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Sponsors
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History
- Substituted by A9579A
- Amended on third reading 7241a
- Advanced to third reading
- 2nd report cal.
- 1st report cal.981
- 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 issuance of bonds and notes of the upper Mohawk valley regional water finance authority and amends the aggregate limitation
Signed by Governor · Sponsor Anthony Brindisi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7241A
Title of bill
An act to amend the public authorities law, in relation to the issuance of bonds and notes of the upper Mohawk valley regional water finance authority and to amend the maximum aggregate principal amount limitation
Purpose
The purpose of this legislation is to increase the aggregate principal amount of bonds, notes or other obligations of the Mohawk valley regional water finance authority to $150,000,000.
Summary of provisions
Amends subdivision 1 of section 1226-1 of the public authorities law increasing the aggregate principal amount of bonds, notes or other outstanding obligations by the Mohawk valley regional water finance authority to $150,000,000.
Establishes that any notes or obligations issued to finance water facilities which have been determined necessary to service manufacturing facilities constructed or to be constructed in the service area after January 1, 2014, shall be excluded from the calculation of outstanding principal amount, provided that such bonds, notes or other obligations shall require state comptroller approval.
Justification
The Mohawk Valley Regional Water Finance Authority was created under section 1226 of the Public Authorities Law in 1994. The original legislation establishing the Authority set their aggregate principal bonding limit at $100,000,000.
This legislation has been requested by the Authority in order to continue to fund ongoing and future capital needs. The bill would provide that no bonds, notes or other obligations could be issued if their issuance would cause the aggregate principal amount of such bonds, notes or obligations outstanding to exceed $150,000,000.
In addition, this increase will allow the Authority to finance or refinance water facilities to service manufacturing facilities, such as Utica Nanotech, while providing the safeguard that the bonds would require State Comptroller approval prior to issuance.
Legislative history
New.
Fiscal implications
None.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.