S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8956--A
 
                             I N  S E N A T E
 
                                May 2, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and  Commissions -- reported favorably from said committee and commit-
   ted to the Committee on Finance -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the public authorities law, in relation to the  Syracuse
   regional airport
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 1, 2 and 6 of section 2799-ddd of  the  public
 authorities  law,  as  added  by  chapter  463  of the laws of 2011, are
 amended to read as follows:
   1. There is hereby created the Syracuse  regional  airport  authority.
 The  authority  shall  be  a  body  corporate and politic constituting a
 public benefit corporation.   The  authority  shall  consist  of  eleven
 members  who  shall be appointed as follows: seven shall be appointed by
 the mayor of the city of Syracuse, one shall be appointed by the  county
 executive  of  Onondaga county, one shall be appointed by the town board
 of the town of Dewitt, one shall be appointed by the board of  education
 of  the  East  Syracuse  Minoa Central School District, and one shall be
 appointed for a period of one year, alternately, by the board of  educa-
 tion of the North Syracuse Central School District and the town board of
 the  town  of  Salina, Cicero or Clay. The member initially appointed by
 the county executive and two of the members initially appointed  by  the
 mayor  shall serve for a term ending December thirty-first, two thousand
 fourteen. Two of the members initially  appointed  by  the  mayor  shall
 serve  for  a  term  ending December thirty-first, two thousand fifteen.
 Three members initially appointed by the mayor, the member appointed  by
 the  town  board  of the town of Dewitt, and the member appointed by the
 board of education of the East Syracuse Minoa Central  School  District,
 shall  serve  for  a  term  ending  December  thirty-first, two thousand
 sixteen. The first member appointed by the town board  of  the  town  of
 Salina,  Cicero or Clay, or by the board of education of the North Syra-
 cuse Central School District, shall be appointed by the  town  board  of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13333-07-2
 S. 8956--A                          2
 
