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L.L. 1994/017
Enactment date: 6/10/1994
Int. No. 346-A
By Council Members Berman, Abel, Ognibene and Stabile (by the request of the Mayor); also Council Members Harrison and Eristoff
A Local Law in relation to the sale of delinquent real estate tax receivables in fiscal year 1994
Be it enacted by the Council as follows:
Section 1. Legislative Intent. The council acknowledges that the city's fiscal 1994 budget contemplates the sale of the right to receive delinquent real estate taxes pursuant to the provisions of Section 99-s, General Municipal Law, which permits the city, acting through its commissioner of finance, to sell any portion of or all its interest in any or all of the city's delinquent real estate tax receivables, pursuant to authorization by the council. The council further acknowledges that the commissioner of finance has received a proposal for a negotiated sale of such receivables, pursuant to the provisions of Section 10, Chapter 261, Laws of New York, 1993. The council acknowledges that a sale of such receivables under the circumstances described below will enable the city to achieve the public purpose of accelerating the city's receipt of payments on account of its real estate taxes.
The council desires to authorize the sale of delinquent real estate tax receivables in the manner set forth below.
§ 2. Creation of Trust.
(a) The commissioner of finance is hereby authorized to cause a not-for-profit business trust to be organized under the laws of the state of Delaware ( the "Tax Collections Trust"), for the public purpose of enabling the city to accelerate its receipt of payments on account of delinquent real estate taxes by purchasing, from the city, all or any portion of the city's delinquent real estate taxes in existence as of May 31, 1994, including interest and penalties accrued thereon (the "Receivables") and collections thereon from the date of such sale to no later than the third anniversary of the date of such sale, including the interest and penalties to accrue thereon (the "Collections"), for consideration consisting of (i) immediately available funds as described in Section 3(d) below and (ii) the Ownership Interest (as defined in the Declaration of Trust) (collectively, the "Purchase Price").
(b) An independent financial consultant to the Trust shall determine, on the date the Underwriting Agreement (as defined in Section 3(c) below) is executed, delivered and confirmed, that the Purchase Price is reasonable, in the context of the financing described in Section 4 below and under the circumstances present in the market at the time the Notes (as defined in Section 4(a) below) are marked.
(c) The commissioner of finance is authorized to execute and deliver a Declaration and Agreement of Trust relating to Tax Collections Trust, by and between a financial institution, as trustee (the "Trustee"), and the city (the "Declaration of Trust"), in substantially the form submitted to the speaker of the council, together with such changes not adverse to the city or such other changes as may be necessary to provide for the sale of the Receivables and Collections in the manner contemplated hereby, in each case, as the commissioner of finance may determine are necessary and appropriate. Execution of the Declaration of Trust by the commissioner of finance shall be conclusive evidence of such determination.
(d) The city shall not receive any payments with respect to the Receivables, the Collections or the Notes, except pursuant to the Purchase and Servicing Agreement (as defined in Section 3(b) below), although, as holder of the Ownership Interest (as defined in the Declaration of Trust), the city shall be entitled to receive distributions by the Trustee from the assets of the Tax Collections Trust.
§ 3. Sale of Delinquent Real Estate Tax Receivables.
(a) The commissioner. of finance is authorized to negotiate to sell, by July 6, 1994, the Receivables and the Collections for the Purchase Price to the Tax Collections Trust; provided, however, that the revenues resulting from such sale shall be treated as fiscal year 1994 revenues for accounting purposes.
(b) In connection with the sale of the Receivables, the commissioner of finance is authorized to execute and deliver the Purchase and Servicing Agreement, between the Tax Collections Trust, as Issuer, and the city, as Seller and Servicer (the "Purchase and Servicing Agreement"), in substantially the form submitted to the speaker of the council, together with such changes not adverse to the city or such other changes as may be necessary to provide for the sale of the Receivables and Collections in the manner contemplated hereby, in each case, as the commissioner of finance may determine are necessary and appropriate. Execution of the Purchase and Servicing Agreement by the commissioner of finance shall be conclusive evidence of such determination.
(c) In connection with the sale of the Receivables pursuant to the provisions of the Purchase and Servicing Agreement, the commissioner of finance is authorized to confirm and accept the Tax Collections Trust, Series 1994 Tax Collections-Backed Notes, Underwriting Agreement (the "Underwriting Agreement"), in substantially the form submitted to the speaker of the council, together with such changes not adverse to the city or such other changes as may be necessary to provide for the sale of the Receivables and Collections in the manner contemplated hereby, in each case, as the commissioner of finance may determine are necessary and appropriate. Confirmation and acceptance of the Underwriting Agreement by the commissioner of finance shall be conclusive evidence of such determination.
