Bill Text: NY S06411 | 2019-2020 | General Assembly | Amended
Bill Title: Relates to financing project costs for the project for the Battery Park project area.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-12-12 - signed chap.628 [S06411 Detail]
Download: New_York-2019-S06411-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6411--A 2019-2020 Regular Sessions IN SENATE June 7, 2019 ___________ Introduced by Sen. KAVANAGH -- (at request of the Battery Park City Authority) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the public authorities law, in relation to the Battery Park city authority 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 1977-a of the public authorities 2 law is amended by adding a new paragraph (f) to read as follows: 3 (f) Additional authorizations. For the purpose of financing capital 4 costs in connection with a program of infrastructure construction, 5 improvements and other capital expenditures for the project area, the 6 authority may, in addition to the authorizations contained elsewhere in 7 this title, borrow money by issuing bonds and notes in an aggregate 8 principal amount not exceeding five hundred million dollars, plus a 9 principal amount of bonds or notes issued (i) to fund any related debt 10 service reserve fund, (ii) to provide capitalized interest, and (iii) to 11 provide for fees and other charges and expenses including any underwrit- 12 ers' discounts, related to the issuance of such bonds or notes, all as 13 determined by the authority, excluding bonds and notes issued to refund 14 outstanding bonds and notes issued pursuant to this section. 15 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09040-03-9