Bill Text: NY S07837 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to Buffalo sewer authority bonds, increasing the total amount of bonds which may be issued and outstanding at one time.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-06-20 - SUBSTITUTED BY A10074 [S07837 Detail]

Download: New_York-2017-S07837-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7837
                    IN SENATE
                                      March 1, 2018
                                       ___________
        Introduced  by  Sen. KENNEDY -- 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 total
          amount of bonds the Buffalo sewer authority may issue
          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 1187 of the public authorities
     2  law, as amended by chapter 284 of the laws of 1977, is amended  to  read
     3  as follows:
     4    1.  The  authority shall have power and is hereby authorized from time
     5  to time to issue its negotiable  bonds  in  conformity  with  applicable
     6  provisions  of  the  uniform  commercial  code  for any of its corporate
     7  purposes. The total amount of bonds issued and outstanding  at  any  one
     8  time  shall  not exceed in the aggregate the sum of [one hundred twenty-
     9  five] two hundred fifty million dollars, excluding bonds  or  notes  for
    10  the  payment or redemption of which there has been set aside and held in
    11  trust either moneys, or direct and  general  obligations  of,  or  obli-
    12  gations  guaranteed  by,  the  United  States of America, or obligations
    13  secured by such obligations, or any combination thereof,  which  are  or
    14  will  be  sufficient to pay when due the principal or applicable redemp-
    15  tion price and all accrued interest thereon and, if such bonds or  notes
    16  are  to  be  redeemed,  for which notice of redemption has been given or
    17  satisfactory provision has been made for the giving of such notice.  The
    18  authority shall have power from time to time, whenever it deems  refund-
    19  ing expedient, to refund any bonds by the issuance of new bonds, whether
    20  the bonds to be refunded have or have not matured or are then subject to
    21  redemption,  and may issue bonds partly to refund bonds then outstanding
    22  and partly for any of its corporate purposes.
    23    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14960-01-8