S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2568
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2019
                                ___________
 
 Introduced  by M. of A. RODRIGUEZ, BICHOTTE, BUCHWALD, MOSLEY, CROUCH --
   Multi-Sponsored by -- M. of A. THIELE -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the economic development law, in relation to  establish-
   ing infrastructure financing districts

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The economic development law is amended  by  adding  a  new
 article 23 to read as follows:
                                ARTICLE 23
                    INFRASTRUCTURE FINANCING DISTRICTS
 SECTION 450. DEFINITIONS.
         451. REVENUE USAGE.
         452. PERMITTED PROJECTS.
         453. ADDITIONAL FACILITIES OR SERVICES.
         454. DISTRICT DESIGNATION CHALLENGES.
         455. DISTRICT ESTABLISHMENT.
         456. INFRASTRUCTURE PLAN.
         457. PUBLIC HEARING.
         458. TAXATION.
         459. BOND ISSUANCE.
   §  450. DEFINITIONS.   FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1. "AFFECTED TAXING ENTITY" MEANS ANY GOVERNMENTAL TAXING AGENCY WHICH
 LEVIED OR HAD LEVIED ON ITS BEHALF A PROPERTY TAX ON ALL OR A PORTION OF
 THE PROPERTY LOCATED IN THE PROPOSED DISTRICT IN THE FISCAL  YEAR  PRIOR
 TO THE DESIGNATION OF SUCH DISTRICT.
   2. "DISTRICT" MEANS AN INFRASTRUCTURE FINANCING DISTRICT.
   3.  "INFRASTRUCTURE  FINANCING  DISTRICT"  MEANS A LEGALLY CONSTITUTED
 GOVERNMENTAL ENTITY ESTABLISHED PURSUANT TO THIS ARTICLE  FOR  THE  SOLE
 PURPOSE OF FINANCING PUBLIC FACILITIES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07277-01-9

 A. 2568                             2
 
   4.  "LANDOWNER" OR "OWNER OF LAND" MEANS ANY PERSON SHOWN AS THE OWNER
 OF LAND ON THE LAST EQUALIZED ASSESSMENT ROLL OR OTHERWISE KNOWN  TO  BE
 THE  OWNER  OF THE LAND BY A MUNICIPALITY. THE MUNICIPALITY HAS NO OBLI-
 GATION TO OBTAIN OTHER INFORMATION AS TO THE OWNERSHIP OF LAND, AND  ITS
 DETERMINATION  OF  OWNERSHIP  SHALL  BE  FINAL  AND  CONCLUSIVE  FOR THE
 PURPOSES OF THIS ARTICLE. A PUBLIC AGENCY IS NOT A LANDOWNER OR OWNER OF
 LAND FOR PURPOSES OF THIS ARTICLE, UNLESS THE PUBLIC AGENCY OWNS ALL  OF
 THE LAND TO BE INCLUDED WITHIN THE PROPOSED DISTRICT.
   §  451.  REVENUE  USAGE.  1.   THE REVENUES AVAILABLE PURSUANT TO THIS
 ARTICLE MAY BE USED DIRECTLY FOR WORK ALLOWED PURSUANT TO  SECTION  FOUR
 HUNDRED  FIFTY-TWO  OF THIS ARTICLE, MAY BE ACCUMULATED FOR A PERIOD NOT
 TO EXCEED FIVE YEARS TO PROVIDE A FUND FOR THAT WORK, MAY BE PLEDGED  TO
 PAY  THE  PRINCIPAL  OF,  AND INTEREST ON, BONDS ISSUED PURSUANT TO THIS
 ARTICLE, OR MAY BE PLEDGED TO PAY THE PRINCIPAL  OF,  AND  INTEREST  ON,
 BONDS THE PROCEEDS OF WHICH WILL BE USED ENTIRELY FOR ALLOWABLE PURPOSES
 OF  THE  DISTRICT. THE REVENUES OF THE DISTRICT MAY ALSO BE COMMITTED TO
 PAYING FOR ANY COMPLETED PUBLIC FACILITY ACQUIRED  PURSUANT  TO  SECTION
 FOUR  HUNDRED FIFTY-TWO OF THIS ARTICLE OVER A PERIOD OF TIME, INCLUDING
 THE PAYMENT OF A RATE OF INTEREST NOT TO EXCEED  THE  BOND  BUYER  INDEX
 RATE  ON THE DAY THAT THE AGREEMENT TO REPAY IS ENTERED INTO BY THE CITY
 OR COUNTY.
   2. A MUNICIPALITY MAY ENTER INTO AN AGREEMENT WITH ANY AFFECTED TAXING
 ENTITY PROVIDING FOR THE CONSTRUCTION OF, OR  ASSISTANCE  IN,  FINANCING
 PUBLIC FACILITIES.
