STATE OF NEW YORK ________________________________________________________________________ 6292 2023-2024 Regular Sessions IN SENATE April 12, 2023 ___________ Introduced by Sen. KENNEDY -- 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 increasing the total amount of bonds the Buffalo sewer authority may issue The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 1187 of the public authorities 2 law, as amended by chapter 244 of the laws of 2018, is amended to read 3 as follows: 4 1. The authority shall have power and is hereby authorized from time 5 to time to issue its negotiable bonds in conformity with applicable 6 provisions of the uniform commercial code for any of its corporate 7 purposes. The total amount of bonds issued and outstanding at any one 8 time shall not exceed in the aggregate the sum of [two hundred fifty] 9 five hundred million dollars, excluding bonds or notes for the payment 10 or redemption of which there has been set aside and held in trust either 11 moneys, or direct and general obligations of, or obligations guaranteed 12 by, the United States of America, or obligations secured by such obli- 13 gations, or any combination thereof, which are or will be sufficient to 14 pay when due the principal or applicable redemption price and all 15 accrued interest thereon and, if such bonds or notes are to be redeemed, 16 for which notice of redemption has been given or satisfactory provision 17 has been made for the giving of such notice. The authority shall have 18 power from time to time, whenever it deems refunding expedient, to 19 refund any bonds by the issuance of new bonds, whether the bonds to be 20 refunded have or have not matured or are then subject to redemption, and 21 may issue bonds partly to refund bonds then outstanding and partly for 22 any of its corporate purposes. 23 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01842-01-3