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NY A09579
Bill
Status
10/21/2014
Primary Sponsor
Anthony Brindisi
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AI Summary
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Increases the maximum aggregate principal amount of bonds, notes, or other obligations issued by the Upper Mohawk Valley Regional Water Finance Authority from $100,000,000 to $150,000,000
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Excludes refunding or repayment bonds from the aggregate limit, provided the present value of debt service on new bonds does not exceed the present value of debt service on refunded bonds
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Prohibits issuance of bonds for manufacturing facilities constructed or to be constructed in the service area after January 1, 2014 if such issuance would cause outstanding obligations to exceed $150,000,000
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Specifies that present value calculations for refunding bonds use the effective interest rate determined by doubling the semi-annual interest rate compounded semi-annually
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Takes effect immediately upon enactment
Legislative Description
Relates to the issuances of bonds and notes of the upper Mohawk valley regional water finance authority and amends the maximum aggregate principal amount limitation from one hundred million dollars to one hundred fifty million dollars.
Last Action
signed chap.408
10/21/2014