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 2-0)
Status: (Engrossed - Dead) 2020-03-02 - 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 issued11for the purpose of financing any amounts deposited or to be deposited by12the state in the water pollution control revolving fund shall not exceed13thirty 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