 the  town  of  Cicero and shall serve for a term ending December thirty-
 first, two thousand thirteen. Following the expiration of such  member's
 [one]  TWO  year  term,  the  subsequently  appointed  member  shall  be
 appointed  by the town board of the town of Salina.  Following the expi-
 ration of such member's [one] TWO year term, the subsequently  appointed
 member shall be appointed by the town board of the town of Clay. Follow-
 ing the expiration of such member's [one] TWO year term, the subsequent-
 ly  appointed member shall be appointed by the board of education of the
 North Syracuse Central  School  District.  Thereafter,  each  subsequent
 member  shall  be  appointed  alternately  by  each town or the board of
 education in the same order as the  initial  appointments.    The  mayor
 shall designate one of the eleven members to serve as chairperson of the
 authority.  With  the  exception of the member appointed by the board of
 education of the North Syracuse Central School District or by  the  town
 board of the town of Salina, Cicero or Clay, who shall serve a [one] TWO
 year  term,  and those initial appointees whose terms are three years or
 less, each member shall serve a term of four years.
   2. All members shall continue to hold office  until  their  successors
 are  appointed  and qualify.  PROVIDED THAT UPON A NEW MAYOR OF THE CITY
 TAKING OFFICE, THE INCOMING MAYOR MAY REPLACE THE  CITY  APPOINTEE  WITH
 THE  SHORTEST  REMAINING  TERM  WITH A NEW APPOINTEE. Vacancies shall be
 filled in the  manner  provided  for  original  appointment.  Vacancies,
 occurring  otherwise  than  by  expiration  of  term of office, shall be
 filled for the unexpired terms.  Members may be removed from office  for
 the  same  reasons and in the same manner as may be provided by [law for
 the removal of officers of the city] SECTION TWENTY-EIGHT HUNDRED  TWEN-
 TY-SEVEN  OF THIS CHAPTER. The members of the authority shall receive no
 compensation for their services but shall be reimbursed  for  all  their
 actual  and  necessary expenses incurred in connection with the carrying
 out of the purposes of this title. The powers of the authority shall  be
 vested  in and be exercised by the members of the authority at a meeting
 duly called and held and a majority  of  directors  shall  constitute  a
 quorum.   No action shall be taken except pursuant to the favorable vote
 of at least a majority of members. The  members  of  the  authority  may
 delegate  to  one  or more of its members, officers, agents or employees
 such powers and duties as it may deem proper.
   6. All members of the authority will be required to  comply  with  the
 [city  of  Syracuse  code  of  ethics] PROVISIONS OF THIS CHAPTER and to
 complete all disclosure forms required by [said  code  of  ethics]  THIS
 CHAPTER.
   §  2.  Section  2799-hhh  of  the public authorities law is amended by
 adding a new subdivision 8 to read as follows:
   8. THE AUTHORITY MAY ACQUIRE, HOLD, OWN, LEASE, ESTABLISH,  CONSTRUCT,
 EFFECTUATE,  OPERATE,  MAINTAIN, RENOVATE, IMPROVE, EXTEND OR REPAIR ANY
 OF ITS FACILITIES THROUGH, AND CAUSE ANY ONE  OR  MORE  OF  ITS  POWERS,
 DUTIES,  FUNCTIONS OR ACTIVITIES TO BE EXERCISED OR PERFORMED BY, ONE OR
 MORE WHOLLY OWNED SUBSIDIARY  CORPORATIONS  OF  THE  AUTHORITY  AND  MAY
 TRANSFER  TO OR FROM ANY SUCH CORPORATION, OR BETWEEN SUCH CORPORATIONS,
 ANY MONEYS, REAL PROPERTY OR OTHER  PROPERTY  OR  THE  SERVICES  OF  ANY
 OFFICERS,  EMPLOYEES  OR  CONSULTANTS  FOR  ANY  OF THE PURPOSES OF THIS
 TITLE. THE DIRECTORS OR MEMBERS  OF  EACH  SUCH  SUBSIDIARY  CORPORATION
 SHALL BE THE SAME PERSONS HOLDING THE OFFICES OF MEMBERS OF THE AUTHORI-
 TY.  EACH SUCH SUBSIDIARY CORPORATION AND ANY OF ITS PROPERTY, FUNCTIONS
 AND ACTIVITIES  SHALL  HAVE  ALL  OF  THE  PRIVILEGES,  IMMUNITIES,  TAX
 EXEMPTIONS  AND OTHER EXEMPTIONS OF THE AUTHORITY AND OF THE AUTHORITY'S
 PROPERTY, FUNCTIONS AND ACTIVITIES.  EACH  SUCH  SUBSIDIARY  CORPORATION
 S. 8956--A                          3
 
