NY State Senate Bill 2021-S6798

Senate Bill S6798

Signed By Governor

2021-2022 Legislative Session

Authorizes and legalizes certain acts and proceedings of Albany county relating to the issuance of obligations for the advance refunding of certain serial bonds previously issued by Albany county

download bill text pdf

Archive: Last Bill Status - Signed by Governor

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Aug 02, 2021	signed chap.383
Jul 21, 2021	delivered to governor
Jun 08, 2021	returned to senate passed assembly home rule request ordered to third reading rules cal.608 substituted for a7463
Jun 02, 2021	referred to local governments delivered to assembly passed senate home rule request
Jun 01, 2021	ordered to third reading cal.1407 committee discharged and committed to rules
May 17, 2021	referred to local government

Votes

- Jun 2, 2021 - Floor Vote
  S6798
  
  63
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 2, 2021
      
      aye (63)
      
      Addabbo Jr.
      
      Akshar
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Borrello
      
      Boyle
      
      Breslin
      
      Brisport
      
      Brooks
      
      Brouk
      
      Comrie
      
      Cooney
      
      Felder
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martucci
      
      Mattera
      
      May
      
      Mayer
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rath III
      
      Reichlin-Melnick
      
      Ritchie
      
      Rivera
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Weik
  Jun 1, 2021 - Rules Committee Vote
  S6798
  
  21
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 1, 2021
      
      aye (21)
      
      Addabbo Jr.
      
      Bailey
      
      Benjamin
      
      Biaggi
      
      Boyle
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Ritchie
      
      Savino
      
      Stewart-Cousins

2021-S6798 (ACTIVE) - Details

See Assembly Version of this Bill:: A7463
Law Section:: Albany County

2021-S6798 (ACTIVE) - Summary

Authorizes and legalizes Albany county to issue refund bonds for serial bonds the county issued for the purpose of undertaking certain improvements to the Albany county nursing home.

2021-S6798 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6798

SPONSOR: BRESLIN
 
TITLE OF BILL:

An act to authorize and legalize certain acts and proceedings of Albany
county relating to the issuance of obligations for the advance refunding
of certain serial bonds previously issued by Albany county

 
PURPOSE:

To provide authorization to Albany County for the issuance of advance
refunding bonds to refund certain serial bonds previously issued by
Albany County to finance improvements to the Albany County Nursing Home.

 
SUMMARY OF PROVISIONS:

Section 1 sets forth the legislature's findings and outlines the various
serial bonds previously issued by Albany County.

Section 2 authorizes Albany County to issue the advance refunding bonds

and exempts the issuance of the advance refunding bonds from the
provisions of Section 90.10 of the Local Finance Law requiring present
value savings.

Section 3 provides that the advance refunding bonds are otherwise
subject to the other requirements under the Local Finance Law.

Section 4 is the severability clause.

Section 5 is the effective date.

 
EXISTING LAW:

Under Section 90.10 of the Local Finance Law in connection with the
issuance of advance refunding bonds the municipality or school district
must demonstrate present value savings.

 
JUSTIFICATION:

In April 2018 Albany County issued approximately $36 million of serial
bonds to finance various capital improvements to the Albany County Nurs-
ing Home. The serial bonds have a repayment term of approximately 11
years. The revenue structure of the Albany County Nursing Home, taking
into account private payers and federal and state reimbursements,
provides for a revenue stream that aligns with an approximately 20 year
repayment schedule. Accordingly, to properly match the debt service
repayment schedule of the bonds with the revenue stream generated by the
Nursing Home, the payment terms of the bonds issued in 2018 need to be
extended from approximately 11 years to approximately 20 years.  In
order to achieve the proper matching, the bonds issued in 2018 need to
be advance refunded by bonds to be issued by Albany County.  The present
value savings test contained in Section 90.10 of the Local Finance is
not satisfied in connection with the extension of the repayment schedule
from approximately 11 years to approximately 20 years. Accordingly, this
Special Act is required in order to permit Albany County to issue the
advance refunding bonds and thereby achieve a proper matching of the
debt service payments and revenues generated by the Nursing Home.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

No impact on New York State. Results in cash flow savings in approxi-
mately the first 8 years for Albany County, and achieves a matching of
the revenues and debt service during the complete payment term of the
advance refunding bonds.

 
EFFECTIVE DATE:
Immediate

2021-S6798 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6798
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 17, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to authorize and legalize certain acts and proceedings of  Albany
   county relating to the issuance of obligations for the advance refund-
   ing of certain serial bonds previously issued by Albany county

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings. It is  hereby  found  and  determined
 that:
   (a)  Albany  county,  New  York  (the "county"), has previously issued
 serial bonds on April 12, 2018 for the purpose  of  undertaking  certain
 improvements to the Albany county nursing home; and
   (b) such bonds were issued pursuant to the following bond resolutions:
 Resolution  #13-554  adopted  on  December  5,  2013, Resolution #14-445
 adopted on November 10, 2014, Resolution #15-524 adopted on December  7,
 2015, Resolution #16-061 adopted on February 9, 2016, Resolution #16-060
 adopted  on February 9, 2016 and Resolution #17-136 adopted on April 10,
 2017.
   § 2. Subject to the provisions of  this  act,  the  county  is  hereby
 authorized  to  issue  refunding  bonds to refund the bonds described in
 section one of this act. The refunding bonds may be sold  at  public  or
 private  sale in accordance with section 90.10 of the local finance law,
 provided, however, that the county shall be exempt from compliance  with
 subparagraph  (a)  of  subdivision  2  of paragraph b and paragraph g of
 section 90.10 of the local finance law relating to a required showing of
 savings for the issuance of refunding bonds.
   § 3. Except as provided herein, the refunding bonds issued pursuant to
 this act shall be issued in accordance with the provisions of the  local
 finance law.
   §  4. If any clause, sentence, subdivision, paragraph, section or part
 of this act be adjudged by any court of  competent  jurisdiction  to  be
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11274-01-1

 S. 6798                             2
 
 invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
 remainder thereof, but shall be confined in its operation to the clause,
 sentence, subdivision,  paragraph,  section  or  part  thereof  directly
 involved  in  the  controversy  in  which  such judgment shall have been
 rendered.
   § 5. This act shall take effect immediately.

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