Bill Text: NY S04520 | 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 1-0)

Status: (Introduced) 2019-05-06 - REPORTED AND COMMITTED TO FINANCE [S04520 Detail]

Download: New_York-2019-S04520-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4520
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 14, 2019
                                       ___________
        Introduced  by Sen. HARCKHAM -- 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 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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