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NY S08757
Bill
Status
7/23/2020
Primary Sponsor
Leroy Comrie
Click for details
AI Summary
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Increases the aggregate principal amount limit for hospital and nursing home project bonds and notes from $16.6 billion to $17.4 billion.
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Maintains the existing exception that refunding bonds and notes are excluded from the cap, provided the present value of debt service on refunding obligations does not exceed that of the original obligations.
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Requires the agency to calculate present values of debt service using the effective interest rate of refunding bonds, 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 ability of the New York state medical care facilities finance agency to issue certain bonds and notes.
Last Action
referred to corporations, authorities and commissions
7/23/2020