   § 452. PERMITTED PROJECTS. 1. A DISTRICT MAY FINANCE (A) THE PURCHASE,
 CONSTRUCTION,  EXPANSION,  IMPROVEMENT,  SEISMIC  RETROFIT, OR REHABILI-
 TATION OF ANY REAL OR OTHER TANGIBLE PROPERTY WITH AN  ESTIMATED  USEFUL
 LIFE  OF  FIFTEEN  YEARS  OR  LONGER WHICH SATISFIES THE REQUIREMENTS OF
 SUBDIVISION TWO OF THIS SECTION, (B) MAY  FINANCE  PLANNING  AND  DESIGN
 WORK WHICH IS DIRECTLY RELATED TO THE PURCHASE, CONSTRUCTION, EXPANSION,
 OR  REHABILITATION  OF  THAT  PROPERTY,  AND  (C) THE COSTS DESCRIBED IN
 SUBDIVISION THREE OF SECTION FOUR HUNDRED FIFTY-EIGHT OF THIS ARTICLE. A
 DISTRICT  MAY  ONLY  FINANCE  THE  PURCHASE  OF  FACILITIES  FOR   WHICH
 CONSTRUCTION  HAS BEEN COMPLETED, AS DETERMINED BY THE MUNICIPALITY. THE
 FACILITIES NEED NOT BE PHYSICALLY LOCATED WITHIN THE BOUNDARIES  OF  THE
 DISTRICT.  A  DISTRICT MAY NOT FINANCE ROUTINE MAINTENANCE, REPAIR WORK,
 OR THE COSTS OF ONGOING OPERATION OR PROVIDING SERVICES OF ANY KIND.
   2. THE DISTRICT SHALL FINANCE ONLY PUBLIC CAPITAL FACILITIES OF COMMU-
 NITYWIDE SIGNIFICANCE, WHICH PROVIDE SIGNIFICANT  BENEFITS  TO  AN  AREA
 LARGER THAN THE AREA OF THE DISTRICT, INCLUDING, BUT NOT LIMITED TO, ALL
 OF THE FOLLOWING:
   (A) HIGHWAYS, INTERCHANGES, RAMPS AND BRIDGES, ARTERIAL STREETS, PARK-
 ING FACILITIES, AND TRANSIT FACILITIES.
   (B)  SEWAGE  TREATMENT  AND  WATER  RECLAMATION PLANTS AND INTERCEPTOR
 PIPES.
   (C) FACILITIES FOR THE COLLECTION AND TREATMENT  OF  WATER  FOR  URBAN
 USES.
   (D)  FLOOD  CONTROL  LEVEES  AND  DAMS, RETENTION BASINS, AND DRAINAGE
 CHANNELS.
   (E) CHILD CARE FACILITIES.
   (F) LIBRARIES.
   (G) PARKS, RECREATIONAL FACILITIES, AND OPEN SPACE.
   (H) FACILITIES FOR THE TRANSFER AND DISPOSAL OF SOLID WASTE, INCLUDING
 TRANSFER STATIONS AND VEHICLES.

 A. 2568                             3
 
   3. IN ADDITION TO THE PROJECTS AUTHORIZED HEREIN,  ANY  INFRASTRUCTURE
 FINANCING  DISTRICT  MAY  FINANCE  PUBLIC CAPITAL FACILITIES OR PROJECTS
 THAT INCLUDE BROADBAND.
   FOR PURPOSES OF THIS SECTION, "BROADBAND" MEANS COMMUNICATIONS NETWORK
 FACILITIES THAT ENABLE HIGH-SPEED INTERNET ACCESS.
   §  453.  ADDITIONAL FACILITIES OR SERVICES. 1.  A DISTRICT MAY FINANCE
 ONLY THE FACILITIES OR SERVICES AUTHORIZED IN THIS ARTICLE TO THE EXTENT
 THAT THE FACILITIES OR SERVICES ARE IN ADDITION TO THOSE PROVIDED IN THE
 TERRITORY OF THE DISTRICT BEFORE THE DISTRICT  WAS  CREATED.  THE  ADDI-
 TIONAL  FACILITIES  OR  SERVICES MAY NOT SUPPLANT FACILITIES OR SERVICES
 ALREADY AVAILABLE WITHIN THAT TERRITORY WHEN THE  DISTRICT  WAS  CREATED
 BUT  MAY SUPPLEMENT THOSE FACILITIES AND SERVICES AS NEEDED TO SERVE NEW
 DEVELOPMENTS.
   2. A DISTRICT MAY INCLUDE AREAS THAT ARE NOT CONTIGUOUS.
   3. ANY DEBT OR OBLIGATION OF A DISTRICT SHALL BE  SUBORDINATE  TO  ALL
 PRIOR ENFORCEABLE OBLIGATIONS.
