NY State Senate Bill S6292

Current Bill Status - On Floor Calendar

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed/Vetoed by Governor

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Actions

view actions (5)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 30, 2023	advanced to third reading
May 24, 2023	2nd report cal.
May 23, 2023	1st report cal.1286
May 16, 2023	reported and committed to finance
Apr 12, 2023	referred to corporations, authorities and commissions

Votes

view votes

May 23, 2023 - Finance committee Vote

S6292

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

May 16, 2023 - Corporations, Authorities and Commissions committee Vote

S6292

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

S6292 (ACTIVE) - Details

See Assembly Version of this Bill:: A2137
Law Section:: Public Authorities Law
Laws Affected:: Amd §1187, Pub Auth L
Versions Introduced in 2021-2022 Legislative Session:: S6769, A7068

S6292 (ACTIVE) - Summary

Increases the total amount of bonds the Buffalo sewer authority may issue from two hundred fifty million to five hundred million dollars.

S6292 (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S6292

SPONSOR: KENNEDY
 
TITLE OF BILL:

An act to amend the public authorities law, in relation to increasing
the total amount of bonds the Buffalo sewer authority may issue

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this bill is to allow the Buffalo Sewer Authority to have
bonds issued and outstanding at any one time shall not exceed in the
aggregate the sum of five hundred million dollars.

 
SUMMARY OF PROVISIONS:

Section 1 provides that the Buffalo Sewer Authority may have bonds
issued and outstanding at any one time not exceed in the aggregate the
sum of $500 million dollars, excluding bonds or notes for the payment or
redemption of which there has been set aside and held in trust either
moneys, or direct and general obligations of, or obligations guaranteed
by, the United States of America, or obligations secured by such obli-

gations, or any combination thereof, which are or will be sufficient to
pay when due the principal or applicable redemption price and all
accrued interest thereon and, if such bonds or notes are to be redeemed,
for which notice of redemption has been given or satisfactory provision
has been made for the giving of such notice.

Section 2 provides for an immediate effective date.

 
JUSTIFICATION:

The Buffalo Sewer Authority protects public health and the Great Lakes
waterways, while striving to maintain affordability of its services and
build greater equity in Western New York. The Authority's State Pollu-
tant Discharge Elimination System permit authorized the implementation
of an abatement plan to address the City's stormwater challenge that
results in sewer overflows to area waterways. In partnership with the US
Environmental Protection Agency and NYS Department of Environmental
Conservation, the Authority developed a Long-Term Control Plan (LTCP),
the enforcement of which is governed by a federal Administrative Order.

In December 2020, the Authority had a Financial Capability Assessment
(FCA) completed to help plan for future funding of the remaining work to
be done under the LTCP, as well as other Authority operations. Due to
unforeseen challenges in implementing certain components of the LTCP,
the estimated cost to complete it has greatly escalated.

Whereas the cost to complete the LTCP was initially estimated to be $380
million in 2014, the FCA shows that the Authority will need an addi-
tional $537 million in 2019 dollars to fulfill its LTCP requirements.
The Authority estimates it will have an annual average of about $4.5
million over the next five years available as pay-as-you-go funding for
all capital projects, inclusive of those required under the LTCP. This
projection accounts for an 11¤/o decrease in revenue the Authority has
experienced due to the COVID-19 pandemic.

The Authority acknowledges and appreciates that the State increased the
Authority's bond limit to $250 million in 2018. However, the updated FCA
shows that the Authority will need this debt limit doubled to meet its
obligations under the LTCP. Furthermore, given current historically low
interest rates and limited anticipated pay-as-you go funding in the
coming years, the Authority believes it most prudent to finance LTCP
projects with bonds. Therefore, it is necessary to amend Section 1187 of
the Public Authorities Law so that the total amount of bonds issued and
outstanding at any one time shall not exceed $500 million, rather than
the current limit of $250 million.

 
PRIOR LEGISLATIVE HISTORY:

A7068/S6769 of 2021/2022

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
EFFECTIVE DATE:
Immediately.

S6292 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6292
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 12, 2023
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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 increasing
   the total amount of bonds the Buffalo sewer authority may issue

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  1  of section 1187 of the public authorities
 law, as amended by chapter 244 of the laws of 2018, is amended  to  read
 as follows:
   1.  The  authority shall have 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 of its corporate
 purposes. The total amount of bonds issued and outstanding  at  any  one
 time  shall  not  exceed in the aggregate the sum of [two hundred fifty]
 FIVE HUNDRED million dollars, excluding bonds or notes for  the  payment
 or redemption of which there has been set aside and held in trust either
 moneys,  or direct and general obligations of, or obligations guaranteed
 by, the United States of America, or obligations secured by  such  obli-
 gations,  or any combination thereof, which are or will be sufficient to
 pay when due the  principal  or  applicable  redemption  price  and  all
 accrued interest thereon and, if such bonds or notes are to be redeemed,
 for  which notice of redemption has been given or satisfactory provision
 has been made for the giving of such notice.  The authority  shall  have
 power  from  time  to  time,  whenever  it deems refunding expedient, to
 refund any bonds by the issuance of new bonds, whether the bonds  to  be
 refunded have or have not matured or are then subject to redemption, and
 may  issue  bonds partly to refund bonds then outstanding and partly for
 any of its corporate purposes.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01842-01-3

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The New York State Senate

senate Bill S6292

Sponsored By

Current Bill Status - On Floor Calendar

Your Voice

Actions

Votes

May 23, 2023 - Finance committee Vote

Finance Committee Vote: May 23, 2023

May 16, 2023 - Corporations, Authorities and Commissions committee Vote

Corporations, Authorities and Commissions Committee Vote: May 16, 2023

S6292 (ACTIVE) - Details

S6292 (ACTIVE) - Summary

S6292 (ACTIVE) - Sponsor Memo

S6292 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S6292

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Sponsored By

Timothy M. Kennedy

Current Bill Status - On Floor Calendar

Your Voice

Actions

Votes

May 23, 2023 - Finance committee Vote

Finance Committee Vote: May 23, 2023

May 16, 2023 - Corporations, Authorities and Commissions committee Vote

Corporations, Authorities and Commissions Committee Vote: May 16, 2023

S6292 (ACTIVE) - Details

S6292 (ACTIVE) - Summary

S6292 (ACTIVE) - Sponsor Memo

S6292 (ACTIVE) - Bill Text download pdf

Comments