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.