S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8964
 
                             I N  S E N A T E
 
                               June 7, 2018
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
   when printed to be committed to the Committee on Rules
 
 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.
 S                                                          LBD16206-01-8

 S. 8964                             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.