Bill Text: NY A09516 | 2015-2016 | General Assembly | Introduced

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Bill Title: Regulates the interest rate on obligations issued to finance the school rehabilitation and reconstruction within the city school districts of the city of Syracuse.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2016-07-21 - signed chap.127 [A09516 Detail]

Download: New_York-2015-A09516-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9516
                   IN ASSEMBLY
                                     March 10, 2016
                                       ___________
        Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
          Committee on Education
        AN ACT to amend the education law and the city of Syracuse and the board
          of education of the city school district of the city of Syracuse coop-
          erative school reconstruction act, in relation to  obligations  issued
          to  finance school rehabilitation or reconstruction in the city school
          district of the city of Syracuse
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Item (iii) of clause (a) of subparagraph 5 of paragraph e
     2  of subdivision 6 of section 3602 of the education  law,  as  amended  by
     3  chapter 416 of the laws of 2007, is amended to read as follows:
     4    (iii) Notwithstanding the provisions of item (i) of this clause, where
     5  such  city  has  entered  into  an  agreement with the state of New York
     6  municipal bond bank agency pursuant to subdivision one of section  twen-
     7  ty-four hundred thirty-five-a of the public authorities law and subdivi-
     8  sion  (a)  of  section fourteen of the city of Syracuse and the board of
     9  education of the city school district of the city  of  Syracuse  cooper-
    10  ative  school reconstruction act, or an agreement with the city of Syra-
    11  cuse industrial development agency for projects authorized  pursuant  to
    12  the  city  of  Syracuse  and  the  board of education of the city school
    13  district of the city of Syracuse cooperative school reconstruction  act,
    14  to  finance  [debt  related  to] school rehabilitation or reconstruction
    15  that is subject to subparagraph three of this paragraph, the lesser  of:
    16  (A)  the net interest cost as defined by the commissioner, applicable to
    17  [the] each series of obligations originally issued by the state  of  New
    18  York  municipal  bond  bank  agency  or  the city of Syracuse industrial
    19  development agency for such purpose, without regard to any refunding  of
    20  such  obligations;  or  (B)  such  net  interest cost, as defined by the
    21  commissioner that would have been applicable to  [bonds  issued  by  the
    22  state  of  New  York  municipal bond bank agency if the project had been
    23  authorized to be financed and had been financed through such entity,  as
    24  certified  to the commissioner by the executive director of the state of
    25  New York municipal bond bank agency shall be the  interest  rate  estab-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14307-02-6