 SHALL  BE  SUBJECT  TO  THE  RESTRICTIONS  AND  LIMITATIONS TO WHICH THE
 AUTHORITY MAY BE SUBJECT. EACH  SUCH  SUBSIDIARY  CORPORATION  SHALL  BE
 SUBJECT  TO SUIT IN ACCORDANCE WITH SECTION TWENTY-SEVEN HUNDRED NINETY-
 NINE-WWW  OF  THIS  TITLE.   THE EMPLOYEES OF ANY SUCH SUBSIDIARY CORPO-
 RATION, EXCEPT THOSE WHO ARE ALSO EMPLOYEES OF THE AUTHORITY, SHALL  NOT
 BE DEEMED EMPLOYEES OF THE AUTHORITY.
   § 3. Section 2799-iii of the public authorities law, as added by chap-
 ter 463 of the laws of 2011, is amended to read as follows:
   §  2799-iii.  City  [approval]  NOTICE  required.  Notwithstanding any
 inconsistent provision of this title, no  project  having  an  aggregate
 cost  exceeding  ten  million  dollars, including but not limited to the
 acquisition of real property by the authority or the  expansion  of  the
 authority's  aviation  facilities,  may  be  undertaken by the authority
 unless THE AUTHORITY HAS PROVIDED NOTICE OF such project [is approved by
 ordinance of] TO the Syracuse common council [adopted by a majority vote
 and approved by] AND the mayor.
   § 4. Subdivision 1 of section 2799-jjj of the public authorities  law,
 as  added  by  chapter  463  of  the laws of 2011, is amended to read as
 follows:
   1. The authority shall have the power and is  hereby  authorized  from
 time  to time to issue bonds, notes or other obligations to pay the cost
 of any project or for any other corporate purpose, including the  estab-
 lishment  of  reserves to secure the bonds, the payment of principal of,
 premium, if any, and interest on the bonds and the payment of incidental
 expenses in connection therewith.   The aggregate  principal  amount  of
 such  bonds,  notes  or  other  obligations shall not exceed [two] THREE
 hundred  million  dollars  [($200,000,000)]  ($300,000,000),   excluding
 bonds,  notes  or  other obligations issued to refund or otherwise repay
 bonds, notes or other obligations theretofore issued for such  purposes;
 provided,  however,  that upon any such refunding or repayment the total
 aggregate principal amount of outstanding bonds, notes  or  other  obli-
 gations  may  be  greater  than  [two]  THREE  hundred  million  dollars
 [($200,000,000)] ($300,000,000) only if the present value of the  aggre-
 gate  debt  service  of their funding or repayment bonds, notes or other
 obligations to be issued shall not  exceed  the  present  value  of  the
 aggregate debt service of the bonds, notes or other obligations so to be
 refunded or repaid.  For purposes of this section, the present values of
 the aggregate debt service of the refunding or repayment bonds, notes or
 other  obligations and of the aggregate debt service of the bonds, notes
 or other obligations so refunded  or  repaid,  shall  be  calculated  by
 utilizing  the  effective  interest  rate  of the refunding or repayment
 bonds, notes or other obligations, which shall be that rate  arrived  at
 by  doubling  the  semi-annual  interest rate (compounded semi-annually)
 necessary to discount the debt service  payments  on  the  refunding  or
 repayment bonds, notes or other obligations from the payment dates ther-
 eof  to  the date of issue of the refunding or repayment bonds, notes or
 other obligations and to  the  price  bid  including  estimated  accrued
 interest  or  proceeds  received  by  the  authority including estimated
 accrued interest from the sale thereof. The authority shall  have  power
 and  is hereby authorized to enter into such agreements and perform such
 acts as may be required under  any  applicable  federal  legislation  to
 secure a federal guarantee of any bonds.
   § 5. This act shall take effect immediately.

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8956--B
 
                             I N  S E N A T E
 
                                May 2, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and  Commissions -- reported favorably from said committee and commit-
   ted to the Committee on Finance -- committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend the public authorities law, in relation to the  Syracuse
   regional airport
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 1, 2 and 6 of section 2799-ddd of  the  public
 authorities  law,  as  added  by  chapter  463  of the laws of 2011, are
 amended to read as follows:
   1. There is hereby created the Syracuse  regional  airport  authority.
 The  authority  shall  be  a  body  corporate and politic constituting a
 public benefit corporation.   The  authority  shall  consist  of  eleven
 members  who  shall be appointed as follows: seven shall be appointed by
 the mayor of the city of Syracuse, one shall be appointed by the  county
 executive  of  Onondaga county, one shall be appointed by the town board
 of the town of Dewitt, one shall be appointed by the board of  education
 of  the  East  Syracuse  Minoa Central School District, and one shall be
 appointed for a period of one year, alternately, by the board of  educa-
 tion of the North Syracuse Central School District and the town board of
 the  town  of  Salina, Cicero or Clay. The member initially appointed by
 the county executive and two of the members initially appointed  by  the
 mayor  shall serve for a term ending December thirty-first, two thousand
 fourteen. Two of the members initially  appointed  by  the  mayor  shall
 serve  for  a  term  ending December thirty-first, two thousand fifteen.
 Three members initially appointed by the mayor, the member appointed  by
 the  town  board  of the town of Dewitt, and the member appointed by the
 board of education of the East Syracuse Minoa Central  School  District,
 shall  serve  for  a  term  ending  December  thirty-first, two thousand
 sixteen. The first member appointed by the town board  of  the  town  of
 Salina,  Cicero or Clay, or by the board of education of the North Syra-
 cuse Central School District, shall be appointed by the  town  board  of
 the  town  of  Cicero and shall serve for a term ending December thirty-
              