   §  454.  DISTRICT  DESIGNATION CHALLENGES. ANY ACTION OR PROCEEDING TO
 ATTACK, REVIEW, SET ASIDE, VOID, OR ANNUL THE CREATION  OF  A  DISTRICT,
 ADOPTION  OF  AN  INFRASTRUCTURE FINANCING PLAN, INCLUDING A DIVISION OF
 TAXES THEREUNDER, THE VALIDITY OF BOND ISSUANCE OR AN ELECTION  PURSUANT
 TO  THIS  ARTICLE SHALL BE COMMENCED WITHIN THIRTY DAYS AFTER THE ENACT-
 MENT OF THE ORDINANCE CREATING THE DISTRICT.
   § 455. DISTRICT ESTABLISHMENT. A MUNICIPALITY  MAY  DESIGNATE  ONE  OR
 MORE  PROPOSED INFRASTRUCTURE FINANCING DISTRICTS PURSUANT TO THIS ARTI-
 CLE. PROCEEDINGS FOR THE ESTABLISHMENT OF A DISTRICT SHALL BE INSTITUTED
 BY THE ADOPTION OF A RESOLUTION OF INTENTION TO ESTABLISH  THE  PROPOSED
 DISTRICT AND SHALL DO ALL OF THE FOLLOWING:
   1.  STATE  THAT AN INFRASTRUCTURE FINANCING DISTRICT IS PROPOSED TO BE
 ESTABLISHED UNDER THE TERMS OF THIS ARTICLE AND DESCRIBE THE  BOUNDARIES
 OF  THE  PROPOSED  DISTRICT, WHICH MAY BE ACCOMPLISHED BY REFERENCE TO A
 MAP ON FILE IN THE OFFICE OF THE CLERK OF THE CITY  OR  COUNTY  THAT  IS
 PROPOSING TO ESTABLISH THE DISTRICT.
   2.  STATE THE TYPE OF PUBLIC FACILITIES PROPOSED TO BE FINANCED BY THE
 DISTRICT. THE DISTRICT MAY ONLY FINANCE PUBLIC FACILITIES AUTHORIZED  BY
 SECTION FOUR HUNDRED FIFTY-TWO OF THIS ARTICLE.
   3. STATE THAT INCREMENTAL PROPERTY TAX REVENUE FROM THE CITY OR COUNTY
 AND SOME OR ALL AFFECTED TAXING ENTITIES WITHIN THE DISTRICT MAY BE USED
 TO FINANCE THESE PUBLIC FACILITIES.
   4. FIX A TIME AND PLACE FOR A PUBLIC HEARING ON THE PROPOSAL.
   5.  THE  MUNICIPALITY  SHALL  DIRECT  THE  CLERK TO MAIL A COPY OF THE
 RESOLUTION OF INTENTION TO CREATE THE DISTRICT TO  EACH  OWNER  OF  LAND
 WITHIN THE DISTRICT AND TO EACH AFFECTED TAXING ENTITY.
   6. AFTER ADOPTING THE RESOLUTION PURSUANT TO THIS SECTION, THE MUNICI-
 PALITY  SHALL DESIGNATE THE APPROPRIATE MUNICIPAL OFFICIAL TO PREPARE AN
 INFRASTRUCTURE PLAN PURSUANT TO SECTION FOUR HUNDRED FIFTY-SIX  OF  THIS
 ARTICLE.
   §  456. INFRASTRUCTURE PLAN. AFTER RECEIPT OF A COPY OF THE RESOLUTION
 OF INTENTION TO ESTABLISH A DISTRICT, THE OFFICIAL  DESIGNATED  PURSUANT
 TO  SUBDIVISION  SIX  OF SECTION FOUR HUNDRED FIFTY-FIVE OF THIS ARTICLE
 SHALL PREPARE A PROPOSED INFRASTRUCTURE FINANCING PLAN. THE  INFRASTRUC-
 TURE  FINANCING  PLAN  SHALL  BE CONSISTENT WITH THE GENERAL PLAN OF THE
 CITY OR COUNTY WITHIN WHICH THE DISTRICT IS LOCATED  AND  SHALL  INCLUDE
 ALL OF THE FOLLOWING:
   1.  A  MAP  AND  LEGAL DESCRIPTION OF THE PROPOSED DISTRICT, WHICH MAY
 INCLUDE ALL OR A PORTION OF THE DISTRICT DESIGNATED BY THE  MUNICIPALITY
 IN ITS RESOLUTION OF INTENTION.

