S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8910
 
                             I N  S E N A T E
 
                              August 12, 2020
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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  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
 years, one for a period of four years, and one  for  a  period  of  five
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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

 S. 8910                             2
 
 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.