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13333-09-2
 S. 8956--B                          2
 
 first, two thousand thirteen. Following the expiration of such  member's
 [one]  TWO  year  term,  the  subsequently  appointed  member  shall  be
 appointed by the town board of the town of Salina.  Following the  expi-
 ration  of such member's [one] TWO year term, the subsequently appointed
 member shall be appointed by the town board of the town of Clay. Follow-
 ing the expiration of such member's [one] TWO year term, the subsequent-
 ly appointed member shall be appointed by the board of education of  the
 North  Syracuse  Central  School  District.  Thereafter, each subsequent
 member shall be appointed alternately by  each  town  or  the  board  of
 education  in  the  same  order as the initial appointments.   The mayor
 shall designate one of the eleven members to serve as chairperson of the
 authority. With the exception of the member appointed by  the  board  of
 education  of  the North Syracuse Central School District or by the town
 board of the town of Salina, Cicero or Clay, who shall serve a [one] TWO
 year term, and those initial appointees whose terms are three  years  or
 less, each member shall serve a term of four years.
   2.  All  members  shall continue to hold office until their successors
 are appointed and qualify.  PROVIDED THAT UPON A NEW MAYOR OF  THE  CITY
 TAKING  OFFICE,  THE  INCOMING MAYOR MAY REPLACE THE CITY APPOINTEE WITH
 THE SHORTEST REMAINING TERM WITH A NEW  APPOINTEE.  Vacancies  shall  be
 filled  in  the  manner  provided  for  original appointment. Vacancies,
 occurring otherwise than by expiration  of  term  of  office,  shall  be
 filled  for the unexpired terms.  Members may be removed from office for
 the same reasons and in the same manner as may be provided by  [law  for
 the  removal of officers of the city] SECTION TWENTY-EIGHT HUNDRED TWEN-
 TY-SEVEN OF THIS CHAPTER. The members of the authority shall receive  no
 compensation  for  their  services but shall be reimbursed for all their
 actual and necessary expenses incurred in connection with  the  carrying
 out  of the purposes of this title. The powers of the authority shall be
 vested in and be exercised by the members of the authority at a  meeting
 duly  called  and  held  and  a majority of directors shall constitute a
 quorum.  No action shall be taken except pursuant to the favorable  vote
 of  at  least  a  majority  of members. The members of the authority may
 delegate to one or more of its members, officers,  agents  or  employees
 such powers and duties as it may deem proper.
   6.  All  members  of the authority will be required to comply with the
 [city of Syracuse code of ethics] PROVISIONS  OF  THIS  CHAPTER  and  to
 complete  all  disclosure  forms  required by [said code of ethics] THIS
 CHAPTER.
   § 2. Section 2799-hhh of the public  authorities  law  is  amended  by
 adding a new subdivision 8 to read as follows:
   8.  THE AUTHORITY MAY ACQUIRE, HOLD, OWN, LEASE, ESTABLISH, CONSTRUCT,
 EFFECTUATE, OPERATE,  MAINTAIN, RENOVATE, IMPROVE, EXTEND OR REPAIR  ANY
 OF ITS FACILITIES THROUGH, AND CAUSE ANY ONE  OR  MORE  OF  ITS  POWERS,
 DUTIES,    FUNCTIONS  OR  ACTIVITIES TO BE EXERCISED OR PERFORMED BY, NO
 MORE THAN TWO WHOLLY OWNED SUBSIDIARY CORPORATIONS  OF   THE   AUTHORITY
 FOR  THE  PURPOSES  OF OPERATING PARKING AND CONCESSIONS INCLUDING FOOD,
 BEVERAGE, AND RETAIL SERVICES, AND AIRLINE AND AIRCRAFT SERVICES INCLUD-
 ING TICKETING, BAGGAGE AND FUELING SERVICES AND OTHER SERVICES  FOR  THE
 OPERATION  OF  THE AIRPORT.   THE AUTHORITY MAY TRANSFER  TO OR FROM ANY
 SUCH CORPORATION, OR BETWEEN SUCH CORPORATIONS, ANY MONEYS, REAL PROPER-
 TY OR OTHER  PROPERTY  OR  THE  SERVICES  OF  ANY OFFICERS,    EMPLOYEES
 OR   CONSULTANTS  FOR  ANY  OF THE PURPOSES OF THIS TITLE. THE DIRECTORS
 OR MEMBERS OF EACH SUCH SUBSIDIARY CORPORATION SHALL BE THE SAME PERSONS
 HOLDING THE OFFICES OF MEMBERS OF THE AUTHORITY.  EACH  SUCH  SUBSIDIARY
 CORPORATION AND ANY OF ITS PROPERTY, FUNCTIONS AND ACTIVITIES SHALL HAVE
 S. 8956--B                          3
 