(d) The commissioner of finance may enter into contractual arrangements with a firm or firms to provide credit support for the Notes, after determining, in conjunction with the determination pursuant to clause (i) of subdivision (f) below, that such credit support is in the best interests of the city.
(e) The cash portion of the Purchase Price shall consist of immediately available funds in the amount not lower than $175,000,000 and not higher than $225,000,000.
(f) In connection with execution and delivery of the Purchase and Servicing Agreement and the confirmation and acceptance of the Underwriting Agreement, the commissioner of finance shall: (i) evidence his determination that the sale of the Receivables provides maximum available financial benefits consistent with other objectives and requirements of the city and (ii) obtain the state comptroller's approval of the terms and conditions of such sale as required by said Section 10.
(g) The cash portion of the Purchase Price shall accrue strictly to the city, and the city's use of such cash portion shall not be restricted by the Tax Collections Trust or the Note Trustee (as defined in Section 4(a) below).
(h) The city shall treat the transfer of the Receivables and the Collections to the Tax Collections Trust as a sale pursuant to generally accepted accounting principles.
(i) The city shall not make any payments to the Tax Collections Trust in connection with the Receivables or the Collections except pursuant to the Purchase and Servicing Agreement.
(j) The city shall mark its appropriate records (which may be in the form of a computer tape, microfiche or other electronic or computer device) so that, from and after the time of sale of the Receivables, the city's records shall indicate the Tax Collections Trust's absolute ownership of the Receivables and that the Receivables have been pledged to the Note Trustee.
(k) The city intends that the transfer of the Receivables and the Collections to the Tax Collections Trust, pursuant to the Purchase and Servicing Agreement and this local law, be a sale and not a secured borrowing.
(I) The cash portion of the Purchase Price, as payments on account of real estate taxes, shall be deposited and retained in the general debt service fund to the extent required by section 9-a of the New York state financial emergency act for the city New York.
§ 4. Financing related to the Sale and Purchase of the Receivables. In order to finance the purchase of Receivables, the Tax Collections Trust is expected to issue its Series 1994 Tax Collections-Backed Notes (the "Notes") pursuant to an indenture between the Tax Collections Trust and a financial institution, as trustee (the "Note Trustee"), consistent with the provisions of the Declaration of Trust and the Purchase and Servicing Agreement and subject to the additional following terms:
(a) the city shall have no equity or other interest in, and shall not control, nor be controlled by, nor be under common control with, the Note Trustee;
(b) the city shall not make any payments to the Note Trustee or the holders of the Notes in connection with the Receivables or the Collections except pursuant to the Purchase and Servicing Agreement;
(c) the city shall not own any of the Notes;
(d) the interest rates on the Notes shall be agreed upon by the Tax Collections Trust and Chemical Securities Inc., based upon the current market rates for comparably rated receivables-backed securities, and the rate of return on the Notes shall not be based on the rate at which the city could obtain a secured loan; and
(e) the Notes shall not be required to be registered under the Securities Act of 1933, as amended but shall be "exempt securities" under Section 3(a)(2) thereunder.
§ 5. Further Authorization. The commissioner of finance is hereby authorized to take such other actions, including the execution of certificates, instruments and other documents, as are necessary and appropriate to effectuate the transaction contemplated by this local law.
§ 6. Sufficiency of Authorization. This local law shall, with said Section 99-s and said Section 10, constitute full and independent authority for all things herein authorized to be done.
§ 7. Effective Date. This local law shall take effect immediately.
L.L. 1994/022
Enactment date: 7/21/1994
Int. No. 363-A
By Council Members Berman, Abel, Fossella, Fusco and Stabile (by the request of the Mayor); also Council Members Lasher and Ognibene (Passed under a message of necessity by the Mayor)
A Local Law to amend the administrative code of the city of New York, in relation to exempting certain tenants from the commercial rent or occupancy tax imposed by chapter 7 of title 11 of such code, allowing a deduction in calculating base rent subject to such tax with respect to rents received or due from subtenants in certain cases, allowing a credit against such tax in certain cases and waiving the requirement for filing a return with respect to certain premises
Be it enacted by the Council as follows:
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[Consolidated provisions are not included in this Appendix A]
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§ 6. If any credit, exemption from tax or reduction in base rent provided by this local law is held to be invalid or unconstitutional, or would render any portion of chapter 7 of title 11 of the administrative code of the city of New York, as amended by this local law, invalid or unconstitutional for any reason whatsoever, there shall be no such credit, exemption from tax or reduction in base rent, and such chapter 7 shall continue in effect without such credit exemption or reduction in base rent held to be invalid.
