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APPROVAL MEMORANDUM - No. 10 Chapter 544

         MEMORANDUM filed with Senate Bill Number 4393, entitled:

    "AN  ACT  to  amend  chapter  672  of the laws of 1993, amending the
        public authorities law relating to the construction and  financ-
        ing  of  facilities for certain public libraries, in relation to
        including the Oneida Public Library; and to amend chapter 493 of
        the Laws of 1996, relating to authorizing the  establishment  of
        the  Oneida  public  library  district,  in  relation to certain
        matters relating to the issuance of debt and associated matters"


  This bill would permit residents of the Oneida Public Library District
to pursue financing through the Dormitory Authority of the State of  New
York  (Dormitory  Authority)  or  by  a local development corporation in
connection with the construction of a new library, which was approved on
March 3, 2015 by public referendum by the District's voters in the  city
of Oneida and the five towns within the Library District.
  Currently, L. 1996, ch. 493. provides that municipalities are required
to  issue "joint debt", thus making each potentially exposed to the full
amount of the debt rather than their  individual  pro-rata  share.  This
bill  would  make the municipalities responsible in future projects only
for their pro-rata share. Public approval of  the  debt  issuance  would
still be required.
  The  bill  also  includes several provisions outlining the process for
handling of debt proceeds and outlines the process required under  Local
Finance Law. The Legislature has confirmed that to the extent that bonds
or  notes are issued by the Dormitory Authority, the provisions of Title
4 of Article 8 of the Public Authorities Law,  not  Local  Finance  Law,
would  govern  the handling of the proceeds of such bonds or notes until
they are disbursed to the library district. On  that  basis,  I  approve
this bill.

  This bill is approved.                      (signed) ANDREW M. CUOMO

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