Bill Text: NY A10520 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to authorizing additional bonds of the New York city transitional finance authority related to the epidemic resulting from spread of the disease known as COVID-19.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2020-05-27 - ordered to third reading rules cal.53 [A10520 Detail]
Download: New_York-2019-A10520-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10520 IN ASSEMBLY May 24, 2020 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Braunstein) -- read once and referred to the Committee on Ways and Means AN ACT to amend the public authorities law, in relation to authorizing additional bonds of the New York city transitional finance authority related to the epidemic resulting from spread of the disease known as COVID-19 disaster emergency 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 2799-gg of the public authorities 2 law, as amended by chapter 182 of the laws of 2009, is amended to read 3 as follows: 4 1. The authority shall have the power and is hereby authorized from 5 time to time to issue bonds, in conformity with applicable provisions of 6 the uniform commercial code, in such principal amounts as it may deter- 7 mine to be necessary pursuant to section twenty-seven hundred ninety- 8 nine-ff of this title to pay the cost of any project and to fund 9 reserves to secure such bonds, including incidental expenses in 10 connection therewith. 11 The aggregate principal amount of such bonds, notes or other obli- 12 gations outstanding shall not exceed thirteen billion, five hundred 13 million dollars ($13,500,000,000)[, excluding bonds, notes or other14obligations issued pursuant to sections twenty-seven hundred ninety-15nine-ss and twenty-seven hundred ninety-nine-tt of this title]; 16 provided, however, that upon any refunding or repayment of bonds (which 17 term shall not, for this purpose, include bond anticipation notes), the 18 total aggregate principal amount of outstanding bonds, notes or other 19 obligations may be greater than thirteen billion, five hundred million 20 dollars ($13,500,000,000) only if the refunding or repayment bonds, 21 notes or other obligations were issued in accordance with the provisions 22 of subparagraph (a) of subdivision two of paragraph b of section 90.10 23 of the local finance law, as amended from time to time. Notwithstanding 24 the foregoing, bonds, notes or other obligations issued by the authority 25 may be outstanding in an amount greater than the amount permitted by the 26 preceding sentence, provided that such additional amount at issuance, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16276-02-0A. 10520 2 1 together with the amount of indebtedness contracted by the city of New 2 York, shall not exceed the limit prescribed by section 104.00 of the 3 local finance law. The authority shall have the power from time to time 4 to refund any bonds of the authority by the issuance of new bonds wheth- 5 er the bonds to be refunded have or have not matured, and may issue 6 bonds partly to refund bonds of the authority then outstanding and part- 7 ly to pay the cost of any project pursuant to section twenty-seven 8 hundred ninety-nine-ff of this title. Bonds issued by the authority 9 shall be payable solely out of particular revenues or other moneys of 10 the authority as may be designated in the proceedings of the authority 11 under which the bonds shall be authorized to be issued, subject to any 12 agreements entered into between the authority and the city, and subject 13 to any agreements with the holders of outstanding bonds pledging any 14 particular revenues or moneys. The limits imposed by this subdivision 15 shall not apply to additional bonds, notes or other obligations that the 16 authority is authorized to issue pursuant to sections twenty-seven 17 hundred ninety-nine-ss, twenty-seven hundred ninety-nine-tt and twenty- 18 seven hundred ninety-nine-uu of this title. 19 § 2. Section 2799-uu of the public authorities law, as renumbered by 20 section 1 of part A3 of chapter 58 of the laws of 2006, is renumbered 21 section 2799-vv and a new section 2799-uu is added to read as follows: 22 § 2799-uu. Additional bonds of the authority. Notwithstanding any 23 provision of this title or of any other law to the contrary, the author- 24 ity is hereby authorized to issue bonds, notes or other obligations in 25 addition to those authorized by other sections of this title in an 26 amount outstanding of up to seven billion dollars to finance or refi- 27 nance all costs or deficiencies in the city's budget (whether or not 28 included or includable in the city's capital budget) in accordance with 29 the state comptroller's uniform system of accounts for municipalities 30 which are, in the judgment of the mayor, related to or arising from the 31 epidemic resulting from spread of the disease known as COVID-19. In 32 addition to or in lieu of any revenues or other money that may be paid 33 or payable to the authority, such bonds, notes or other obligations may 34 be secured by and payable from the proceeds of other bonds, notes or 35 other obligations of the authority or federal or state aid related to or 36 arising from the epidemic resulting from spread of the disease known as 37 COVID-19 or the associated economic impact thereof. In addition, the 38 authority may issue bonds, notes or other obligations without limita- 39 tions as to amount, secured solely by and payable solely from such 40 federal or state aid. The city, acting through the mayor, is hereby 41 authorized to assign the right to receive any such federal or state aid 42 to the authority and, after such assignment, the right to receive such 43 aid shall be the property of the authority and shall not be subject to 44 appropriation by the state or the city. Bonds issued pursuant to this 45 section shall have a maximum maturity of up to thirty years. 46 § 3. This act shall take effect immediately.