S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7236
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 7, 2021
                                ___________
 
 Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
   and when printed to be committed to the Committee on Rules
 
 AN ACT to amend the public authorities law, in relation  to  authorizing
   the Yonkers parking authority to issue bonds or notes in the principal
   amount not to exceed sixty million dollars to finance critical infras-
   tructure  improvements  to  parking  facilities located in the city of
   Yonkers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 1 of section 1596-i of the public authorities
 law, as amended by chapter 592 of the laws of 1988, is amended  to  read
 as follows:
   1.  The  authority  shall have the 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 purpose  mentioned  in
 section fifteen hundred ninety-six-d of this title, including the acqui-
 sition,  construction,  reconstruction  and  repair of personal and real
 property of all kinds deemed by the board to be necessary  or  desirable
 to  carry  out  such  purpose, as well as to pay such expenses as may be
 deemed by the board necessary or desirable to the financing thereof  and
 placing  the project or projects in operation in the aggregate principal
 amount of not exceeding [thirty million dollars outstanding on or before
 June thirtieth, nineteen  hundred  ninety-two]  SIXTY  MILLION  DOLLARS.
 SAID  BONDS  MUST  BE  ISSUED NO LATER THAN JUNE THIRTIETH, TWO THOUSAND
 THIRTY-ONE. The authority shall have power from time to time and whenev-
 er it deems refunding expedient, to  refund  any  bonds,  INCLUDING  THE
 UNPAID  BALANCE  OF  THE  AUTHORITY'S REVENUE BONDS, SERIES 1999A, DATED
 JUNE TWENTY-NINTH, NINETEEN HUNDRED NINETY-NINE, THE ISSUANCE  OF  WHICH
 IS  HEREBY RATIFIED AND CONFIRMED, by the issuance of new bonds, whether
 the bonds to be refunded have or have not matured, and may  issue  bonds
 partly to refund bonds then outstanding and partly for any other purpose
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD11814-02-1

 S. 7236                             2
 
 hereinabove  described.  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 or payment of the bonds
 to  be refunded. In computing the total amount of bonds of the authority
 which may at any time be outstanding the amount of the outstanding bonds
 to be refunded from the proceeds of the sale of new bonds or by exchange
 for new bonds shall be excluded.  Except as may otherwise  be  expressly
 provided  by  the  authority,  the bonds of every issue shall be general
 obligations of the authority payable out of any moneys  or  revenues  of
 the  authority,  subject  only  to  any  agreements  with the holders of
 particular bonds pledging any particular moneys or revenues.
   § 2. This act shall take effect immediately.