assembly Bill A10520

2019-2020 Legislative Session

Relates to authorizing additional bonds of the New York city transitional finance authority related to the epidemic resulting from spread of the disease known as COVID-19

download bill text pdf

Sponsored By

Archive: Last Bill Status - On Floor Calendar


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 27, 2020 ordered to third reading rules cal.53
rules report cal.53
reported
reported referred to rules
May 24, 2020 referred to ways and means

Co-Sponsors

A10520 (ACTIVE) - Details

See Senate Version of this Bill:
S8418
Law Section:
Public Authorities Law
Laws Affected:
Amd §2799-gg, ren §2799-uu to be §2799-vv, add §2799-uu, Pub Auth L

A10520 (ACTIVE) - Summary

Relates to authorizing additional bonds of the New York city transitional finance authority related to the epidemic resulting from spread of the disease known as COVID-19.

A10520 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10520
 
                           I N  A S S E M B L Y
 
                               May 24, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Braunstein)
   -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the public authorities law, in relation  to  authorizing
   additional  bonds  of the New York city transitional finance authority
   related to the epidemic resulting from spread of the disease known  as
   COVID-19 disaster emergency

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 2799-gg of the public  authorities
 law,  as  amended by chapter 182 of the laws of 2009, is amended to read
 as follows:
   1. The authority shall have the power and is  hereby  authorized  from
 time to time to issue bonds, in conformity with applicable provisions of
 the  uniform commercial code, in such principal amounts as it may deter-
 mine to be necessary pursuant to section  twenty-seven  hundred  ninety-
 nine-ff  of  this  title  to  pay  the  cost  of any project and to fund
 reserves  to  secure  such  bonds,  including  incidental  expenses   in
 connection therewith.
   The  aggregate  principal  amount  of such bonds, notes or other obli-
 gations outstanding shall not  exceed  thirteen  billion,  five  hundred
 million  dollars  ($13,500,000,000)[,  excluding  bonds,  notes or other
 obligations issued pursuant to  sections  twenty-seven  hundred  ninety-
 nine-ss   and   twenty-seven  hundred  ninety-nine-tt  of  this  title];
 provided, however, that upon any refunding or repayment of bonds  (which
 term  shall not, for this purpose, include bond anticipation notes), the
 total aggregate principal amount of outstanding bonds,  notes  or  other
 obligations  may  be greater than thirteen billion, five hundred million
 dollars ($13,500,000,000) only if  the  refunding  or  repayment  bonds,
 notes or other obligations were issued in accordance with the provisions
 of  subparagraph  (a) of subdivision two of paragraph b of section 90.10
 of the local finance law, as amended from time to time.  Notwithstanding
 the foregoing, bonds, notes or other obligations issued by the authority
 may be outstanding in an amount greater than the amount permitted by the
 preceding  sentence,  provided  that such additional amount at issuance,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets