What's happening
This bill doubles the Buffalo sewer authority's bond issuance limit from $125 million to $250 million.
Why it matters
Enabling Larger Infrastructure Projects. By raising the bond cap, the Buffalo sewer authority can now access significantly more capital, allowing for larger-scale upgrades, repairs, or expansions of critical sewer infrastructure that may have previously been unaffordable.
Potential for Improved Public Health and Environmental Outcomes. Increased borrowing capacity could support projects that address sewage overflows, water pollution, and aging infrastructure—issues that directly impact public health and the environment in Buffalo and surrounding areas.
Impacts on Ratepayers and City Finances. While enabling more projects, increased borrowing could also lead to higher debt service costs, which may affect sewer rates for residents or require careful financial planning to avoid negative impacts on local budgets.
Positioning for State and Federal Funding Matches. With a higher bonding limit, the authority may be better positioned to secure matching funds or grants from state and federal sources, which often require local financial commitments or upfront investment.
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Who cares
Headline styles
Double Buffalo Sewer Bond Limit
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Signed chap.244
- Delivered to governor
- Returned to assembly
- Passed senateVote 60–0
- 3rd reading cal.2143
- Substituted for S7837
- Referred to rules
- Delivered to senate
- Passed assembly
- Home rule request
- Ordered to third reading rules cal.246
- Rules report cal.246
Show 4 earlier actions
- Reported
- Reported referred to rules
- Reported referred to ways and means
- 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.
Increase Buffalo Sewer Bonds
Senate Floor Calendar · Sponsor Timothy M. Kennedy
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
10074
IN ASSEMBLY
March 14, 2018
Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to the total amount of bonds the Buffalo sewer authority may issue
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 1187 of the public authorities law, as amended by chapter 284 of the laws of 1977, is amended to read as follows:
1. The authority shall have power and is hereby authorized from time to time to issue its negotiable bonds in conformity with applicable provisions of the uniform commercial code for any of its corporate purposes. The total amount of bonds issued and outstanding at any one time shall not exceed in the aggregate the sum of [one hundred twentyfive] two hundred fifty million dollars, excluding bonds or notes for the payment or redemption of which there has been set aside and held in trust either moneys, or direct and general obligations of, or obligations guaranteed by, the United States of America, or obligations secured by such obligations, or any combination thereof, which are or will be sufficient to pay when due the principal or applicable redemption price and all accrued interest thereon and, if such bonds or notes are to be redeemed, for which notice of redemption has been given or satisfactory provision has been made for the giving of such notice. The authority shall have power from time to time, whenever it deems refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured or are then subject to redemption, and may issue bonds partly to refund bonds then outstanding and partly for any of its corporate purposes.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14960-01-8
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.