S T A T E   O F   N E W   Y O R K
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                                   6316
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 5, 2019
                                ___________
 
 Introduced  by  M. of A. OTIS -- read once and referred to the Committee
   on Corporations, Authorities and Commissions
 
 AN ACT to amend the public authorities law, in  relation  to  the  water
   pollution control revolving fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 2 of section 1290  of  the  public  authorities
 law, as amended by chapter 55 of the laws of 1992, is amended to read as
 follows:
   2. The notes and bonds shall be authorized by resolution of the direc-
 tors of the corporation, shall bear such date or dates, and shall mature
 at  such  time  or  times,  in the case of any such note or any renewals
 thereof not exceeding twelve years  from  the  date  of  issue  of  such
 original  note,  and  in  the  case of any such bond not exceeding forty
 years from the date of issue, as  such  resolution  or  resolutions  may
 provide[;  provided, however, that the final maturity of any bond issued
 for the purpose of financing any amounts deposited or to be deposited by
 the state in the water pollution control revolving fund shall not exceed
 thirty years from the date of issue of such bond]. The notes  and  bonds
 shall  bear  interest  at such rate or rates which may vary from time to
 time, be in such denominations, be in such form, either coupon or regis-
 tered, carry such registration privileges, be executed in  such  manner,
 be  payable  in  such  medium of payment, at such place or places and be
 subject to such terms of redemption as such  resolution  or  resolutions
 may  provide.  The notes and bonds of the corporation may be sold by the
 corporation, at public or private sale, at such price or prices  as  the
 corporation shall determine. No notes or bonds of the corporation may be
 sold  by  the corporation at private sale, however, unless such sale and
 the terms thereof have been approved in writing by (a) the  comptroller,
 where  such  sale  is not to the comptroller, or (b) the director of the
 budget, where such sale is to the comptroller.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD10094-01-9