S T A T E   O F   N E W   Y O R K
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                                 7973--A
    Cal. No. 1592

                            I N  S E N A T E

                              June 1, 2016
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions -- committee discharged and said bill committed to the
  Committee  on Rules -- ordered to a third reading, amended and ordered
  reprinted, retaining its place in the order of third reading

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                      [ ] is old law to be omitted.
S                                                          LBD15610-03-6

S. 7973--A                          2

authority  for  deposit  in the authority's general fund, shall transfer
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

S. 7973--A                          3

expressly  referred  to  the  taxes  authorized  to  be  imposed by this
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.