 A. 2568                             4
 
   2. A DESCRIPTION OF THE PUBLIC FACILITIES REQUIRED TO SERVE THE DEVEL-
 OPMENT  PROPOSED  IN  THE  AREA  OF  THE  DISTRICT INCLUDING THOSE TO BE
 PROVIDED BY THE PRIVATE SECTOR, THOSE TO  BE  PROVIDED  BY  GOVERNMENTAL
 ENTITIES  WITHOUT  ASSISTANCE  UNDER THIS ARTICLE, THOSE PUBLIC IMPROVE-
 MENTS  AND  FACILITIES  TO BE FINANCED WITH ASSISTANCE FROM THE PROPOSED
 DISTRICT, AND THOSE  TO  BE  PROVIDED  JOINTLY.  THE  DESCRIPTION  SHALL
 INCLUDE  THE PROPOSED LOCATION, TIMING, AND COSTS OF THE PUBLIC IMPROVE-
 MENTS AND FACILITIES.
   3. A FINDING THAT THE PUBLIC FACILITIES ARE OF  COMMUNITYWIDE  SIGNIF-
 ICANCE  AND PROVIDE SIGNIFICANT BENEFITS TO AN AREA LARGER THAN THE AREA
 OF THE DISTRICT.
   4. A FINANCING SECTION, WHICH  SHALL  CONTAIN  ALL  OF  THE  FOLLOWING
 INFORMATION:
   (A)  A  SPECIFICATION  OF  THE  MAXIMUM PORTION OF THE INCREMENTAL TAX
 REVENUE OF THE CITY  OR  COUNTY  AND  OF  EACH  AFFECTED  TAXING  ENTITY
 PROPOSED  TO BE COMMITTED TO THE DISTRICT FOR EACH YEAR DURING WHICH THE
 DISTRICT WILL RECEIVE INCREMENTAL TAX REVENUE. THE PORTION NEED  NOT  BE
 THE  SAME  FOR ALL AFFECTED TAXING ENTITIES. THE PORTION MAY CHANGE OVER
 TIME.
   (B) A PROJECTION OF THE AMOUNT OF TAX REVENUES EXPECTED TO BE RECEIVED
 BY THE DISTRICT IN EACH YEAR DURING WHICH THE DISTRICT WILL RECEIVE  TAX
 REVENUES,  INCLUDING AN ESTIMATE OF THE AMOUNT OF TAX REVENUES ATTRIBUT-
 ABLE TO EACH AFFECTED TAX ENTITY FOR EACH YEAR.
   (C) A PLAN FOR FINANCING THE PUBLIC FACILITIES TO BE ASSISTED  BY  THE
 DISTRICT,  INCLUDING  A  DETAILED  DESCRIPTION OF ANY INTENTION TO INCUR
 DEBT.
   (D) A LIMIT ON THE TOTAL NUMBER OF DOLLARS OF TAXES WHICH MAY BE ALLO-
 CATED TO THE DISTRICT PURSUANT TO THE PLAN.
   (E) A DATE ON WHICH THE DISTRICT WILL CEASE TO EXIST,  BY  WHICH  TIME
 ALL TAX ALLOCATIONS TO THE DISTRICT WILL END. THE DATE SHALL NOT BE MORE
 THAN  THIRTY  YEARS  FROM  THE  DATE  ON WHICH THE ORDINANCE FORMING THE
 DISTRICT IS ADOPTED.
   (F) AN ANALYSIS OF THE COSTS TO THE CITY OR COUNTY OF PROVIDING FACIL-
 ITIES AND SERVICES TO THE AREA OF THE DISTRICT WHILE THE AREA  IS  BEING
 DEVELOPED  AND  AFTER THE AREA IS DEVELOPED. THE PLAN SHALL ALSO INCLUDE
 AN ANALYSIS OF THE TAX, FEE, CHARGE, AND OTHER REVENUES EXPECTED  TO  BE
 RECEIVED  BY  THE  CITY OR COUNTY AS A RESULT OF EXPECTED DEVELOPMENT IN
 THE AREA OF THE DISTRICT.
   (G) AN ANALYSIS OF THE PROJECTED FISCAL IMPACT ON THE DISTRICT AND THE
 ASSOCIATED DEVELOPMENT UPON EACH AFFECTED TAXING ENTITY.
   (H) A PLAN FOR FINANCING ANY POTENTIAL COSTS THAT MAY BE  INCURRED  BY
 REIMBURSING A DEVELOPER OF A PROJECT THAT IS LOCATED ENTIRELY WITHIN THE
 BOUNDARIES OF THAT DISTRICT.
   §  457.  PUBLIC  HEARING.  1.  THE MUNICIPALITY SHALL CONDUCT A PUBLIC
 HEARING PRIOR TO ADOPTING THE PROPOSED  INFRASTRUCTURE  FINANCING  PLAN.
