S T A T E O F N E W Y O R K
________________________________________________________________________
7289
2021-2022 Regular Sessions
I N A S S E M B L Y
May 4, 2021
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to authorizing
the Yonkers parking authority to issue bonds or notes in the principal
amount not to exceed thirty million dollars to finance critical
infrastructure improvements to parking facilities located in the city
of Yonkers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 1596-i of the public authorities
law, as amended by chapter 592 of the laws of 1988, 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 in conformity with applicable
provisions of the uniform commercial code for any purpose mentioned in
section fifteen hundred ninety-six-d of this title, including the acqui-
sition, construction, reconstruction and repair of personal and real
property 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]. THE aggregate
principal amount of SUCH BONDS OUTSTANDING AT ANY ONE TIME SHALL not
[exceeding] EXCEED thirty million dollars [outstanding on or before June
thirtieth, nineteen hundred ninety-two]. SAID BONDS MUST BE ISSUED NO
LATER THAN JUNE THIRTIETH, TWO THOUSAND THIRTY-ONE. The authority shall
have power from time to time and whenever it deems refunding expedient,
to refund any bonds, INCLUDING THE UNPAID BALANCE OF THE AUTHORITY'S
REVENUE BONDS, SERIES 1999A, DATED JUNE TWENTY-NINTH, NINETEEN HUNDRED
NINETY-NINE, THE ISSUANCE OF WHICH IS HEREBY RATIFIED AND CONFIRMED, 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11225-02-1
A. 7289 2
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 authori-
ty, the bonds of every issue shall be general obligations of the author-
ity 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 revenues.
§ 2. This act shall take effect immediately.