S T A T E   O F   N E W   Y O R K
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                                   6519
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                May 4, 2021
                                ___________
 
 Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Cities 2
 
 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

 S. 6519                             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.