STATE OF NEW YORK ________________________________________________________________________ 3224 2025-2026 Regular Sessions IN ASSEMBLY January 23, 2025 ___________ Introduced by M. of A. BRAUNSTEIN -- (at request of the Dormitory Authority) -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the New York state medical care facilities finance agen- cy act, in relation to the ability to issue certain bonds and notes The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (b) of subdivision 1 of section 7 of section 1 of 2 chapter 392 of the laws of 1973, constituting the New York state medical 3 care facilities finance agency act, as amended by chapter 469 of the 4 laws of 2023, is amended to read as follows: 5 (b) The agency shall not issue hospital and nursing home project bonds 6 and hospital and nursing home project notes in an aggregate principal 7 amount exceeding [eighteen] twenty billion [two hundred million] 8 dollars, excluding hospital and nursing home project bonds and hospital 9 and nursing home project notes issued to refund outstanding hospital and 10 nursing home projects bonds and hospital and nursing home project notes; 11 provided, however, that upon any such refunding or repayment the total 12 aggregate principal amount of outstanding bonds, notes or other obli- 13 gations may be greater than [eighteen] twenty billion [two hundred 14 million] dollars only if the present value of the aggregate debt service 15 of the refunding or repayment bonds, notes or other obligations to be 16 issued shall not exceed the present value of the aggregate debt service 17 of the bonds, notes or other obligations so to be refunded or repaid. 18 For purposes hereof, the present values of the aggregate debt service of 19 the refunding or repayment bonds, notes or other obligations and of the 20 aggregate debt service of the bonds, notes or other obligations so 21 refunded or repaid, shall be calculated by utilizing the effective 22 interest rate of the refunding or repayment bonds, notes or other obli- 23 gations, which shall be that rate arrived at by doubling the semi-annual 24 interest rate (compounded semi-annually) necessary to discount the debt EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06801-01-5
A. 3224 2 1 service payments on the refunding or repayment bonds, notes or other 2 obligations from the payment dates thereof to the date of issue of the 3 refunding or repayment bonds, notes or other obligations and to the 4 price bid including estimated accrued interest or proceeds received by 5 the agency including estimated accrued interest from the sale thereof. 6 The agency shall not issue hospital and nursing home project bonds at 7 any time secured by the hospital and nursing home capital reserve fund 8 if upon issuance, the amount in the hospital and nursing home capital 9 reserve fund will be less than the hospital and nursing home capital 10 reserve fund requirement, unless the agency, at the time of issuance of 11 such bonds, shall deposit in such reserve fund from the proceeds of the 12 bonds so to be issued, or otherwise, an amount which together with the 13 amount then in such reserve fund, will be not less than the hospital and 14 nursing home capital reserve fund requirement. 15 § 2. This act shall take effect immediately.