§ 7. This local law shall take effect immediately.
L.L. 1994/024
Enactment date: 7/5/1994
Int. No. 368-A
By Council Members Pinkett, Pagan, Eristoff, Fusco and Stabile (by the request of the Mayor); also Council Member O'Donovan (Passed under a message of necessity by the Mayor)
A Local Law to amend the New York city charter, in relation to consolidating the department of telecommunication and energy and the computer and data communications services agency into a department of information technology and telecommunications, transferring certain powers and duties relating to telecommunications from the department of general services to the department of information technology and telecommunications and transferring certain powers and duties relating to energy from the department of telecommunications and energy to the department of business services, and to repeal chapter 3 of title 23 of the administrative code of the city of New York, relating to the computer and data communications services agency
Be it enacted by the Council as follows:
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[Consolidated provisions are not included in this Appendix A]
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§ 9. Any agency or officer to whom are assigned by this local law any powers and duties shall exercise such powers and duties in continuation of their exercise by the agency or officer by whom the same were heretofore exercised and shall have the power to continue any business, proceeding or other matter commenced by the agency or officer by whom such powers and duties were heretofore exercised. Any provision in any law, rule, regulation, contract, grant or other document relating to the subject matter of such powers or duties and applicable to the agency or officer formerly exercising such powers and duties shall, so far as not inconsistent with the provisions of this local law, apply to the agency or officer to whom such powers and duties are assigned by this local law. Any rule in force on the effective date of this local law and promulgated by an agency or officer whose power to promulgate such rule is assigned by this local law to another agency or officer shall continue in force as the rule of the agency or officer to whom such power is assigned, unless and until such rule is superseded, amended, or repealed.
§ 10. No action or proceeding, civil or criminal, pending at the time when this local law shall take effect, brought by or against the city or any agency or officer, shall be affected or abated by the adoption of this local law or by anything herein contained; but all such actions or proceedings may be continued notwithstanding that powers and duties of any agency or officer party thereto may by this focal law be assigned to another agency or officer, but in that event the same may be prosecuted or defended by the head of the agency to which such powers and duties have been assigned by this local law.
§ 11. Nothing contained in this local law shall affect or impair the rights or privileges of officers or employees of the city or of any agency existing at the time when this local law shall take effect, or any provision of law in force at the time when this local law shall take effect and not inconsistent with the provisions of this local law, in relation to the personnel, appointment, ranks, grades, tenure of office, promotion, removal, pension and retirement rights, civil rights or any other rights or privileges of officers or employees of the city generally or officers or employees or any agency.
§ 12. Officers and employees in the classified municipal civil service who are transferred to the department of information technology and telecommunications or the department of business services pursuant to the adoption of this local law shall be transferred without examination and without affecting existing compensation or pension or retirement rights, or other privileges or obligations of such officers and employees.
§ 13. No existing right or remedy of any character shall be lost or impaired or affected by reason of the adoption of this local law. Any lease, license, permit or contract in force on the effective date of this local law, and entered into or issued by an agency or officer whose power to enter into such type of lease, license, permit or contract is assigned by this local law to another agency or officer shall continue in force according to its terms and applicable law.
§14. If any of the powers and duties of any agency or part thereof are by this local law assigned to another agency, all records, property and equipment relating to such assigned powers and duties shall be transferred and delivered to the agency to which such powers and duties are so assigned.
§ 15. This local law shall take effect immediately.
L.L. 1994/025
Enactment date: 7/5/1994
Int. No. 378-A
By Council Members Berman, Pagan, Fisher and Abel (by the request of the Mayor); also Council Member Rivera (Passed under a message of necessity by the Mayor)
A Local Law to amend the New York City charter and the administrative code of the city of New York, in relation to the consolidation of the parking violations bureau into the department of finance, and to repeal paragraph 16 of subdivision a of section 2903 of such charter in relation thereto
Be it enacted by the Council as follows:
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[Consolidated provisions are not included in this Appendix A]
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§ 9. Any agency or officer to which is assigned by this local law any functions, powers and duties shall exercise such functions, powers and duties in continuation of their exercise by the agency or officer by which the same were heretofore exercised and shall have power to continue any business, proceeding or other matter commenced by the agency or officer by which such functions, powers and duties were heretofore exercised. Any provision in any law, rule, regulation, contract, grant or other document relating to the subject matter of such functions, powers or duties, and applicable to the agency or officer formerly exercising the same shall, so far as not inconsistent with the provisions of this local law, apply to the agency or officer to which such functions, powers and duties are assigned by this local law.
