Bill Text: NY A10074 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to Buffalo sewer authority bonds, increasing the total amount of bonds which may be issued and outstanding at one time.

Spectrum: Bipartisan Bill

Status: (Passed) 2018-08-24 - signed chap.244 [A10074 Detail]

Download: New_York-2017-A10074-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10074
                   IN ASSEMBLY
                                     March 14, 2018
                                       ___________
        Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
          Committee on Corporations, Authorities and Commissions
        AN ACT to amend the public authorities law, in  relation  to  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:
     1    Section 1. Subdivision 1 of section 1187  of  the  public  authorities
     2  law,  as  amended by chapter 284 of the laws of 1977, is amended to read
     3  as follows:
     4    1. The authority shall have power and is hereby authorized  from  time
     5  to  time  to  issue  its  negotiable bonds in conformity with applicable
     6  provisions of the uniform commercial  code  for  any  of  its  corporate
     7  purposes.  The  total  amount of bonds issued and outstanding at any one
     8  time shall not exceed in the aggregate the sum of [one  hundred  twenty-
     9  five]  two  hundred  fifty million dollars, excluding bonds or notes for
    10  the payment or redemption of which there has been set aside and held  in
    11  trust  either  moneys,  or  direct  and general obligations of, or obli-
    12  gations guaranteed by, the United  States  of  America,  or  obligations
    13  secured  by  such  obligations, or any combination thereof, which are or
    14  will be sufficient to pay when due the principal or  applicable  redemp-
    15  tion  price and all accrued interest thereon and, if such bonds or notes
    16  are to be redeemed, for which notice of redemption  has  been  given  or
    17  satisfactory provision has been made for the giving of such notice.  The
    18  authority  shall have power from time to time, whenever it deems refund-
    19  ing expedient, to refund any bonds by the issuance of new bonds, whether
    20  the bonds to be refunded have or have not matured or are then subject to
    21  redemption, and may issue bonds partly to refund bonds then  outstanding
    22  and partly for any of its corporate purposes.
    23    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14960-01-8