S T A T E O F N E W Y O R K
________________________________________________________________________
10495
I N A S S E M B L Y
May 30, 2022
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
-- read once and referred to the Committee on Ways and Means
AN ACT to amend the public authorities law, in relation to bonds issued
by the New York city transitional finance authority
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)] TWENTY-THREE BILLION, FIVE HUNDRED
MILLION DOLLARS ($23,500,000,000), excluding bonds, notes or other obli-
gations issued pursuant to sections twenty-seven hundred ninety-nine-ss
and twenty-seven hundred ninety-nine-tt of this title; provided, howev-
er, 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)] TWENTY-THREE BILLION, FIVE HUNDRED MILLION DOLLARS
($23,500,000,000) 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
[ ] is old law to be omitted.
LBD15513-02-2
A. 10495 2
together with the amount of indebtedness contracted by the city of New
York, shall not exceed the limit prescribed by section 104.00 of the
local finance law. The authority shall have the power from time to time
to refund any bonds of the authority by the issuance of new bonds wheth-
er the bonds to be refunded have or have not matured, and may issue
bonds partly to refund bonds of the authority then outstanding and part-
ly to pay the cost of any project pursuant to section twenty-seven
hundred ninety-nine-ff 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 designated 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 city, and subject
to any agreements with the holders of outstanding bonds pledging any
particular revenues or moneys.
§ 2. This act shall take effect immediately.