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History
- 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.
Relates to bonds of the Ogdensburg bridge authority; repealer
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Addie Jenne
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7776
Title of bill
An act to amend the public authorities law, in relation to bonds of the Ogdensburg Bridge Authority; and to repeal section 706 of the public authorities law relating thereto
Purpose
To update the bonding language for the Ogdensburg Bridge and Port Authority so that the Authority has the ability to finance capital projects.
Summary of provisions
Section 1 establishes a new Section 736, which provides the Ogdensburg Bridge and Port Authority with the ability to issue bonds to finance capital projects. This section establishes the specifications and the terms for issuing such bonds.
Section 2 repeals Section 706 of the Public Authorities Law.
Section 3 provides the effective date.
Existing law
Section 706 of the Public Authorities Law provides the Ogdensburg Bridge and Port Authority with the ability to bond. But, the bonding language contained in Section 706 is out of date and needs to be updated. There- fore, this bill repeals Section 706 and replaces it with a new, updated bonding language.
Justification
The Ogdensburg Bridge and Port Authority owns and oper- ates many important public assets in Northern New York including: the Ogdensburg-Prescott International Bridge, the Port of Ogdensburg, the New York and Ogdensburg Railway, the Ogdensburg International Airport, and two industrial parks. These facilities require regular maintenance to remain in their best condition. It is the responsibility of the Authority to conduct such maintenance and ensure the upkeep of all their facilities. As part of this responsibility, the Authority is looking to undertake several significant and necessary capital improvements to their facilities. However, the current bonding language of the Authori- ty contained in Section 706 of the Public Authorities Law is out of date and needs to be updated. Therefore, at the request of the Authority, this bill repeals Section 706 of the Public Authorities Law, which contains the old bonding language, and adds a new section to the Public Authorities Law, Section 736, which provides new and up to date bonding language for the Authority so that the Authority can undertake the necessary capital improvement projects.
Legislative history
None
Fiscal implications
None.
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.