Bill Text: NY A06316 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to the final maturity of bonds issued for the purpose of financing amounts deposited into the water pollution control revolving fund.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2019-03-05 - referred to corporations, authorities and commissions [A06316 Detail]

Download: New_York-2019-A06316-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          6316
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                      March 5, 2019
                                       ___________
        Introduced  by  M. of A. OTIS -- read once and referred to the Committee
          on Corporations, Authorities and Commissions
        AN ACT to amend the public authorities law, in  relation  to  the  water
          pollution control revolving fund
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 2 of section 1290  of  the  public  authorities
     2  law, as amended by chapter 55 of the laws of 1992, is amended to read as
     3  follows:
     4    2. The notes and bonds shall be authorized by resolution of the direc-
     5  tors of the corporation, shall bear such date or dates, and shall mature
     6  at  such  time  or  times,  in the case of any such note or any renewals
     7  thereof not exceeding twelve years  from  the  date  of  issue  of  such
     8  original  note,  and  in  the  case of any such bond not exceeding forty
     9  years from the date of issue, as  such  resolution  or  resolutions  may
    10  provide[;  provided, however, that the final maturity of any bond issued
    11  for the purpose of financing any amounts deposited or to be deposited by
    12  the state in the water pollution control revolving fund shall not exceed
    13  thirty years from the date of issue of such bond]. The notes  and  bonds
    14  shall  bear  interest  at such rate or rates which may vary from time to
    15  time, be in such denominations, be in such form, either coupon or regis-
    16  tered, carry such registration privileges, be executed in  such  manner,
    17  be  payable  in  such  medium of payment, at such place or places and be
    18  subject to such terms of redemption as such  resolution  or  resolutions
    19  may  provide.  The notes and bonds of the corporation may be sold by the
    20  corporation, at public or private sale, at such price or prices  as  the
    21  corporation shall determine. No notes or bonds of the corporation may be
    22  sold  by  the corporation at private sale, however, unless such sale and
    23  the terms thereof have been approved in writing by (a) the  comptroller,
    24  where  such  sale  is not to the comptroller, or (b) the director of the
    25  budget, where such sale is to the comptroller.
    26    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10094-01-9
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