 ALL  OF  THE PRIVILEGES, IMMUNITIES, TAX EXEMPTIONS AND OTHER EXEMPTIONS
 OF THE AUTHORITY AND OF THE AUTHORITY'S PROPERTY, FUNCTIONS  AND  ACTIV-
 ITIES.  EACH  SUCH  SUBSIDIARY  CORPORATION  SHALL  BE  SUBJECT  TO  THE
 RESTRICTIONS AND LIMITATIONS TO WHICH THE AUTHORITY MAY BE SUBJECT. EACH
 SUCH  SUBSIDIARY CORPORATION SHALL BE SUBJECT TO SUIT IN ACCORDANCE WITH
 SECTION TWENTY-SEVEN HUNDRED NINETY-NINE-WWW OF THIS TITLE.  THE EMPLOY-
 EES OF ANY SUCH  SUBSIDIARY  CORPORATION,  EXCEPT  THOSE  WHO  ARE  ALSO
 EMPLOYEES OF THE AUTHORITY, SHALL NOT BE DEEMED EMPLOYEES OF THE AUTHOR-
 ITY.
   § 3. Section 2799-iii of the public authorities law, as added by chap-
 ter 463 of the laws of 2011, is amended to read as follows:
   §  2799-iii.  City  [approval]  NOTICE  required.  Notwithstanding any
 inconsistent provision of this title, no  project  having  an  aggregate
 cost  exceeding  ten  million  dollars, including but not limited to the
 acquisition of real property by the authority or the  expansion  of  the
 authority's  aviation  facilities,  may  be  undertaken by the authority
 unless THE AUTHORITY HAS PROVIDED NOTICE OF such project [is approved by
 ordinance of] TO the Syracuse common council [adopted by a majority vote
 and approved by] AND the mayor.
   § 4. Subdivision 1 of section 2799-jjj of the public authorities  law,
 as  added  by  chapter  463  of  the laws of 2011, is amended to read as
 follows:
   1. The authority shall have the power and is  hereby  authorized  from
 time  to time to issue bonds, notes or other obligations to pay the cost
 of any project or for any other corporate purpose, including the  estab-
 lishment  of  reserves to secure the bonds, the payment of principal of,
 premium, if any, and interest on the bonds and the payment of incidental
 expenses in connection therewith.   The aggregate  principal  amount  of
 such  bonds,  notes  or  other  obligations shall not exceed [two] THREE
 hundred  million  dollars  [($200,000,000)]  ($300,000,000),   excluding
 bonds,  notes  or  other obligations issued to refund or otherwise repay
 bonds, notes or other obligations theretofore issued for such  purposes;
 provided,  however,  that upon any such refunding or repayment the total
 aggregate principal amount of outstanding bonds, notes  or  other  obli-
 gations  may  be  greater  than  [two]  THREE  hundred  million  dollars
 [($200,000,000)] ($300,000,000) only if the present value of the  aggre-
 gate  debt  service  of their funding or repayment bonds, notes or other
 obligations to be issued shall not  exceed  the  present  value  of  the
 aggregate debt service of the bonds, notes or other obligations so to be
 refunded or repaid.  For purposes of this section, the present values of
 the aggregate debt service of the refunding or repayment bonds, notes or
 other  obligations and of the aggregate debt service of the bonds, notes
 or other obligations so refunded  or  repaid,  shall  be  calculated  by
 utilizing  the  effective  interest  rate  of the refunding or repayment
 bonds, notes or other obligations, which shall be that rate  arrived  at
 by  doubling  the  semi-annual  interest rate (compounded semi-annually)
 necessary to discount the debt service  payments  on  the  refunding  or
 repayment bonds, notes or other obligations from the payment dates ther-
 eof  to  the date of issue of the refunding or repayment bonds, notes or
 other obligations and to  the  price  bid  including  estimated  accrued
 interest  or  proceeds  received  by  the  authority including estimated
 accrued interest from the sale thereof. The authority shall  have  power
 and  is hereby authorized to enter into such agreements and perform such
 acts as may be required under  any  applicable  federal  legislation  to
 secure a federal guarantee of any bonds.
   § 5. This act shall take effect immediately.

