NY State Senate Bill 2025-S1235A

Senate Bill S1235A

2025-2026 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 Via A3224 - Passed Senate

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
Mar 04, 2025	returned to assembly passed senate 3rd reading cal.443 substituted for s1235a
Mar 04, 2025	ordered to third reading cal.443 substituted by a3224 committee discharged and committed to rules
Feb 20, 2025	print number 1235a
Feb 20, 2025	amend and recommit to corporations, authorities and commissions
Jan 08, 2025	referred to corporations, authorities and commissions

Votes

- Mar 4, 2025 - Floor Vote
  A3224
  
  61
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Mar 4, 2025
      
      aye (61)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Baskin
      
      Borrello
      
      Brisport
      
      Brouk
      
      Bynoe
      
      Canzoneri-Fitzpatrick
      
      Chan
      
      Cleare
      
      Cooney
      
      Fahy
      
      Felder
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Lanza
      
      Liu
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Walczyk
      
      Webb
      
      Weber
      
      Weik
      
      excused (2)
      
      Comrie
      
      Myrie
  Mar 4, 2025 - Rules Committee Vote
  S1235A
  
  18
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Mar 4, 2025
      
      aye (18)
      
      Addabbo Jr.
      
      Bailey
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Harckham
      
      Hoylman-Sigal
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      Myrie
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Walczyk
      
      aye wr (2)
      
      Helming
      
      Ortt
      
      excused (1)
      
      Comrie

Bill Amendments

Original

A (Active)

2025-S1235 - Details

See Assembly Version of this Bill:: A3224
Law Section:: New York State Medical Care Facilities Finance Agency Act
Laws Affected:: Amd §7, NYS Med Care Fac Fin Ag Act

2025-S1235 - Summary

Allows the New York state medical care facilities finance agency to issue one billion eight hundred thousand dollars more of certain bonds and notes.

2025-S1235 - Sponsor Memo

                                 
BILL NUMBER: S1235

SPONSOR: COMRIE
 
TITLE OF BILL:

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

 
PURPOSE:

To increase the bond ceiling for the Dormitory Authority of the State of
New York by $1.8 billion

 
SUMMARY OF PROVISIONS:

Section 1: increases statutory bond ceiling in the medical care facili-
ties finance agency act (MCFFA) from $18.2 billion to $20 billion.

Section 2: Effective date.

 
JUSTIFICATION:

This bill is necessary to ensure that upgrades to medical facilities can
remain funded through 2025.

Under current law, DASNY is authorized to issue hospital and nursing
home project bonds and notes under the MCFFA Act in the aggregate amount
of up to $18.2 billion. DASNY issues such bonds and notes to fund loans
to not-for-profit hospital and nursing home corporations.

This authorization was most recently increased by $800 million (from
$17.4 billion to $18.2 billion) in 2023. Previously the existing bond
cap was increased by $800 million in 2021; 2018; 2011; 2009; 2008.

In recent years, DASNY has seen increased activity in the bond market in
both the number and dollar amount of healthcare financings. In July of
2024, DASNY had available approximately $1.367 billion of bond cap for
healthcare transactions. Subsequently, several hospitals contacted DASNY
regarding their financing needs.

As of mid-September 2024, the DASNY Board has authorized three new MCFFA
financings which will utilize cap in the amount of $1.222 billion -
leaving DASNY with MCFFA bond capacity of approximately $145 million.
Unfortunately, that is not enough for new MCFFA projects across New York
in the near term.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
BUDGET IMPLICATIONS:

None noted.

 
EFFECTIVE DATE:
Immediately.

2025-S1235 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1235
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 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 agency act, as amended by chapter 469  of  the  laws  of
 2023, 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  [eighteen]  TWENTY  billion  [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  [eighteen]  TWENTY  billion  [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 obligations so
 refunded or repaid, shall  be  calculated  by  utilizing  the  effective
 interest  rate of the refunding or repayment bonds, notes or other obli-
 gations, which shall be that rate arrived at by doubling the semi-annual
 interest rate (compounded semi-annually) necessary to discount the  debt
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01483-01-5

 S. 1235                             2
 
 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 capital  reserve  fund
 if  upon  issuance,  the amount in the hospital and nursing 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.

co-Sponsors

2025-S1235A (ACTIVE) - Details

See Assembly Version of this Bill:: A3224
Law Section:: New York State Medical Care Facilities Finance Agency Act
Laws Affected:: Amd §7, NYS Med Care Fac Fin Ag Act

2025-S1235A (ACTIVE) - Summary

Allows the New York state medical care facilities finance agency to issue one billion eight hundred thousand dollars more of certain bonds and notes.

2025-S1235A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S1235A

SPONSOR: COMRIE
 
TITLE OF BILL:

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

 
PURPOSE:

To increase the bond ceiling for the Dormitory Authority of the State of
New York by $1.8 billion

 
SUMMARY OF PROVISIONS:

Section 1: increases statutory bond ceiling in the medical care facili-
ties finance agency act (MCFFA) from $18.2 billion to $20 billion.

Section 2: Effective date.

 
JUSTIFICATION:

This bill is necessary to ensure that upgrades to medical facilities can
remain funded through 2025.

Under current law, DASNY is authorized to issue hospital and nursing
home project bonds and notes under the MCFFA Act in the aggregate amount
of up to $18.2 billion. DASNY issues such bonds and notes to fund loans
to not-for-profit hospital and nursing home corporations.

This authorization was most recently increased by $800 million (from
$17.4 billion to $18.2 billion) in 2023. Previously the existing bond
cap was increased by $800 million in 2021; 2018; 2011; 2009; 2008.

In recent years, DASNY has seen increased activity in the bond market in
both the number and dollar amount of healthcare financings. In July of
2024, DASNY had available approximately $1.367 billion of bond cap for
healthcare transactions. Subsequently, several hospitals contacted DASNY
regarding their financing needs.

As of mid-September 2024, the DASNY Board has authorized three new MCFFA
financings which will utilize cap in the amount of $1.222 billion leav-
ing DASNY with MCFFA bond capacity of approximately $145 million. Unfor-
tunately, that is not enough for new MCFFA projects across New York in
the near term.

 
LEGISLATIVE HISTORY:

This is a new bill.

 
BUDGET IMPLICATIONS:

None noted.

 
EFFECTIVE DATE:
Immediately.

2025-S1235A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1235--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and   Commissions  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 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 469 of the
 laws of 2023, 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  [eighteen]  TWENTY  billion  [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  [eighteen]  TWENTY billion [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  obligations  so
 refunded  or  repaid,  shall  be  calculated  by utilizing the effective
 interest rate of the refunding or repayment bonds, notes or other  obli-
 gations, which shall be that rate arrived at by doubling the semi-annual
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01483-02-5

 S. 1235--A                          2
 
 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 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 capital reserve fund
 if upon issuance, the amount in the hospital and  nursing  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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