S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7660
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 31, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
   Committee on Corporations, Authorities and Commissions
 
 AN ACT to amend the   New York state  medical  care  facilities  finance
   agency  act,  in  relation  to  the ability to issue certain bonds and
   notes

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 7 of section 1 of
 chapter 392 of the laws of 1973, constituting the New York state medical
 care  facilities  finance  agency  act, as amended by chapter 166 of the
 laws of 2021, is amended to read as follows:
   (b) The agency shall not issue hospital and nursing home project bonds
 and hospital and nursing home project notes in  an  aggregate  principal
 amount exceeding [seventeen] EIGHTEEN billion [four] TWO hundred million
 dollars,  excluding hospital and nursing home project bonds and hospital
 and nursing home project notes issued to refund outstanding hospital and
 nursing home projects bonds and hospital and nursing home project notes;
 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  [seventeen]  EIGHTEEN  billion  [four]  TWO
 hundred  million dollars only if the present value of the aggregate debt
 service of the refunding 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  hereof, 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 obli-
 gations 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11694-01-3
              

 A. 7660                             2
 
 discount the debt service payments on the refunding or repayment  bonds,
 notes or other obligations from the payment dates thereof 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 agency including estimated  accrued  interest  from  the
 sale  thereof.  The  agency  shall  not  issue hospital and nursing home
 project bonds at any time secured by the hospital and nursing home capi-
 tal reserve fund if upon issuance, the amount in the hospital and  nurs-
 ing home capital reserve fund will be less than the hospital and nursing
 home capital reserve fund requirement, unless the agency, at the time of
 issuance  of  such  bonds,  shall  deposit in such reserve fund from the
 proceeds of the bonds so to be issued, or  otherwise,  an  amount  which
 together  with  the  amount  then in such reserve fund, will be not less
 than the hospital and nursing home capital reserve fund requirement.
   § 2. This act shall take effect immediately.