S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10856
 
                           I N  A S S E M B L Y
 
                               July 24, 2020
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. McDonald,
   Fahy) -- read once and referred  to  the  Committee  on  Corporations,
   Authorities and Commissions
 
 AN  ACT  to  amend the public authorities law, in relation to facilities
   utilized by  the  Albany  parking  authority,  compensation  of  board
   members  of the Albany parking authority, and increasing the amount of
   bonds of the Albany parking authority authorized to be outstanding
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 6 of section 1493-b of the public authorities
 law, as added by chapter 874 of the laws of 1982, is amended to read  as
 follows:
   6.  The  term "project" shall mean any area or place operated or to be
 operated by the authority for the parking or storing of motor and  other
 vehicles  OR ANY AREA OR PLACE WHICH USE IS SUPPORTED BY THE AUTHORITY'S
 PARKING OR STORING OF SUCH VEHICLES  and  shall,  without  limiting  the
 foregoing,  include  all  real  and personal property, driveways, roads,
 approaches, structures, terminals of all kinds, garages, meters, mechan-
 ical equipment, and all appurtenances and facilities [either]  PROXIMATE
 TO, on, above or under the ground which are used or usable in connection
 with such parking or storing of such vehicles in the area of the city OR
 WHICH  FACILITATE ECONOMIC DEVELOPMENT THAT INCLUDES INCREASED SUPPLY OR
 DEMAND FOR PARKING;
   § 2. Section 1493-c of the public authorities law, as added by chapter
 874 of the laws of 1982, is amended to read as follows:
   § 1493-c. Albany parking authority. A board to  be  known  as  "Albany
 Parking  Authority" is hereby created. Such board shall be a body corpo-
 rate and politic, constituting a public  benefit  corporation,  and  its
 existence  shall  commence upon the appointment of the members as herein
 provided. It shall consist of a chairman and  four  other  members,  who
 shall  be  appointed  by  the  mayor, with the advice and consent of the
 common council. The members shall serve at the pleasure  of  the  mayor.
 Of  the  members first appointed, one shall be appointed for a period of
 one year, one for a period of two years,  one  for  a  period  of  three
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD16903-03-0

 A. 10856                            2
 
 years,  one  for  a  period  of four years, and one for a period of five
 years. At the expiration of such terms, the terms  of  office  of  their
 successors  shall  be  five  years.  Each member shall continue to serve
 until  the  appointment and qualification of his successor. Vacancies in
 such board occurring otherwise than by the expiration of term  shall  be
 filled  for  the  unexpired  term. The members of the board shall choose
 from their number a vice-chairman. The members of the  board  [shall  be
 entitled  to  no  compensation  for their services but] MAY RECEIVE SUCH
 COMPENSATION AS THE AUTHORITY SHALL DETERMINE, NOT TO EXCEED FIVE  THOU-
 SAND  DOLLARS PER MEMBER PER YEAR AND shall be entitled to reimbursement
 for their actual and necessary expenses incurred in the  performance  of
 their  official  duties.  The powers of the authority shall be vested in
 and exercised by a majority of the members of the board.  Such board may
 delegate to one or more of its members or to its  officers,  agents  and
 employees  such  powers and duties as it may deem proper. Such board and
 its corporate existence shall continue only  for  a  period  of  fifteen
 years,  and  thereafter until all its liabilities have been met, and its
 bonds have been paid in full or such liabilities or bonds have otherwise
 been discharged. Upon its ceasing to exist, all its rights  and  proper-
 ties shall pass to the city.
   § 3. Subdivision 1 of section 1493-i of the public authorities law, as
 added by chapter 874 of the laws of 1982, is amended to read as follows:
   1.  The  authority  shall have the power and is hereby authorized from
 time to time to issue its negotiable bonds for any purpose mentioned  in
 section  fourteen  hundred ninety-three-d hereof, including the acquisi-
 tion, construction, reconstruction and repair of personal and real prop-
 erty of all kinds deemed by the board to be necessary  or  desirable  to
 carry out such purpose, as well as to pay such expenses as may be deemed
 by the board necessary or desirable to the financing thereof and placing
 the  project  or projects in operation in the aggregate principal amount
 of not exceeding [fifty] SEVENTY-FIVE million dollars outstanding at any
 one time. The authority shall have power from time to time and  whenever
 it deems refunding expedient, to refund any bonds 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 then outstanding and  partly  for
 any  other  purpose  hereinabove  described.  The refunding bonds may be
 exchanged for the bonds to be refunded, with such  cash  adjustments  as
 may  be  agreed, or may be sold and the proceeds applied to the purchase
 or payment of the bonds to be refunded. In computing the total amount of
 bonds of the authority which may at any time be outstanding  the  amount
 of the outstanding bonds to be refunded from the proceeds of the sale of
 new  bonds or by exchange for new bonds shall be excluded. Except as may
 otherwise be expressly provided by the authority,  the  bonds  of  every
 issue  shall  be general obligations of the authority payable out of any
 moneys or revenues of the authority, subject only to any agreements with
 the holders of particular bonds pledging any particular moneys or reven-
 ues. Notwithstanding the fact that the  bonds  may  be  payable  from  a
 special  fund, if they are otherwise of such form and character as to be
 negotiable instruments under article eight  of  the  uniform  commercial
 code the bonds shall be and are hereby made negotiable instruments with-
 in  the  meaning  of  and  for  all the purposes of article eight of the
 uniform commercial code, subject only to the provisions of the bonds for
 registration.
   § 4. This act shall take effect immediately.