 THE  PUBLIC  HEARING SHALL BE CALLED NO SOONER THAN SIXTY DAYS AFTER THE
 PLAN HAS BEEN SENT TO EACH AFFECTED  TAXING ENTITY. IN ADDITION  TO  THE
 NOTICE  GIVEN  TO LANDOWNERS AND AFFECTED TAXING ENTITIES, NOTICE OF THE
 PUBLIC HEARING SHALL BE GIVEN BY PUBLICATION NOT LESS THAN ONCE  A  WEEK
 FOR  FOUR  SUCCESSIVE  WEEKS  IN  A  NEWSPAPER  OF  GENERAL  CIRCULATION
 PUBLISHED IN THE CITY OR  COUNTY  IN  WHICH  THE  PROPOSED  DISTRICT  IS
 LOCATED.  THE  NOTICE  SHALL  STATE  THAT  THE  DISTRICT WILL BE USED TO
 FINANCE  PUBLIC  WORKS,  BRIEFLY  DESCRIBE  THE  PUBLIC  WORKS,  BRIEFLY
 DESCRIBE  THE  PROPOSED  FINANCIAL  ARRANGEMENTS, INCLUDING THE PROPOSED
 COMMITMENT OF INCREMENTAL TAX REVENUE, DESCRIBE THE  BOUNDARIES  OF  THE
 PROPOSED  DISTRICT AND STATE THE DAY, HOUR, AND PLACE WHEN AND WHERE ANY

 A. 2568                             5
 
 PERSONS HAVING ANY OBJECTIONS TO THE PROPOSED  INFRASTRUCTURE  FINANCING
 PLAN,  OR  THE  REGULARITY  OF  ANY OF THE PRIOR PROCEEDINGS, MAY APPEAR
 BEFORE THE MUNICIPALITY AND OBJECT TO THE ADOPTION OF THE PROPOSED  PLAN
 BY THE MUNICIPALITY.
   2.  AT  THE  HOUR  SET IN THE REQUIRED NOTICES, THE MUNICIPALITY SHALL
 PROCEED TO HEAR AND PASS UPON ALL WRITTEN AND ORAL OBJECTIONS. THE HEAR-
 ING MAY BE CONTINUED FROM TIME TO TIME. THE MUNICIPALITY SHALL  CONSIDER
 THE  RECOMMENDATIONS,  IF  ANY,  OF  AFFECTED  TAXING  ENTITIES, AND ALL
 EVIDENCE AND TESTIMONY FOR AND AGAINST THE ADOPTION  OF  THE  PLAN.  THE
 MUNICIPALITY MAY MODIFY THE PLAN BY ELIMINATING OR REDUCING THE SIZE AND
 COST  OF PROPOSED PUBLIC WORKS, BY REDUCING THE AMOUNT OF PROPOSED DEBT,
 OR BY REDUCING THE PORTION,  AMOUNT,  OR  DURATION  OF  INCREMENTAL  TAX
 REVENUES TO BE COMMITTED TO THE DISTRICT.
   3.  NOTHING  IN THIS SECTION SHALL BE CONSTRUED TO PREVENT THE MUNICI-
 PALITY FROM AMENDING ITS INFRASTRUCTURE FINANCING PLAN  AND  ADOPTING  A
 RESOLUTION  PROPOSING FORMATION OF THE INFRASTRUCTURE FINANCING DISTRICT
 WITHOUT ALLOCATION OF THE TAX REVENUES OF  ANY  AFFECTED  TAXING  ENTITY
 WHICH  HAS  NOT APPROVED THE INFRASTRUCTURE FINANCING PLAN BY RESOLUTION
 OF THE GOVERNING BODY OF THE AFFECTED TAXING ENTITY.
   4. AT THE CONCLUSION OF THE HEARING,  THE  MUNICIPALITY  MAY  ADOPT  A
 RESOLUTION  PROPOSING  ADOPTION OF THE INFRASTRUCTURE FINANCING PLAN, AS
 MODIFIED, AND FORMATION OF THE INFRASTRUCTURE FINANCING DISTRICT, OR  IT
 MAY  ABANDON  THE  PROCEEDINGS.  IF THE MUNICIPALITY ADOPTS A RESOLUTION
 PROPOSING FORMATION OF THE DISTRICT, IT SHALL THEN SUBMIT  THE  PROPOSAL
 TO  CREATE  THE  DISTRICT  TO  THE  QUALIFIED  ELECTORS  OF THE PROPOSED
 DISTRICT IN THE NEXT GENERAL ELECTION OR IN A  SPECIAL  ELECTION  TO  BE
 HELD,  NOTWITHSTANDING  ANY  OTHER REQUIREMENT AT LEAST NINETY DAYS, BUT
 NOT MORE THAN ONE HUNDRED EIGHTY DAYS, FOLLOWING  THE  ADOPTION  OF  THE
 RESOLUTION  OF  FORMATION. THE MUNICIPALITY SHALL PROVIDE THE RESOLUTION
 OF FORMATION, A CERTIFIED MAP OF SUFFICIENT SCALE AND  CLARITY  TO  SHOW
 THE  BOUNDARIES  OF  THE DISTRICT, AND A SUFFICIENT DESCRIPTION TO ALLOW
 THE ELECTION OFFICIAL TO DETERMINE THE BOUNDARIES OF THE DISTRICT TO THE
 OFFICIAL CONDUCTING THE ELECTION WITHIN THREE BUSINESS  DAYS  AFTER  THE
 ADOPTION  OF  THE RESOLUTION OF FORMATION. THE ASSESSOR'S PARCEL NUMBERS
 FOR THE LAND WITHIN THE DISTRICT SHALL BE INCLUDED IF IT IS A  LANDOWNER
 ELECTION  OR  THE  DISTRICT  DOES  NOT CONFORM TO AN EXISTING DISTRICT'S
 BOUNDARIES AND IF REQUESTED BY THE OFFICIAL CONDUCTING THE ELECTION.  IF
 THE  ELECTION  IS  TO  BE  HELD  LESS  THAN ONE HUNDRED TWENTY-FIVE DAYS
 FOLLOWING THE ADOPTION OF THE RESOLUTION OF FORMATION,  THE  CONCURRENCE
 OF  THE  ELECTION  OFFICIAL  CONDUCTING  THE ELECTION SHALL BE REQUIRED.
