New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle A - Governor's Office › Chapter I - Executive Orders › Part 3 - Executive Orders (Hugh L. Carey) › Section 3.61 - Executive order no. 61: the new york state securities coordinating committee

Current through Register Vol. 46, No. 28, July 10, 2024
There has been created in the State of New York a number of
					 public authorities and public benefit corporations organized and empowered to
					 undertake a wide variety of activities in furtherance of one or more public
					 purposes. Many of these agencies exercise the power to incur indebtedness
					 through the issuance of notes and bonds to the public. During the past few
					 years it has become increasingly apparent that not only the quantity of
					 obligations being issued, but the scheduling of the issuance of such
					 obligations affects the marketing of such obligations and of those issued by
					 the State of New York and its political subdivisions.
It is in the best interests of the State, its authorities
					 and public benefit corporations, and municipalities that the demand made upon
					 the financial market from time to time be coordinated so as to avoid a pattern
					 of borrowing by the State and such authorities and corporations which is
					 inconsistent with the availability of credit. Such coordination will enhance
					 the marketing of such obligations, assist in obtaining more favorable terms,
					 and make more efficient the fulfillment of the public purposes served by these
					 entities. It is, therefore, desirable to create a committee whose purpose it is
					 to analyze and project market conditions and coordinate and harmonize the
					 borrowing patterns of the State and these agencies.
I. Definitions
As used in this Order the following terms shall have the
					 following meanings:
Committee shall mean the committee created pursuant to
					 paragraph II hereof.
Issuer shall mean the State or any member agency or
					 non-member agency which issues obligations.
Member agency shall mean an authority or public benefit
					 corporation of the State the chairman or chief executive or operating officer
					 of which serves as a member of the committee.
Non-member agency shall mean an authority or public benefit
					 corporation which has the power to incur indebtedness through the issuance of
					 obligations, a majority of the members of which consist of persons either
					 appointed by the Governor or who serve as members by virtue of holding a civil
					 office of the State, or a combination thereof.
Obligations shall mean notes or bonds issued or to be
					 issued by the State, a member agency or non-member agency to finance or fund
					 one or more activity, program, or project, including obligations issued in
					 anticipation of taxes, income or revenues derived from any source or to redeem
					 or refinance outstanding obligations.
State shall mean the State of New York and where this order
					 refers to any act to be undertaken by the State it shall mean by or through the
					 State Comptroller or State Director of the Budget.
II. The New York State Securities
				  Coordinating Committee Created--Membership
There is hereby created within the Executive Department a
					 committee to be known as the New York State Securities Coordinating Committee.
					 The Committee shall have twelve members consisting of the State Comptroller,
					 who shall serve as chairman, the State Director of the Budget, who shall serve
					 as secretary, and the chairman, or if there is no chairman, the chief executive
					 or operating officer, of the Dormitory Authority of the State of New York, New
					 York State Housing Finance Agency, New York State Urban Development
					 Corporation, New York State Project Finance Agency, New York State Medical Care
					 Facilities Finance Agency, New York State Environmental Facilities Corporation,
					 New York Job Development Authority, Metropolitan Transportation Authority, The
					 Power Authority of the State of New York, and Municipal Assistance Corporation
					 for the City of New York. The Comptroller and the Director of the Budget may
					 designate an individual to serve in his absence at any meeting of the
					 committee. The chairman of a member agency may designate the chief executive or
					 operating officer to serve in his place at any or all meetings of the
					 committee.
III. Powers and
				  Duties of the Committee
The committee shall assist in the coordination of the
					 activities of the State, each member agency and each non-member agency relating
					 to the issuance of obligations at either public offerings or private sales. In
					 coordinating these activities the committee shall consider the demand for
					 obligations of the types to be issued, the availability of funds for the
					 purchase of obligations, the needs of the issuer and such other factors as the
					 committee deems appropriate. Based upon such factors the committee shall
					 develop a borrowing schedule recommending the time or times, quantity and type
					 of obligations to be issued by the State, member agencies or non-member
					 agencies. The borrowing schedule shall relate to obligations to be issued over
					 such period of time as the committee may determine and may be revised by it
					 from time to time as it deems appropriate or upon the request of the State, a
					 member agency or non-member agency.
To assist the committee in the preparation of a borrowing
					 schedule the State, each member agency and each non-member agency shall submit
					 to the committee a projection of the approximate dates on which it proposes to
					 issue obligations during the fiscal year of the State or such part thereof as
					 the committee may determine from time to time. The type of obligations to be
					 issued on such dates, the activity, program, or project to be financed by each
					 issue, the proposed maturity date or dates of the obligations, the aggregate
					 face value of each type of obligation with similar maturities to be issued on
					 each date, and a statement, where appropriate, setting forth the special
					 circumstances or needs of the issuer which would require all or part of one or
					 more issue to occur at the time or times proposed by the issuer, and such other
					 information as the committee may require.
IV. Salaries--Staff
The members of the committee shall serve without salary or
					 other compensation whatsoever other than compensation or other reimbursement
					 received as a public officer of the State or as the chairman or chief executive
					 officer of a member or non-member agency. Each member agency shall make
					 available to the committee, as required by the chairman, such employees and
					 services as may be necessary to enable it to perform its duties. The committee
					 may retain a financial consultant who is not a public officer or a member or
					 employee of a member or non-member agency.
V. Procedures of the Committee
The committee shall adopt such bylaws as it deems necessary
					 and appropriate to regulate the manner in which actions shall be taken by it
					 and to establish procedures for the exercise of its powers and for the
					 submission of such information and data as may be required by it to perform its
					 duties.
VI. Cooperation of
				  State Agencies
All departments, divisions, boards, offices, and public
					 corporations shall cooperate with and provide such assistance as the committee
					 may request.
VII.
				  Construction
The powers and duties of the committee and the exercise
					 thereof shall be construed consistently with the powers and duties of the State
					 and the governing board of each member agency and non-member agency to make
					 findings and decisions, and otherwise to conduct the business of the State and
					 such agency, as prescribed by law, and with the powers and duties of the Public
					 Authorities Control Board and any applicable Emergency Financial Control Board
					 to review and approve submissions to it by any member or non-member agency. The
					 failure of the State, a member agency or non-member agency to comply with the
					 provisions of this order, the bylaws of the committee or the borrowing schedule
					 established by the committee shall not impair or otherwise affect the validity
					 of any obligations issued by the State, a member agency or non-member agency or
					 any proceedings authorizing the same.
Signed: Hugh L. CareyDated: October 24, 1977
[FN*] [Revoked and superseded by Executive Order No. 11
					 (Mario M. Cuomo), §
											4.11, infra. ]