Senate Bill S173

2009-2010 Legislative Session

Prohibits bonds or notes of public authorities and public benefit corporations from extending beyond period of probable usefulness

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S173 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Add ยง2881, Pub Auth L
Versions Introduced in 2011-2012 Legislative Session:
S2319

2009-S173 (ACTIVE) - Summary

Prohibits public authorities and public benefit corporations from issuing bonds and notes for a work or purpose which extends beyond the probable life of the work project.

2009-S173 (ACTIVE) - Sponsor Memo

2009-S173 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   173

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- 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 bonds and
  notes of public authorities and public benefit corporations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  public  authorities  law  is amended by adding a new
section 2881 to read as follows:
  S 2881. BONDS AND NOTES  OF  PUBLIC  AUTHORITIES  AND  PUBLIC  BENEFIT
CORPORATIONS.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW, ON AND AFTER
THE EFFECTIVE DATE OF THIS SECTION, NO DEBT SECURED BY A  BOND  OR  NOTE
FOR  A  WORK  OR  PURPOSE ISSUED BY A PUBLIC AUTHORITY OR PUBLIC BENEFIT
CORPORATION CREATED BY OR PURSUANT TO NEW YORK STATE LAW,  WHETHER  SUCH
AUTHORITY OR CORPORATION IS OTHERWISE GOVERNED BY THIS CHAPTER, SHALL BE
CONTRACTED  FOR  A  PERIOD  LONGER THAN THE PROBABLE LIFE OF THE WORK OR
PURPOSE FOR WHICH THE DEBT IS TO BE CONTRACTED.
  S 2. This act shall take effect on the ninetieth day  after  it  shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02692-01-9

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