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Assembly Bill A10074

Signed By Governor

2017-2018 Legislative Session

Relates to Buffalo sewer authority bonds

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Archive: Last Bill Status - Signed by Governor

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2017-A10074 (ACTIVE) - Details

See Senate Version of this Bill:
S7837
Law Section:
Public Authorities Law
Laws Affected:
Amd §1187, Pub Auth L

2017-A10074 (ACTIVE) - Summary

Relates to Buffalo sewer authority bonds, increasing the total amount of bonds which may be issued and outstanding at one time.

2017-A10074 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10074
 
                           I N  A S S E M B L Y
 
                              March 14, 2018
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Corporations, Authorities and Commissions
 
 AN ACT to amend the public authorities law, in  relation  to  the  total
   amount of bonds the Buffalo sewer authority may issue
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 1 of section 1187  of  the  public  authorities
 law,  as  amended by chapter 284 of the laws of 1977, is 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  for  any  of  its  corporate
 purposes.  The  total  amount of bonds issued and outstanding at any one
 time shall not exceed in the aggregate the sum of [one  hundred  twenty-
 five]  TWO  HUNDRED  FIFTY million dollars, excluding bonds or notes for
 the payment or redemption of which there has been set aside and held  in
 trust  either  moneys,  or  direct  and general obligations of, or obli-
 gations guaranteed by, the United  States  of  America,  or  obligations
 secured  by  such  obligations, or any combination thereof, which are or
 will be sufficient to pay when due the principal or  applicable  redemp-
 tion  price and all accrued interest thereon and, if such bonds or notes
 are to be redeemed, for which notice of redemption  has  been  given  or
 satisfactory provision has been made for the giving of such notice.  The
 authority  shall have power from time to time, whenever it deems refund-
 ing expedient, to refund any bonds by the issuance of new bonds, whether
 the bonds to be refunded have or have not matured or are then subject to
 redemption, and may issue bonds partly to refund bonds then  outstanding
 and partly for any of its corporate purposes.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14960-01-8

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