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"
APPROVED
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