 HOWEVER, ANY  TIME  LIMIT  SPECIFIED  BY  THIS  SECTION  OR  REQUIREMENT
 PERTAINING  TO THE CONDUCT OF THE ELECTION MAY BE WAIVED WITH THE UNANI-
 MOUS CONSENT OF THE QUALIFIED ELECTORS OF THE PROPOSED DISTRICT AND  THE
 CONCURRENCE OF THE ELECTION OFFICIAL CONDUCTING THE ELECTION.
   5.  AFTER  THE  CANVASS  OF  RETURNS  OF ANY ELECTION PURSUANT TO THIS
 SECTION, THE MUNICIPALITY MAY, BY ORDINANCE,  ADOPT  THE  INFRASTRUCTURE
 FINANCING  PLAN  AND  CREATE  THE DISTRICT WITH FULL FORCE AND EFFECT OF
 LAW, IF FIFTY-FIVE PERCENT OF THE VOTES UPON THE  QUESTION  OF  CREATING
 THE DISTRICT ARE IN FAVOR OF CRATING THE DISTRICT.
   6.  AFTER THE CANVASS OF RETURNS OF ANY ELECTION CONDUCTED PURSUANT TO
 THIS SECTION, THE MUNICIPALITY SHALL TAKE NO FURTHER ACTION WITH RESPECT
 TO THE PROPOSED INFRASTRUCTURE FINANCING DISTRICT FOR ONE YEAR FROM  THE
 DATE  OF  THE ELECTION IF THE QUESTION OF CREATING THE DISTRICT FAILS TO
 RECEIVE APPROVAL BY FIFTY-FIVE PERCENT OF THE VOTES CAST UPON THE  QUES-
 TION.

 A. 2568                             6
 
   §  458.  TAXATION.  ANY  INFRASTRUCTURE  FINANCING  PLAN MAY CONTAIN A
 PROVISION THAT TAXES, IF ANY, LEVIED UPON TAXABLE PROPERTY IN  THE  AREA
 INCLUDED  WITHIN  THE  INFRASTRUCTURE FINANCING DISTRICT EACH YEAR BY OR
 FOR THE BENEFIT OF THE STATE OF NEW YORK, OR ANY AFFECTED TAXING  ENTITY
 AFTER  THE  EFFECTIVE DATE OF THE ORDINANCE ADOPTED PURSUANT TO SUBDIVI-
 SION FIVE OF SECTION FOUR HUNDRED FIFTY-SEVEN OF THIS ARTICLE TO  CREATE
 THE DISTRICT, SHALL BE DIVIDED AS FOLLOWS:
   1.  THAT PORTION OF THE TAXES WHICH WOULD BE PRODUCED BY THE RATE UPON
 WHICH THE TAX IS LEVIED EACH YEAR BY OR FOR EACH OF THE AFFECTED  TAXING
 ENTITIES UPON THE TOTAL SUM OF THE ASSESSED VALUE OF THE TAXABLE PROPER-
 TY  IN THE DISTRICT AS SHOWN UPON THE ASSESSMENT ROLL USED IN CONNECTION
 WITH THE TAXATION OF THE PROPERTY BY THE AFFECTED  TAXING  ENTITY,  LAST
 EQUALIZED  PRIOR TO THE EFFECTIVE DATE OF THE ORDINANCE ADOPTED PURSUANT
 TO SUBDIVISION FIVE OF SECTION FOUR HUNDRED FIFTY-SEVEN OF THIS  ARTICLE
 TO  CREATE THE DISTRICT, SHALL BE ALLOCATED TO, AND WHEN COLLECTED SHALL
 BE PAID TO, THE RESPECTIVE AFFECTED TAXING ENTITIES AS TAXES BY  OR  FOR
 THE AFFECTED TAXING ENTITIES ON ALL OTHER PROPERTY ARE PAID.
