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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A11104
- Ordered to third reading cal.555
- Reported and committed to rules
- Referred to finance
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 issuance of revenue bonds and the general debt service fund
Signed by Governor
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to the issuance of revenue bonds; and in relation to mental health service facilities financing; and authorizing the issuance of bonds by an authorized issuer for any authorized purpose; and providing for the repeal of certain provisions upon the expiration thereof
Purpose
This bill would extend, until March 31, 2011, two provisions of law and would authorize the Dormitory Authority of the State of New York (DASNY) to issue bonds that would be used to fund capital spending.
Summary of provisions
This bill would amend section 68-b of the State Finance Law (SFL), to extend (for one year) the authorization to issue Mental Health Bonds under the Personal Income Tax (PIT) credit structure.
In addition, this bill would amend section 68-a of the SFL to extend (for one year) the ability of the DASNY and ESDC to issue Personal Income Tax (PIT) Revenue Bonds for any authorized purposes.
Finally, this bill would clarify DASNY's ability to issue debt without an Enacted Budget.
Statement in support and budgetary implications
This bill is necessary to enable the State to more effectively manage its cash position. The State issues $6 billion of bonds annually that are used to reimburse, or fund in the first instance, capital spending. In most cases, the State advances (loans) funds from the General Fund or Short-Term Investment Pool (STIP) to fund capital spending, which is then reimbursed with bond proceeds. The initial cash outlay to fund capital projects reduces the State's cash position. Currently, the State has spent $50 million from the General Fund that cannot be reimbursed because bond proceeds are not available.
This bill would allow DASNY, and other authorized State debt issuers, to issue bonds for the same purposes that were authorized in the previous fiscal year. This authorization would allow DASNY to issue bonds, so timely reimbursement t an occur, improving the State's cash position. In addition, this authorization would enable the State to access credit markets at favorable times, providing an opportunity to "lock in" an attractive cost of capital.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.