions

View Actions

	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

Votes

- Jun 14, 2016 - Floor Vote
  S7514
  
  61
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 14, 2016
      
      aye (61)
      
      Addabbo Jr.
      
      Akshar
      
      Amedore
      
      Avella
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      Comrie
      
      Croci
      
      DeFrancisco
      
      Dilan
      
      Espaillat
      
      Farley
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kaminsky
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Montgomery
      
      Murphy
      
      Nozzolio
      
      O'Mara
      
      Ortt
      
      Panepinto
      
      Peralta
      
      Perkins
      
      Persaud
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Serino
      
      Serrano
      
      Seward
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Valesky
      
      Venditto
      
      Young
      
      excused (2)
      
      Diaz
      
      Parker
  Jun 14, 2016 - Rules Committee Vote
  S7514
  
  23
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 14, 2016
      
      aye (23)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Dilan
      
      Espaillat
      
      Farley
      
      Flanagan
      
      Gianaris
      
      Hannon
      
      Hassell-Thompson
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Montgomery
      
      Nozzolio
      
      Perkins
      
      Robach
      
      Seward
      
      Stewart-Cousins
      
      Valesky
      
      aye wr (1)
      
      Krueger
      
      excused (1)
      
      Parker

Bill Amendments

Original

A (Active)

co-Sponsors

2015-S7514 - Details

Law Section:: Monroe County

2015-S7514 - Summary

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

2015-S7514 - Sponsor Memo

                                 BILL NUMBER:  S7514

 TITLE OF BILL :

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

 PURPOSE :

This legislation would authorize the County of Monroe to finance, and
provide the county with a 20 year period of probable usefulness for
the financing of, the pre-payment of certain service contract
obligations entered into by the County in an amount sufficient to
redeem bonds issued by various local development corporations.

 SUMMARY :

Section 1 of this legislation authorizes the County to issue bonds for
the pre-payment of certain service contract obligations.

Section 2 of this legislation provides that such financings shall
constitute an object or purpose of the County.

Section 3 of this legislation provides a period of probable usefulness
for same.

Section 4 of this legislation authorizes such bonds and notes in
anticipation thereof to be issued by public or private sale.

Section 5 of this legislation provides that it shall take effect
immediately.

 JUSTIFICATION :

There is no provision under current New York State law that would
authorize the County to issue its obligations to pre-pay service
contract obligations entered into by the County with local development
corporations. Such issuance by the County of its general obligation
bonds would result in significant gross dollar and present value
savings to the taxpayers of the County. This bill would permit the
issuance of County bonds at materially reduced interest rates, thereby
effectively refinancing the outstanding obligations issued by such
local development corporations, facilitating the dissolution of such
local development corporations and providing the County significant
interest rate savings.

 LEGISLATIVE HISTORY :

New Bill

 FISCAL IMPLICATIONS :

None to the State. It is estimated that the adoption of this
legislation would result in gross savings to the County in excess of
$12,000,000 or net present value savings in excess of $9,500,000.

 EFFECTIVE DATE :
This act would take effect immediately.

2015-S7514 - 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.

                                                           LBD15260-02-6

S. 7514                             2

on, such obligations; or (b) arrange for the private sale of  its  bonds
through negotiated agreement, compensation for such sales to be provided
by negotiated fee, if required. The cost of such underwriting or private
placement  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.

co-Sponsors

2015-S7514A (ACTIVE) - Details

Law Section:: Monroe County

2015-S7514A (ACTIVE) - Summary

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

2015-S7514A (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S7514A

 TITLE OF BILL :

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

 PURPOSE :

Authorizes Monroe County to finance, by the issuance of bonds of the
county, the pre-payment of the certain service contract obligations in
amounts sufficient to redeem bonds issued by certain local development
corporations (LDC).

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1. Authorizes the issuance of bonds of the county to pre-pay
service contract obligations in amounts sufficient to redeem the bonds
of the following LDCs:

*Monroe Newpower Corporation
*Monroe Security and Safety Systems Local Development Corporation
*Upstate Telecommunications Corporation

Section 2. Provides that the financing of service contract obligations

shall be considered a specific object or purpose of the County.

Section 3. Provides that the probable usefulness for the financing of
a service contract obligation shall be twenty years.

Section 4. Provides that the bonds may be sold at public sale in
accordance with Title 4 of the local finance law.

Section 5. Effective date.

 JUSTIFICATION :

Monroe County has requested legislation authorizing the County to
issue bonds, the proceeds of which would be used to purchase the
Service Contracts that are the framework for the contractual
relationships between the County and three LDCs. The purchase would
also include the physical assets of each LDC.

The three LDCs, Upstate Telecommunications Corp. (UTC), Monroe
Security &P Safety Systems Local Development Corporation (M3S), and
Monroe Newpower Corporation (MNP) were incorporated with the approval
of the County to provide services and assets that would be customarily
provided directly by the government entity. Those services included
the management and acquisition of information technology services,
safety and security systems, and energy supply services.

The County estimates that there will be savings going forward of $12
million gross (net present value of $9.5 million) from reduced
interest and administrative costs from the termination of the
agreements with the LDCs.

The County has requested this legislation in order to provide savings
to the taxpayers of Monroe County and to provide the above services in
a more transparent manner.

 LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :
None to the State.

 EFFECTIVE DATE :
Immediate.

2015-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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15260-03-6

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Senate Bill S7514

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Sponsored By

Joseph E. Robach

Archive: Last Bill Status - Signed by Governor

Bill Amendments

co-Sponsors

Rich Funke

2015-S7514 - Details

2015-S7514 - Summary

2015-S7514 - Sponsor Memo

2015-S7514 - Bill Text download pdf

co-Sponsors

Rich Funke

2015-S7514A (ACTIVE) - Details

2015-S7514A (ACTIVE) - Summary

2015-S7514A (ACTIVE) - Sponsor Memo

2015-S7514A (ACTIVE) - Bill Text download pdf

Comments