   2. THAT PORTION OF THE LEVIED TAXES EACH YEAR SPECIFIED IN THE ADOPTED
 INFRASTRUCTURE  FINANCING  PLAN FOR THE CITY OR COUNTY AND EACH AFFECTED
 TAXING ENTITY IN EXCESS OF THE AMOUNT SPECIFIED IN  SUBDIVISION  ONE  OF
 THIS  SECTION  SHALL  BE  ALLOCATED TO, AND WHEN COLLECTED SHALL BE PAID
 INTO A SPECIAL FUND OF, THE DISTRICT FOR  ALL  LAWFUL  PURPOSES  OF  THE
 DISTRICT.   UNLESS AND UNTIL THE TOTAL ASSESSED VALUATION OF THE TAXABLE
 PROPERTY IN A DISTRICT EXCEEDS THE TOTAL ASSESSED VALUE OF  THE  TAXABLE
 PROPERTY  IN THE DISTRICT AS SHOWN BY THE LAST EQUALIZED ASSESSMENT ROLL
 REFERRED TO IN SUBDIVISION ONE OF THIS SECTION, ALL OF THE TAXES  LEVIED
 AND COLLECTED UPON THE TAXABLE PROPERTY IN THE DISTRICT SHALL BE PAID TO
 THE  RESPECTIVE  AFFECTED  TAXING  ENTITIES. WHEN THE DISTRICT CEASES TO
 EXIST PURSUANT TO THE ADOPTED INFRASTRUCTURE FINANCING PLAN, ALL  MONEYS
 THEREAFTER RECEIVED FROM TAXES UPON THE TAXABLE PROPERTY IN THE DISTRICT
 SHALL BE PAID TO THE RESPECTIVE AFFECTED TAXING ENTITIES AS TAXES ON ALL
 OTHER PROPERTY ARE PAID.
   3.  ALL  COSTS INCURRED BY A COUNTY IN CONNECTION WITH THE DIVISION OF
 TAXES PURSUANT TO THIS SECTION FOR A DISTRICT  SHALL  BE  PAID  BY  THAT
 DISTRICT.
   §  459. BOND ISSUANCE. 1. A MUNICIPALITY MAY, BY MAJORITY VOTE, INITI-
 ATE PROCEEDINGS TO ISSUE BONDS PURSUANT TO THIS ARTICLE  BY  ADOPTING  A
 RESOLUTION  STATING ITS INTENT TO ISSUE THE BONDS. SUCH RESOLUTION SHALL
 CONTAIN ALL OF THE FOLLOWING INFORMATION:
   (A) A DESCRIPTION OF THE FACILITIES TO BE FINANCED WITH  THE  PROCEEDS
 OF THE PROPOSED BOND ISSUED.
   (B)  THE  ESTIMATED  COST  OF  THE  FACILITIES,  THE ESTIMATED COST OF
 PREPARING AND ISSUING  THE  BONDS,  AND  THE  PRINCIPAL  AMOUNT  OF  THE
 PROPOSED BOND ISSUANCE.
   (C)  THE MAXIMUM INTEREST RATE AND DISCOUNT ON THE PROPOSED BOND ISSU-
 ANCE.
   (D) THE DATE OF THE ELECTION ON THE PROPOSED  BOND  ISSUANCE  AND  THE
 MANNER OF HOLDING THE ELECTION.
   (E)  A  DETERMINATION  OF THE AMOUNT OF TAX REVENUE AVAILABLE OR ESTI-
 MATED TO BE AVAILABLE, FOR THE PAYMENT OF THE PRINCIPAL OF, AND INTEREST
 ON, THE BONDS.
   (F) A FINDING THAT THE AMOUNT NECESSARY TO PAY THE PRINCIPAL  OF,  AND
 INTEREST  ON, THE PROPOSED BOND ISSUANCE WILL BE LESS THAN, OR EQUAL TO,
 THE AMOUNT DETERMINED PURSUANT TO SUBDIVISION FIVE OF THIS SECTION.
   2. SUCH RESOLUTION SHALL BE PUBLISHED ONCE A DAY FOR  AT  LEAST  SEVEN
 SUCCESSIVE  DAYS IN A NEWSPAPER PUBLISHED IN THE CITY OR COUNTY AT LEAST

 A. 2568                             7

 SIX DAYS A WEEK, OR AT LEAST ONCE A WEEK FOR TWO SUCCESSIVE WEEKS  IN  A
 NEWSPAPER PUBLISHED IN THE CITY OR COUNTY LESS THAN SIX DAYS A WEEK.
