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History
- Referred to corporations, authorities and commissions
Full text
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Sponsor's memo
BILL NUMBER:S2319
Title of bill
An act to amend the public authorities law, in relation to bonds and notes of public authorities and public benefit corporations
Summary
This bill adds a new section 2881 to the public Authorities Law. The new section will provide that the bonding activities of public authorities and public benefit corporations would be restricted in order that no bond or note may be issued for a purpose with a probable life shorter than the contract life of the bond or note.
Justification
The State constitution forbids the State from issuing bonds for purposes with an expected life shorter than the contract life of the bond itself. The purpose of this constitutional provision is to prevent the State from bonding out its operations costs. This bill would extend the same principal of fiscal soundness to all public authorities and public benefit corporations created by or pursuant to New York State law.
Fiscal implications
No cost to the State.
Effective date
This act shall take effect on the ninetieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.