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Sponsors
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History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the Erie county fiscal stability authority's borrowing determinations
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Mark J.F. Schroeder
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to the Erie county fiscal stability authority's borrowing determinations
Purpose or general idea of bill
To allow the County to borrow without needing the approval of the authority, provided that the county has investment grade ratings from at least two nationally recognized rating agencies at the time of such borrowing.
Summary of specific provisions
Section 1: amends subdivision 2 of section 3959 of the public authority's law, to allow that the county may borrow, without the approval of the authority, provided that the county has investment grade ratings from at least two nationally recognized rating agencies at the time of borrowing. It also makes clear that without the ratings, the county will require the authority's approval, in addition to meeting the other conditions of the law.
Section 2: effective date.
Justification
This bill is necessary to provide Erie County the right to borrow on its own behalf if it should have at least two bond ratings in the investment grade category from nationally recognized rating agencies. At the time of the creation of the Erie County Fiscal Stability Authority, it was not contemplated that the Authority would prevent the County from transacting either a short or long-term proposed borrowing if the County had investment grade ratings, had market access and elected to pursue its own borrowing rather than request that the Authority borrow on its behalf. This amendment ensures that the county retains the authority to complete any type of borrowing on its own behalf if it has received a rating in the investment grade category from any two nationally recognized rating agencies. This amendment will also confirm that while in a control period, the Authority has the power to approve or reject any proposed borrowing by the County if the County is unable to obtain at least two investment grade ratings from nationally recognized rating agencies. This amendment will also ensure that essential County borrowings, including paying for necessary capital projects, are not delayed indefinitely due to the inability of either the County or the Authority from effectuating a borrowing without the support of the other, as has occurred in the recent past.
Prior legislative history
New bill.
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.