S T A T E O F N E W Y O R K
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11217
I N A S S E M B L Y
June 15, 2018
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Introduced by COMMITTEE ON RULES -- (at request of M. of A. Lavine) --
read once and referred to the Committee on Ways and Means
AN ACT to amend the public authorities law, in relation to the Nassau
county interim finance authority
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivisions 1 and 2 of section 3656 of the public authori-
ties law, as amended by chapter 685 of the laws of 2003, are amended to
read as follows:
1. The authority shall have the power and is hereby authorized from
time to time to issue bonds in such principal amounts as it may deter-
mine to be necessary pursuant to section thirty-six hundred fifty-five
of this title to pay any financeable costs and to fund reserves to
secure such bonds, including incidental expenses in connection there-
with. Provided, however, the aggregate principal amounts of such bonds
issued to pay the financeable costs described in paragraph (a) of subdi-
vision twelve of section thirty-six hundred fifty-one of this title
shall not exceed four hundred fifteen million dollars, excluding bonds,
notes, or other obligations issued to refund or otherwise repay bonds,
notes, or other obligations theretofore issued for such purposes.
Notwithstanding the foregoing limit on the amount of bonds that the
authority may issue to pay the financeable costs described in paragraph
(a) of subdivision twelve of section thirty-six hundred fifty-one of
this title, the authority shall have the power to issue up to an addi-
tional seven hundred ninety million dollars of bonds, excluding bonds,
notes, or other obligations issued to refund or otherwise repay bonds,
notes, or other obligations theretofore issued for such purpose, to pay
such costs if the county's indebtedness to be refunded, repaid or
restructured with the payment of such bonds was originally incurred by
the county to pay tax certiorari settlements or assignments of any kind
to which the county is a party. Provided further, the aggregate princi-
pal amounts of such bonds issued to pay the financeable costs described
in paragraph (c) of subdivision twelve of section thirty-six hundred
fifty-one of this title, which resulted from certiorari proceedings
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16206-01-8
A. 11217 2
commenced prior to June first, two thousand, shall not exceed four
hundred million dollars, excluding bonds, notes, or other obligations
issued to refund or otherwise repay bonds, notes, or other obligations
theretofore issued for such purposes. And, provided further, the aggre-
gate principal amounts of such bonds issued to pay the financeable coun-
ty costs described in paragraph (c) of subdivision twelve of section
thirty-six hundred fifty-one of this title, which resulted from certior-
ari proceedings commenced on or after June first, two thousand, shall
not exceed [four] EIGHT hundred million dollars in the aggregate [for
the fiscal years two thousand through two thousand seven, however, of
said four hundred million dollars only fifteen million dollars may be
issued in the fiscal year two thousand six and ten million dollars may
be issued in the fiscal year two thousand seven], excluding bonds,
notes, or other obligations issued to refund or otherwise repay bonds,
notes, or other obligations theretofore issued for such purposes. Effec-
tive in the year two thousand six, upon request of the county, the
authority shall issue, in the amount requested, bonds to pay tax
certiorari settlements or judgments of any kind to which the county is a
party, not to exceed fifteen million dollars; and effective in the year
two thousand seven, upon request of the county, the authority shall
issue, in the amount requested, bonds to pay tax certiorari settlements
or judgments of any kind to which the county is a party, not to exceed
ten million dollars. Whenever this title establishes a limit on the
principal amount of bonds that the authority is authorized to issue,
there shall not be counted against such limit (i) amounts determined by
the authority as reasonable to be used to pay the cost of issuing such
bonds, (ii) the amount of bonds that would constitute interest under the
Internal Revenue Code of 1986, as amended, and (iii) amounts determined
by the authority as necessary to establish any reserves.
The authority shall have the power from time to time to refund any
bonds of the authority by the issuance of new bonds, whether the bonds
to be refunded have or have not matured, and may issue bonds partly to
refund bonds of the authority then outstanding and partly to pay the
financeable costs pursuant to section thirty-six hundred fifty-five of
this title. Bonds issued by the authority shall be payable solely out of
particular revenues or other moneys of the authority as may be desig-
nated in the proceedings of the authority under which the bonds shall be
authorized to be issued, subject to any agreements entered into between
the authority and the county, and subject to any agreements with the
holders of outstanding bonds pledging any particular revenues or moneys;
but in no event shall transitional state aid be pledged as security for
or be made available for the payment of bonds.
2. The authority is authorized to issue its bonds for a period ending
not later than December thirty-first, two thousand [seven] TWENTY-ONE.
The authority may issue bonds to refund bonds previously issued without
regard to the limitation in the first sentence of this subdivision, but
in no event shall any bonds of the authority finally mature later than
January thirty-first, two thousand [thirty-six] FORTY-ONE. Notwith-
standing any other provision of law, no bond of the authority shall
mature more than thirty years from the date of its issue.
§ 2. Severability. If any provision of this act or if any application
thereof to any person or circumstance is held invalid, the remainder of
this act and the application of the provision to other persons and
circumstances shall not be affected thereby.
§ 3. This act shall take effect immediately.