1840-H - Appropriations and authorized indebtedness.
§ 1840-h. Appropriations and authorized indebtedness. 1. To assure the continued operation and solvency of the authority for the carrying out of its public purposes, provision is made in subdivision three of section eighteen hundred forty-g of this title for the accumulation in each debt service reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all bonds of the authority then outstanding and secured by such reserve fund. In order further to assure the maintenance of such debt service reserve funds, upon the adoption of a resolution having identical effect by the board of supervisors of Nassau county and the county legislature of Suffolk county providing therefor, the counties may request the state legislature to enact a special law or laws which shall authorize such counties to thereafter adopt or amend local laws, to provide for the payment to the authority for deposit in each debt service reserve fund such sum, if any, as shall have been certified by the chairman of the authority to the chairman of the board of supervisors and county legislature as being the amount necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the bonds of the authority then outstanding and secured by such reserve fund. The chairman of the authority shall annually, on or before August thirty-first, make and deliver to the chairman of the board of supervisors and county legislature his certificate stating the sum, if any, required to restore each such debt service reserve fund to the amount aforesaid, and the sum or sums so certified, if any, shall pursuant to the local laws theretofore adopted by the county of Nassau and the county of Suffolk authorizing payments to the authority for deposit in its debt service reserve funds be apportioned and paid to the authority during the next fiscal year of the respective counties. 2. Any request to the state legislature submitted pursuant to this section, by the authority, shall, if the provisions of the resolution having identical effect adopted by both the board of supervisors of Nassau county and the county legislature of Suffolk county include proposed state laws which shall be submitted to the state legislature simultaneously therewith. Such proposed state laws shall include but shall not be limited to provisions relating to limits of indebtedness and which require the authority not to issue bonds and notes in an aggregate principal amount exceeding such limits. Such proposed laws may further provide for additional requirements on the issuance of bonds and notes of the authority or the apportionment and payment made in each debt service reserve fund set forth in such resolutions including but not limited to provisions providing for (i) prior approval on the issuance of bonds and notes by the controller or any appropriate designated municipal agency, (ii) repayment of funds by the authority to the counties, and (iii) allowing the counties, upon furnishing sufficient funds therefor, to require the authority to redeem, prior to maturity, as a whole, any issue of bonds on any interest payment date not less than ten years after the date of the bonds of such issue. Such redemption shall be at one hundred five per centum of the face value of the bonds and accrued interest or at such lower redemption price as may be provided in the bonds in case of the redemption as a whole on the redemption date. Notice of any required redemption shall be published at least twice in at least two newspapers publishing and circulating respectively in the counties of Nassau and Suffolk, the first publication to be at least thirty days before the date of redemption.