Senate Bill S8757

2019-2020 Legislative Session

Relates to the ability of the New York state medical care facilities finance agency to issue certain bonds and notes

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2019-S8757 (ACTIVE) - Details

Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
New York State Medical Care Facilities Finance Agency Act
Laws Affected:
Amd §7, NYS Med Care Fac Fin Ag Act
Versions Introduced in 2021-2022 Legislative Session:
S6312

2019-S8757 (ACTIVE) - Summary

Relates to the ability of the New York state medical care facilities finance agency to issue certain bonds and notes.

2019-S8757 (ACTIVE) - Sponsor Memo

2019-S8757 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8757
 
                             I N  S E N A T E
 
                               July 14, 2020
                                ___________
 
 Introduced  by Sen. COMRIE -- (at request of the Dormitory Authority) --
   read twice and ordered printed, and when printed to  be  committed  to
   the Committee on Rules
 
 AN ACT to amend the New York state medical care facilities finance agen-
   cy act, in relation to the ability to issue certain bonds and notes
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (b) of subdivision 1 of section 7 of section 1 of
 chapter 392 of the laws of 1973, constituting the New York state medical
 care facilities finance agency act, as amended by  chapter  183  of  the
 laws of 2018, is amended to read as follows:
   (b) The agency shall not issue hospital and nursing home project bonds
 and  hospital  and  nursing home project notes in an aggregate principal
 amount exceeding [sixteen] SEVENTEEN billion [six] FOUR hundred  million
 dollars,  excluding hospital and nursing home project bonds and hospital
 and nursing home project notes issued to refund outstanding hospital and
 nursing home projects bonds and hospital and nursing home project notes;
 provided, however, that upon any such refunding or repayment  the  total
 aggregate  principal  amount  of outstanding bonds, notes or other obli-
 gations may be greater  than  [sixteen]  SEVENTEEN  billion  [six]  FOUR
 hundred  million dollars only if the present value of the aggregate debt
 service of the refunding or repayment bonds, notes or other  obligations
 to  be  issued  shall not exceed the present value of the aggregate debt
 service of the bonds, notes or other obligations so to  be  refunded  or
 repaid.  For  purposes  hereof, the present values of the aggregate debt
 service of the refunding or repayment bonds, notes or other  obligations
 and  of  the  aggregate  debt service of the bonds, notes or other obli-
 gations so refunded or repaid, shall  be  calculated  by  utilizing  the
 effective  interest  rate  of the refunding or repayment bonds, notes or
 other obligations, 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,
 notes or other obligations from the payment dates thereof to the date of
 issue  of  the  refunding or repayment bonds, notes or other obligations
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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