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8956--C
 
                             I N  S E N A T E
 
                                May 2, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and  Commissions -- reported favorably from said committee and commit-
   ted to the Committee on Finance -- committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee -- committee discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN  ACT to amend the public authorities law, in relation to the Syracuse
   regional airport
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivisions 1, 2 and 6 of section 2799-ddd of the public
 authorities law, as added by chapter  463  of  the  laws  of  2011,  are
 amended to read as follows:
   1.  There  is  hereby created the Syracuse regional airport authority.
 The authority shall be a  body  corporate  and  politic  constituting  a
 public  benefit  corporation.    The  authority  shall consist of eleven
 members who shall be appointed as follows: seven shall be  appointed  by
 the  mayor of the city of Syracuse, one shall be appointed by the county
 executive of Onondaga county, one shall be appointed by the  town  board
 of  the town of Dewitt, one shall be appointed by the board of education
 of the East Syracuse Minoa Central School District,  and  one  shall  be
 appointed  for a period of one year, alternately, by the board of educa-
 tion of the North Syracuse Central School District and the town board of
 the town of Salina, Cicero or Clay. The member  initially  appointed  by
 the  county  executive and two of the members initially appointed by the
 mayor shall serve for a term ending December thirty-first, two  thousand
 fourteen.  Two  of  the  members  initially appointed by the mayor shall
 serve for a term ending December  thirty-first,  two  thousand  fifteen.
 Three  members initially appointed by the mayor, the member appointed by
 the town board of the town of Dewitt, and the member  appointed  by  the
 board  of  education of the East Syracuse Minoa Central School District,
 shall serve for  a  term  ending  December  thirty-first,  two  thousand
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13333-10-2
 S. 8956--C                          2
 