   IF  THERE  ARE  NO  NEWSPAPERS  MEETING THESE CRITERIA, THE RESOLUTION
 SHALL BE POSTED IN THREE PUBLIC  PLACES  WITHIN  THE  TERRITORY  OF  THE
 DISTRICT FOR TWO SUCCEEDING WEEKS.
   3.  THE  MUNICIPALITY  SHALL SUBMIT THE PROPOSAL TO ISSUE THE BONDS TO
 THE VOTERS WHO  RESIDE  WITHIN  THE  DISTRICT.  THE  ELECTION  SHALL  BE
 CONDUCTED  IN  THE  SAME  MANNER  AS THE ELECTION TO CREATE THE DISTRICT
 PURSUANT TO SECTION FOUR HUNDRED FIFTY-SEVEN OF THIS ARTICLE AND THE TWO
 ELECTIONS MAY BE CONSOLIDATED.
   4. (A) THE BONDS MAY BE ISSUED IF FIFTY-FIVE  PERCENT  OF  THE  VOTERS
 VOTING ON THE PROPOSITION VOTE IN FAVOR OF ISSUING THE BONDS.
   (B)  IF  THE  VOTERS  APPROVE THE ISSUANCE OF THE BONDS AS PROVIDED BY
 PARAGRAPH (A), THE MUNICIPALITY SHALL PROCEED WITH THE ISSUANCE  OF  THE
 BONDS  BY  ADOPTING  A  RESOLUTION  WHICH  SHALL  PROVIDE FOR ALL OF THE
 FOLLOWING:
   (I) THE ISSUANCE OF THE BONDS IN ONE OR MORE SERIES.
   (II) THE PRINCIPAL AMOUNT OF THE BONDS, WHICH SHALL BE CONSISTENT WITH
 THE AMOUNT SPECIFIED  IN  PARAGRAPH  (B)  OF  SUBDIVISION  ONE  OF  THIS
 SECTION.
   (III) THE DATE THE BONDS WILL BEAR.
   (IV) THE DATE OF MATURITY OF THE BONDS.
   (V) THE DENOMINATION OF THE BONDS.
   (VI) THE FORM OF THE BONDS.
   (VII) THE MANNER OF EXECUTION OF THE BONDS.
   (VIII) THE MEDIUM OF PAYMENT IN WHICH THE BONDS ARE PAYABLE.
   (IX) THE PLACE OR MANNER OF PAYMENT AND ANY REQUIREMENTS FOR REGISTRA-
 TION OF THE BONDS.
   (X) THE TERMS OF CALL OR REDEMPTION, WITH OR WITHOUT PREMIUM.
   5. IF ANY PROPOSITION SUBMITTED TO THE VOTERS PURSUANT TO THIS ARTICLE
 IS  DEFEATED  BY THE VOTERS, THE MUNICIPALITY SHALL NOT SUBMIT, OR CAUSE
 TO BE SUBMITTED, A SIMILAR PROPOSITION TO THE VOTERS FOR  AT  LEAST  ONE
 YEAR AFTER THE FIRST ELECTION.
   6.  THE  MUNICIPALITY  MAY, BY MAJORITY VOTE, PROVIDE FOR REFUNDING OF
 BONDS ISSUED PURSUANT TO THIS ARTICLE. HOWEVER,  REFUNDING  BONDS  SHALL
 NOT  BE ISSUED IF THE TOTAL NET INTEREST COST TO MATURITY ON THE REFUND-
 ING BONDS PLUS THE PRINCIPAL AMOUNT OF THE REFUNDING BONDS  EXCEEDS  THE
 TOTAL  NET  INTEREST  COST  TO MATURITY ON THE BONDS TO BE REFUNDED. THE
 MUNICIPALITY MAY NOT EXTEND THE TIME TO MATURITY OF THE BONDS.
   7. THE MUNICIPALITY OR ANY PERSON EXECUTING THE  BONDS  SHALL  NOT  BE
 PERSONALLY  LIABLE  ON  THE BONDS BY REASON OF THEIR ISSUANCE. THE BONDS
 AND OTHER OBLIGATIONS OF A DISTRICT ISSUED PURSUANT TO THIS ARTICLE  ARE
 NOT  A  DEBT  OF  THE  CITY, COUNTY, OR STATE OR OF ANY OF ITS POLITICAL
 SUBDIVISIONS, OTHER THAN THE DISTRICT, AND NONE OF THOSE ENTITIES, OTHER
 THAN THE DISTRICT, SHALL BE LIABLE ON THE BONDS AND THE BONDS  OR  OBLI-
 GATIONS  SHALL  BE  PAYABLE  EXCLUSIVELY FROM FUNDS OR PROPERTIES OF THE
 DISTRICT. THE BONDS SHALL CONTAIN A STATEMENT TO THIS  EFFECT  ON  THEIR
 FACE.  THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS WITHIN THE MEANING OF
 ANY CONSTITUTIONAL OR STATUTORY DEBT LIMITATION.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.