Assembly Bill A7068

2021-2022 Legislative Session

Increases the total amount of bonds the Buffalo sewer authority may issue

download bill text pdf

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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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2021-A7068 (ACTIVE) - Details

See Senate Version of this Bill:
S6769
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
Public Authorities Law
Laws Affected:
Amd §1187, Pub Auth L
Versions Introduced in 2023-2024 Legislative Session:
A2137, S6292

2021-A7068 (ACTIVE) - Summary

Increases the total amount of bonds the Buffalo sewer authority may issue from two hundred fifty million to five hundred million dollars.

2021-A7068 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7068
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 21, 2021
                                ___________
 
 Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
   Committee on Corporations, Authorities and Commissions
 
 AN ACT to amend the public authorities law, in  relation  to  increasing
   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:
 
   Section 1. Subdivision 1 of section 1187  of  the  public  authorities
 law,  as  amended by chapter 244 of the laws of 2018, is amended to read
 as follows:
   1. The authority shall have power and is hereby authorized  from  time
 to  time  to  issue  its  negotiable bonds in conformity with applicable
 provisions of the uniform commercial  code  for  any  of  its  corporate
 purposes.  The  total  amount of bonds issued and outstanding at any one
 time shall not exceed in the aggregate the sum of  [two  hundred  fifty]
 FIVE  HUNDRED  million dollars, excluding bonds or notes for the payment
 or redemption of which there has been set aside and held in trust either
 moneys, or direct and general obligations of, or obligations  guaranteed
 by,  the  United States of America, or obligations secured by such obli-
 gations, or any combination thereof, which are or will be sufficient  to
 pay  when  due  the  principal  or  applicable  redemption price and all
 accrued interest thereon and, if such bonds or notes are to be redeemed,
 for which notice of redemption has been given or satisfactory  provision
 has  been  made for the giving of such notice.  The authority shall have
 power from time to time,  whenever  it  deems  refunding  expedient,  to
 refund  any  bonds by the issuance of new bonds, whether the bonds to be
 refunded have or have not matured or are then subject to redemption, and
 may issue bonds partly to refund bonds then outstanding and  partly  for
 any of its corporate purposes.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10704-01-1

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