NY State Senate Bill 2023-S7510

Senate Bill S7510

Signed By Governor

2023-2024 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

Current Bill Status - Signed by Governor

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Sep 15, 2023	signed chap.469
Sep 07, 2023	delivered to governor
Jun 06, 2023	returned to senate passed assembly ordered to third reading rules cal.564 substituted for a7660
Jun 05, 2023	referred to ways and means delivered to assembly passed senate ordered to third reading cal.1604
Jun 02, 2023	referred to rules

Votes

- Jun 5, 2023 - Floor Vote
  S7510
  
  61
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 5, 2023
      
      aye (61)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Borrello
      
      Breslin
      
      Brisport
      
      Brouk
      
      Canzoneri-Fitzpatrick
      
      Chu
      
      Cleare
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Walczyk
      
      Webb
      
      Weber
      
      Weik
      
      excused (2)
      
      Cooney
      
      Felder
  Jun 5, 2023 - Rules Committee Vote
  S7510
  
  21
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 5, 2023
      
      aye (21)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Helming
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Thomas

2023-S7510 (ACTIVE) - Details

See Assembly Version of this Bill:: A7660
Law Section:: New York State Medical Care Facilities Finance Agency Act
Laws Affected:: Amd §7, NYS Med Care Fac Fin Ag Act

2023-S7510 (ACTIVE) - Summary

Increases the authorization of the Dormitory Authority of the State of New York ("DASNY"), as successor to the New York State Medical Care Facilities Finance Agency ("MCFFA") pursuant to the Health Care Financing Consolidation Act of 1995, to issue hospital and nursing home project bonds and notes from $17.4 billion to $18.2 billion.

2023-S7510 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S7510

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the  New York state medical care facilities finance
agency act, in relation to the ability to issue certain bonds and notes

 
PURPOSE OF THE BILL:

This bill would increase the authorization of the Dormitory Authority of
the State of New York ("DASNY"), as successor to the New York State
Medical Care Facilities Finance Agency ("MCFFA") pursuant to the Health
Care Financing Consolidation Act of 1995 and chapter 166 of the-laws of
2021, to issue hospital and nursing home project bonds and notes from
$17.4 billion to $18.2 billion.

 
SUMMARY OF PROVISIONS:

Section one of this bill would amend the MCFFA Act to increase DASNY's
authorization to issue hospital and nursing home project bonds and notes
from $17.4 billion to $18.2 billion.

Section two of the bill would make it effective immediately.

 
JUSTIFICATION:

Under current law, DASNY is authorized to issue hospital and nursing
home project bonds and notes in the amount of $17.4 billion. DASNY
issues bonds for purposes including funding mortgage liens or project
loans to not-for-profit hospital and nursing home corporations. Some of
the bonds issued for DASNY's hospital and nursing home clients are
issued under the MCFFA Act. Bonds issued pursuant to the MCFFA Act are
subject to the current hospital and nursing home project bond authori-
zation cap in the MCFFA. Act of $17.4 billion. This authorization was
most recently increased by $800,000,000 in 2021. It was also increased
by $800,000,000 in 2009, 2011, and 2018.

DASNY has continued to see increased activity in the bond market,
including the number and size of the transactions: This bill is neces-
sary to ensure that DASNY has sufficient capacity to support additional
healthcare projects as they seek financing.

Although DASNY cannot predict the timing of future financings, DASNY is
seeking additional bond cap authorization now to ensure it may adequate-
ly respond to any future needs of its private not-for-profit health-care
clients on a timely basis.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
BUDGET IMPLICATIONS:

The bill has no implications for the state budget.

 
EFFECTIVE DATE:
This bill would take effect immediately.

2023-S7510 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7510
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               June 2, 2023
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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
   agency  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 166 of the
 laws of 2021, 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 [seventeen] EIGHTEEN billion [four] TWO 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  [seventeen]  EIGHTEEN  billion  [four]  TWO
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11694-01-3

 S. 7510                             2
 
 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
 and  to  the  price bid including estimated accrued interest or proceeds
 received by the agency including estimated  accrued  interest  from  the
 sale  thereof.  The  agency  shall  not  issue hospital and nursing home
 project bonds at any time secured by the hospital and nursing home capi-
 tal reserve fund if upon issuance, the amount in the hospital and  nurs-
 ing home capital reserve fund will be less than the hospital and nursing
 home capital reserve fund requirement, unless the agency, at the time of
 issuance  of  such  bonds,  shall  deposit in such reserve fund from the
 proceeds of the bonds so to be issued, or  otherwise,  an  amount  which
 together  with  the  amount  then in such reserve fund, will be not less
 than the hospital and nursing home capital reserve fund requirement.
   § 2. This act shall take effect immediately.

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