S T A T E   O F   N E W   Y O R K
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                                  3624

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             March 25, 2009
                               ___________

Introduced  by  Sen. DILAN -- (at request of the Bridge Authority (NYS))
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Transportation

AN ACT to amend the public authorities law, in relation to granting  the
  New  York State Bridge Authority the power to issue bonds and notes in
  an aggregate principal amount not to exceed $153,255,000

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

  Section 1. Subdivision 1 of section 532 of the public authorities law,
as  amended  by  chapter  584 of the laws of 1993, is amended to read as
follows:
  1. The authority shall have power and is hereby authorized  from  time
to  time  to  issue [after January first, nineteen hundred ninety-three]
its negotiable bonds in conformity with  applicable  provisions  of  the
uniform commercial code for any corporate purpose in the aggregate prin-
cipal  amount [of] not [exceeding one hundred million dollars] TO EXCEED
ONE HUNDRED FIFTY-THREE MILLION TWO HUNDRED FIFTY-FIVE THOUSAND DOLLARS.
  S 2. Subdivision 2 of section 532 of the public  authorities  law,  as
amended  by  chapter  584  of  the  laws  of 1993, is amended to read as
follows:
  2. In addition to the bonds authorized  in  subdivision  one  of  this
section,  the  authority shall have power from time to time and whenever
it deems refunding expedient, to issue bonds in such principal amount as
the authority may determine for the  purpose  of  refunding  bonds  then
outstanding  and  to  issue such additional bonds as may be necessary to
pay the costs incurred in connection with said  refunding,  whether  the
bonds  to  be refunded have or have not matured. The refunding bonds may
be exchanged for the bonds to be refunded with such cash adjustments  as
may  be agreed, or may be sold and the proceeds applied to the purchase,
redemption or payment of the bonds to be  refunded,  provided,  however,
that upon any such refunding or repayment the aggregate principal amount

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09374-02-9
              

S. 3624                             2

of  outstanding  bonds may be greater than [one hundred million dollars]
ONE HUNDRED FIFTY-THREE MILLION TWO HUNDRED FIFTY-FIVE THOUSAND  DOLLARS
only if the present value of the aggregate debt service of the refunding
or  repayment  bonds  to be issued shall not exceed the present value of
the aggregate debt service of the bonds so to be refunded or repaid. For
purposes hereof, the present values of the aggregate debt service of the
refunding or repayment bonds and of the aggregate debt  service  of  the
bonds so refunded or repaid, shall be calculated by utilizing the effec-
tive  interest  rate of the refunding or repayment bonds, which shall be
that  rate  arrived  at  by  doubling  the  semi-annual  interest   rate
(compounded  semi-annually)  necessary  to  discount  the  debt  service
payments on the refunding or repayment  bonds  from  the  payment  dates
thereof  to the date of issue of the refunding or repayment bonds and to
the price bid including estimated accrued interest or proceeds  received
by  the  authority  including  estimated  accrued interest from the sale
thereof.
  S 3. Section 532-a of the public authorities law, as amended by  chap-
ter 584 of the laws of 1993, is amended to read as follows:
  S  532-a.  Notes of the authority. The authority shall have power from
time to time to issue its negotiable notes in conformity with applicable
provisions of the uniform commercial code and from time to time to issue
renewal notes, maturing not later than five years from their  respective
dates  in  an  amount  which  together  with bonds shall not exceed [the
amount of bonds authorized to be issued after  January  first,  nineteen
hundred  ninety-three]  ONE  HUNDRED  FIFTY-THREE  MILLION  TWO  HUNDRED
FIFTY-FIVE THOUSAND DOLLARS pursuant to subdivision one of section  five
hundred  thirty-two of this chapter, excluding bonds issued to fund said
notes. Subject to any agreements with bondholders or noteholders thereof
the authority may pledge such moneys or revenues for the payment of  the
notes  and  may in addition secure the notes in the same manner and with
the same effect as herein provided for bonds. The notes shall be  issued
in  the  same  manner  as  bonds. The authority shall have power to make
contracts for the future sale from time to time of the notes,  by  which
the  purchasers  shall  be  committed to purchase the notes from time to
time on terms and conditions stated in such contracts, and the authority
shall have power to pay such consideration as it shall deem  proper  for
such  commitments.  In case of default on its notes, or violation of any
of the obligations of the authority to the noteholders, the  noteholders
shall have all the remedies provided herein for bondholders.
  S 4. This act shall take effect immediately.