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
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