Senate Bill S6441

Signed By Governor
2021-2022 Legislative Session

Relates to the disposition of excess funds of the municipal assistance corporation for the city of Troy and providing for the termination of the municipal corporation for the city of Troy

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A7237 - 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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2021-S6441 (ACTIVE) - Details

See Assembly Version of this Bill:
A7237
Law Section:
Public Authorities Law
Laws Affected:
Amd §3053, Pub Auth L

2021-S6441 (ACTIVE) - Summary

Relates to the disposition of excess funds of the municipal assistance corporation for the city of Troy; provides for the termination of the municipal corporation for the city of Troy.

2021-S6441 (ACTIVE) - Sponsor Memo

2021-S6441 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6441
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 28, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the public authorities law, in relation to the disposi-
   tion of excess funds of the municipal assistance corporation  for  the
   city  of  Troy  and  providing  for  the  termination of the municipal
   assistance corporation for the city of Troy
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   Section 3053 of the public authorities law is amended by
 adding a new subdivision 1-a to read as follows:
   1-A. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION ONE OF THIS SECTION
 OR ANY OTHER PROVISION OF LAW, UPON PAYMENT IN FULL OF  ALL  OUTSTANDING
 BONDS  OR  NOTES ISSUED BY THE CORPORATION UNDER THIS TITLE, AND PAYMENT
 OF ALL AMOUNTS REQUIRED TO BE PAID TO THE  UNITED  STATES  TREASURY  FOR
 TAX-EXEMPT  BOND  REBATE  OBLIGATIONS, ALL REMAINING FUNDS OF THE CORPO-
 RATION NOT NEEDED IN THE DETERMINATION OF THE BOARD OF  THE  CORPORATION
 FOR  OPERATING  EXPENSES  OF  THE CORPORATION, ARE HEREBY AUTHORIZED AND
 DIRECTED TO BE PAID DIRECTLY TO THE CITY OF TROY.  THE DETERMINATION  OF
 THE BOARD OF THE CORPORATION OF THE AMOUNT OF SUCH FUNDS AVAILABLE TO BE
 PAID  TO  THE  CITY OF TROY SHALL BE FINAL AND CONCLUSIVE.  IN ADDITION,
 UPON PAYMENT OF ALL OUTSTANDING OBLIGATIONS OF THE CORPORATION,  INCLUD-
 ING  AFTER COMPLETION OF AUDITED FINANCIAL STATEMENTS OF THE CORPORATION
 FOR THE TWO THOUSAND TWENTY-ONE FISCAL YEAR, AS WELL  AS  ANY  SHORTENED
 AUDIT  FOR  ANY PORTION OF THE TWO THOUSAND TWENTY-TWO FISCAL YEAR WHICH
 MAY BE DETERMINED BY THE BOARD OF THE CORPORATION TO BE  IN  THE  PUBLIC
 INTEREST,  THE  EXISTENCE OF THE CORPORATION MAY BE TERMINATED BY RESOL-
 UTION OF THE BOARD OF THE CORPORATION AT ANY TIME, BUT IN NO EVENT LATER
 THAN ONE YEAR AFTER ALL ITS LIABILITIES HAVE BEEN PAID.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10957-01-1

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