Assembly Bill A4706

2017-2018 Legislative Session

Limits the annual increase in debt of the New York city municipal water finance authority to six percent without the approval of the New York city council

download bill text pdf

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Archive: Last Bill Status - Stricken

  • 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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2017-A4706 (ACTIVE) - Details

Law Section:
Public Authorities Law
Laws Affected:
Amd §1045-d, ren §§1045-aa & 1045-bb to be §§1045-bb & 1045-cc, add §1045-aa, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8747
2011-2012: A3302
2013-2014: A5199
2015-2016: A3398

2017-A4706 (ACTIVE) - Summary

Limits the annual increase in debt of the New York city municipal water finance authority to six percent without the approval of the New York city council.

2017-A4706 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4706
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee on Corporations, Authorities and Commissions
 
 AN  ACT to amend the public authorities law, in relation to debt held by
   the New York city municipal water finance authority
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 3 of section 1045-d of the public authorities
 law, as added by chapter 513 of the laws of 1984, is amended to read  as
 follows:
   3. To borrow money and issue negotiable or non-negotiable notes, bonds
 or other obligations and to provide for the rights of the holders there-
 of, PROVIDED, HOWEVER, THAT SUCH POWER TO BORROW MONEY AND ISSUE NEGOTI-
 ABLE OR NON-NEGOTIABLE NOTES, BONDS OR OTHER OBLIGATIONS SHALL BE LIMIT-
 ED  TO  THE  LIMITATION  ON  THE ANNUAL INCREASE IN DEBT AS SET FORTH IN
 SECTION ONE THOUSAND FORTY-FIVE-AA OF THIS TITLE;
   § 2. Sections 1045-aa and 1045-bb of the public  authorities  law  are
 renumbered  sections  1045-bb  and  1045-cc and a new section 1045-aa is
 added to read as follows:
   § 1045-AA. LIMITATION ON DEBT INCREASE. BEGINNING WITH  THE  NEW  YORK
 CITY FISCAL YEAR BEGINNING JULY FIRST, TWO THOUSAND EIGHTEEN, THE ANNUAL
 INCREASE IN TOTAL DEBT HELD BY THE AUTHORITY AT ANY TIME DURING A FISCAL
 YEAR SHALL NOT EXCEED SIX PERCENT OF THE TOTAL DEBT HELD BY THE AUTHORI-
 TY  DURING  THE  PRECEDING  FISCAL YEAR WITHOUT THE APPROVAL BY MAJORITY
 VOTE OF THE NEW YORK CITY COUNCIL.
   § 3.  This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07606-01-7

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