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No co-sponsors yet.
History
- Substituted by A8454
- Ordered to third reading cal.656
- Committee discharged and committed to rules
- Referred to transportation
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.
Grants the NYS bridge authority the power to issue bonds and notes
Signed by Governor · Sponsor Sandy Galef
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 granting the New York State Bridge Authority the power to issue bonds and notes in an aggregate principal amount not to exceed $153,255,000
Purpose
This bill would enable the New York State Bridge Authority ("Authority"), to issue bonds in an outstanding aggregate principal amount not to exceed $ 153,255,000.
Summary of provisions
Sections 1 and 3 of the bill would amend Public Authorities Law ("PAL") §§ 532 and 532-a to change the authorization to issue the Authority's bonds or notes to allow the Authority to issue bonds in the outstanding aggregate principal amount of $ 153,255,000.
Section 2 of the bill would amend PAL § 532 to provide that the Authority could refund its bonds in an amount greater than $153,255,000 if the Authority would realize a savings to its debt service payments by doing so.
Section 4 of the bill provides for an immediate effective date.
Existing law
The limitation on the authorized aggregate principal amount of bonds or notes was last extended in 1993 (Chapter 584 of the Laws of 1993).
PAL §§ 532 and 532-a limit the Authority's bonding authorization to an aggregate of $100,000,000.
Legislative history
The Assembly passed a similar bill, A.1153, in 2008.
Statement in support
The Authority's five Hudson River crossings, with a combined current replacement cost of $1,223,803,000, are critical links in the northeast regional transportation system and the Mid Hudson region, with more than 58,000,000 crossings annually.
The Authority has outstanding debt in the amount of $53,255,000 as of February 1, 2009.
The Authority last issued bonds for its capital maintenance projects in 2002 in the principal amount of $50,000,000. The Authority has only $ 16,478,444 remaining under its present debt cap, excluding certain refunding obligations. The Proposed amendment would allow the Authority to issue obligations under a total outstanding debt cap of $153,255,000, including its currently outstanding debt.
The Authority needs additional bonding power to provide for its regular capital maintenance program. The Authority's long-term capital program contemplates the issuance of debt and the use of pay-as-you go financing from toll revenues. The expanded note and bond borrowing capacity would also allow greater flexibility for the Authority to respond to potential emergency needs, and to finance project expenditures in advance of receipt of other available moneys.
Budget implications
None to the State. The Authority will incur debt service payments until the maturity date of any bonds or notes issued. The Authority's bonds are retired from its tolls and other revenues.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.