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A8747Assembly2009-2010 Session

Limits the annual increase in debt of the New York city municipal water finance authority to six percent without the approval of the New York city council

Sponsor James F. BrennanAD-44+8 co-sponsorsAffects Finance
Status
In Assembly Committee
Ways And Means
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Ways And Means

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Who cares

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Sponsors

Primary sponsor
James F. Brennan

Assembly Member · Assembly District 44

History

  1. Reported referred to ways and means
  2. Referred to corporations, authorities and commissions
  3. Referred to corporations, authorities and commissions

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:A8747

Title of bill

An act to amend the public authorities law, in relation to debt held by the New York city municipal water finance authority

Purpose or general idea of bill

To amend the New York City Water Authority to limit the increase in indebtedness they can take on in any one year without NYC Council approval to a 6% increase and to add a new section 1045-g-1 to define the role and responsibilities of the members of the Water Board.

Justification

Currently, the Water Authority has unfettered authority to "borrow money and issue negotiable or non-negotiable notes, bonds or other obligations" in order to carry out its mission. The Water Board then must set water and sewer rates such that these borrowings can be repaid. My bill would limit the amount of new debt that the Water Authority could take on in any one year to 6% unless the City Council gave its approval to any amount above that limit. This would help to hold down the increases in water and sewer rates while allowing for a method to raise money if the situation warrants a large increase in borrowing. Refinancing of current debt would not be affected since they would not increase the total debt load.

Prior legislative history

New bill.

Fiscal implications to state and local government

EFFECTIVE DATE: Immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.