What's happening
This bill allows the Village of Lake Placid to partner with the Dormitory Authority for financing and constructing local facilities.
Why it matters
Enables Lake Placid to pursue larger or more complex capital projects. by accessing the Dormitory Authority’s established financing and construction mechanisms, which could allow the village to upgrade or build public facilities it may not afford on its own.
Introduces new financing flexibility. by allowing the village to pledge facility revenues for debt repayment, making it possible to fund projects based on their ability to generate income or savings, rather than relying solely on tax dollars.
Limits village financial risk. since agreements for financing are not considered constitutional debt or long-term contractual obligations, protecting the municipality from being locked into payments beyond what’s annually appropriated.
Streamlines the legal process for such agreements. by exempting them from certain state and municipal procurement laws, potentially speeding up project timelines and reducing bureaucratic hurdles.
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Who cares
Headline styles
Fund Lake Placid Facilities
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Returned to senate
- Died in assembly
- Referred to corporations, authorities and commissions
- Delivered to assembly
- Passed senateVote 62–0
- Home rule request
- Ordered to third reading cal.1810
- Committee discharged and committed to rules
- 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.
Fund Lake Placid Facilities
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Dan Stec
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2547
2019-2020 Regular Sessions
IN SENATE
January 28, 2019
Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to providing for the financing and construction of facilities for Village of Lake Placid, Inc.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (b) of subdivision 2 of section 1676 of the public authorities law is amended by adding a new undesignated paragraph to read as follows:
Village of Lake Placid, Inc.
§ 2. Subdivision 1 of section 1680 of the public authorities law is amended by adding a new undesignated paragraph to read as follows:
Village of Lake Placid, Inc.
§ 3. Subdivision 2 of section 1680 of the public authorities law is amended by adding a new paragraph m to read as follows:
m. (1) For purposes of this section, the following provisions shall apply to the acquisition, construction, reconstruction, development, improvement, expansion and/or equipping of a facility or facilities, including necessary ancillary and related facilities, and the financing and/or refinancing thereof for the Village of Lake Placid, Inc.
(2) Notwithstanding any other provision of law, the Village of Lake Placid, Inc. shall have full power and authority to enter into a lease, sublease or other agreement with the dormitory authority as is necessary or useful in connection with the construction and/or financing and/or refinancing of a facility described in subparagraph one of this paragraph or a municipal facility and any ancillary or related facilities. Such lease, sublease or other agreement may provide for, including without limitation, the payment by the village of fees and amounts necessary to pay debt service on any obligations issued by the dormitory authority
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08648-01-9
S. 2547 2
for the same, and the pledge and assignment by the village to the dormitory authority of all or a portion of the revenues derived from such facility or facilities in an amount not less than the amount sufficient to make all payments required to be made by any such village pursuant to any such lease, sublease or other agreement entered into between the village and the dormitory authority. Any such lease, sublease or other agreement entered into pursuant to this paragraph may provide that the provisions thereof shall remain in force and effect until the bonds, notes or other obligations of the dormitory authority are no longer outstanding, together with any unpaid installments of interest and the fees and expenses of the dormitory authority, are fully met and discharged.
(3) Any such lease, sublease or other agreement shall not constitute or create indebtedness of the village for purposes of article seven or eight of the state constitution or section 20.00 of the local finance law, shall be deemed executory only to the extent of money appropriated annually therefor by the village and shall not constitute a contractual obligation in excess of the amounts so appropriated.
(4) Any such lease, sublease or other agreement entered pursuant to the provisions of this paragraph shall not be deemed to be an installment purchase contract, contract for public work or purchase contract within the meaning of article five-A of the general municipal law or any other law.
§ 4. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to providing for the financing and construction of facilities for Village of Lake Placid, Inc.
Purpose
This designates the Village of Lake Placid, Inc. as a "dormitory" and "educational institution" for purposes of the Dormitory Authority Act.
Summary of provisions
Section 1 adds the Village of Lake Placid, Inc. to paragraph (b) of subdivision 2 of section 1676 of the Public Authorities Law.
Section 2 adds the Village of Lake Placid, Inc. to subdivision 1 of section 1680 of the Public Authorities Law.
Section 3 adds a new paragraph 1 granting the power and authority to the Village of Lake Placid, Inc. to enter into a lease, sublease or other agreement with the dormitory authority.
Section 4 establishes the effective date.
Justification
Presently, under state law, municipalities are eligible for financing and construction of facilities from the New York State Dormitory Author- ity. The main purpose behind the partnership with DASNY and the Village of Lake Placid is to design, construct and finance a much-needed parking garage in the center of Lake Placid. The Village will be undertaking a major road reconstruction project next year through downtown Lake Plac- id. The project involves new storm sewers that will redirect storm water away from Mirror Lake. The lake is experiencing high salt content from road salt that is washing directly into it. Various studies have been done regarding water quality in the lake and the Village is taking action to remedy the situation as much as possible. The Village will also replace/upgrade waterlines to meet the growing demand and replace old infrastructure. We are completing sewer work this year ahead of next year's road project.
The Village needs to improve traffic flow, and widen traffic lanes to accommodate cyclists on the road. In order to accomplish this, the Village will need to remove a parking lane from one side of the road in various sections. Given the congestion in the community already, the Village wants to move forward with the construction of a parking garage, especially when the demand for parking is growing. These projects are being done, in part, to accommodate the World University games and other international events.
Lake Placid is one of the largest generators of sales tax for Essex County. We see the parking garage as an opportunity to help improve foot traffic into the local retail establishments while alleviating the on street-parking burden. This legislation will aid the Village of Lake Placid in designing, constructing and financing a necessary parking garage, which is critical to the storm drain infrastructure and overall traffic flow through the Village.
Legislative history
New Bill.
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.