 sixteen.  The  first  member  appointed by the town board of the town of
 Salina, Cicero or Clay, or by the board of education of the North  Syra-
 cuse  Central  School  District, shall be appointed by the town board of
 the  town  of  Cicero and shall serve for a term ending December thirty-
 first, two thousand thirteen. Following the expiration of such  member's
 [one]  TWO  year  term,  the  subsequently  appointed  member  shall  be
 appointed by the town board of the town of Salina.  Following the  expi-
 ration  of such member's [one] TWO year term, the subsequently appointed
 member shall be appointed by the town board of the town of Clay. Follow-
 ing the expiration of such member's [one] TWO year term, the subsequent-
 ly appointed member shall be appointed by the board of education of  the
 North  Syracuse  Central  School  District.  Thereafter, each subsequent
 member shall be appointed alternately by  each  town  or  the  board  of
 education  in  the  same  order as the initial appointments.   The mayor
 shall designate one of the eleven members to serve as chairperson of the
 authority. With the exception of the member appointed by  the  board  of
 education  of  the North Syracuse Central School District or by the town
 board of the town of Salina, Cicero or Clay, who shall serve a [one] TWO
 year term, and those initial appointees whose terms are three  years  or
 less, each member shall serve a term of four years.
   2.  All  members  shall continue to hold office until their successors
 are appointed and qualify.  PROVIDED THAT UPON A NEW MAYOR OF  THE  CITY
 TAKING  OFFICE,  THE  INCOMING MAYOR MAY REPLACE THE CITY APPOINTEE WITH
 THE SHORTEST REMAINING TERM WITH A NEW  APPOINTEE.  Vacancies  shall  be
 filled  in  the  manner  provided  for  original appointment. Vacancies,
 occurring otherwise than by expiration  of  term  of  office,  shall  be
 filled  for the unexpired terms.  Members may be removed from office for
 the same reasons and in the same manner as may be provided by  [law  for
 the  removal of officers of the city] SECTION TWENTY-EIGHT HUNDRED TWEN-
 TY-SEVEN OF THIS CHAPTER. The members of the authority shall receive  no
 compensation  for  their  services but shall be reimbursed for all their
 actual and necessary expenses incurred in connection with  the  carrying
 out  of the purposes of this title. The powers of the authority shall be
 vested in and be exercised by the members of the authority at a  meeting
 duly  called  and  held  and  a majority of directors shall constitute a
 quorum.  No action shall be taken except pursuant to the favorable  vote
 of  at  least  a  majority  of members. The members of the authority may
 delegate to one or more of its members, officers,  agents  or  employees
 such powers and duties as it may deem proper.
   6.  All  members  of the authority will be required to comply with the
 [city of Syracuse code of ethics] PROVISIONS  OF  THIS  CHAPTER  and  to
 complete  all  disclosure  forms  required by [said code of ethics] THIS
 CHAPTER.
   § 2.  Section 2799-iii of the public  authorities  law,  as  added  by
 chapter 463 of the laws of 2011, is amended to read as follows:
   §  2799-iii.  City  [approval]  NOTICE  required.  Notwithstanding any
 inconsistent provision of this title, no  project  having  an  aggregate
 cost  exceeding  ten  million  dollars, including but not limited to the
 acquisition of real property by the authority or the  expansion  of  the
 authority's  aviation  facilities,  may  be  undertaken by the authority
 unless THE AUTHORITY HAS PROVIDED NOTICE OF such project [is approved by
 ordinance of] TO the Syracuse common council [adopted by a majority vote
 and approved by] AND the mayor.
   § 3. Subdivision 1 of section 2799-jjj of the public authorities  law,
 as  added  by  chapter  463  of  the laws of 2011, is amended to read as
 follows:
 S. 8956--C                          3
 
   1. The authority shall have the power and is  hereby  authorized  from
 time  to time to issue bonds, notes or other obligations to pay the cost
 of any project or for any other corporate purpose, including the  estab-
 lishment  of  reserves to secure the bonds, the payment of principal of,
 premium, if any, and interest on the bonds and the payment of incidental
 expenses  in  connection  therewith.   The aggregate principal amount of
 such bonds, notes or other obligations  shall  not  exceed  [two]  THREE
 hundred   million  dollars  [($200,000,000)]  ($300,000,000),  excluding
 bonds, notes or other obligations issued to refund  or  otherwise  repay
 bonds,  notes or other obligations theretofore issued for such purposes;
 provided, however, that upon any such refunding or repayment  the  total
 aggregate  principal  amount  of outstanding bonds, notes or other obli-
 gations  may  be  greater  than  [two]  THREE  hundred  million  dollars
 [($200,000,000)]  ($300,000,000) only if the present value of the aggre-
 gate debt service of their funding or repayment bonds,  notes  or  other
 obligations  to  be  issued  shall  not  exceed the present value of the
 aggregate debt service of the bonds, notes or other obligations so to be
 refunded or repaid.  For purposes of this section, the present values of
 the aggregate debt service of the refunding or repayment bonds, notes or
 other obligations and of the aggregate debt service of the bonds,  notes
 or  other  obligations  so  refunded  or  repaid, shall be calculated by
 utilizing the effective interest rate  of  the  refunding  or  repayment
 bonds,  notes  or other obligations, which shall be that rate arrived at
 by doubling the semi-annual  interest  rate  (compounded  semi-annually)
 necessary  to  discount  the  debt  service payments on the refunding or
 repayment bonds, notes or other obligations from the payment dates ther-
 eof to the date of issue of the refunding or repayment bonds,  notes  or
 other  obligations  and  to  the  price  bid including estimated accrued
 interest or proceeds  received  by  the  authority  including  estimated
 accrued  interest  from the sale thereof. The authority shall have power
 and is hereby authorized to enter into such agreements and perform  such
 acts  as  may  be  required  under any applicable federal legislation to
 secure a federal guarantee of any bonds.
   § 4. This act shall take effect immediately.