§ 10. Any rule in force on the effective date of this local law, and promulgated by an agency or officer whose power to promulgate such type of rule is assigned by this local law to some other agency or officer shall continue in force as the rule of the agency or officer, to whom such power is assigned, as such agency or officer may hereafter duly amend, supersede, or repeal such rule.
§ 11. All records, property and equipment whatsoever of any agency or part thereof, all the functions, powers and duties of which are assigned to any other agency by this local law, shall be transferred and delivered to the agency to which such functions, powers and duties are so assigned. If part of the functions, powers and duties of any agency or part thereof is by this local law assigned to another agency, all records, property and equipment relating thereto shall be transferred and delivered to the agency to which such functions powers and duties are so assigned.
§ 12. No existing right or remedy of any character shall be lost or impaired or affected by reason of the adoption of this local law.
§ 13. No action or proceeding, civil or criminal, pending at the time when this local law shall take effect, brought by or against the city or any agency or officer, shall be affected or abated by the adoption of this local law or by anything herein contained; but all such actions or proceedings may be continued notwithstanding that functions, powers and duties of any agency or officer party thereto may by this local law be assigned or transferred to another agency or officer, but in that event the same may be prosecuted or defended by the head of the agency or the officer to which such functions, powers and duties have been assigned or transferred by this local law.
§ 14. Whenever by any provision of this local law functions, powers or duties are assigned to any agency or officer which have been heretofore exercised by any other agency or officer, all officers and employees in the classified city civil service who at the time that this local law shall take effect are engaged in the performance of such functions, powers or duties shall be transferred to the agency to which such functions, powers or duties are assigned by this local law, without examination and without affecting existing compensation or pension or retirement rights, privileges or obligations of such officers and employees.
§ 15. Nothing contained in this local law shall affect or impair the rights or privileges of officers or employees of the city or of any agency existing at the time when this local law shall take effect, or any provision of law in force at the time when this local law shall take effect and not inconsistent with the provisions of this local law in relation to the personnel, appointment, ranks, grades, tenure of office, promotion, removal, pension and retirement rights, civil rights or any other rights or privileges of officers or employees of the city generally or officers of any agency.
§ 16. This local law shall take effect on July 1, 1994.
L.L. 1994/026
Enactment date: 7/5/1994
Int. No. 392
By Council Members Berman and Fisher (by the request of the Mayor) (Passed under a message of necessity by the Mayor)
A Local Law to amend the administrative code of the city of New York in relation to the grace period for payment without interest of the first installment of real property taxes for the fiscal year of the city commencing July 1, 1994
Be it enacted by the Council as follows:
Section 1.
(a) (1) Notwithstanding any contrary provision of subdivision f or k of section 11-224 of the administrative code of the city of New York or of any other law, with respect to any real property which has a taxable assessed valuation, of at least six million dollars or any real property which, irrespective of its assessed valuation is "utility real property" as herein defined, if the first installment of real property tax on any such real property for the fiscal year of the city commencing July 1, 1994, which becomes due and payable on July 1, 1994, is not paid on or before July 5, 1994, the commissioner of finance shall charge, receive and collect interest upon the amount of such installment not paid on or before such date, to be calculated from July 1, 1994 to the date of payment.
(2) For purposes of this subdivision, the term "utility real property" shall have the same meaning as that term has in subdivision (c) of section 1801 of the state real property tax law, except that, when used in this subdivision, "utility real property" shall include all of the types of real property, property or land described in subdivision 12 of section 102 of the state real property tax law when owned by a person or corporation described in subdivision (c) of section 1801 of such law.
(b) Notwithstanding any contrary provision of subdivision f or k of section 11-224 of the administrative code of the city of New York or of any other law, with respect to real property which is described in paragraph b of subdivision 4 of section 1519 of the city charter, other than real property described in subdivision (a) of this section, if the first installment of real property tax on any such real property for the fiscal year of the city commencing July 1, 1994, which is due and payable on July 1, 1994, is not paid on or before July 8, 1994, the commissioner of finance shall charge, receive and collect interest upon the amount of such installment not paid on or before such date, to be calculated from July 1, 1994 to the date of payment.
(c) Notwithstanding any contrary provision of subdivision f or k of section 11-224 of the administrative code of the city of New York or of any other law, with respect to any real property other than real property described in subdivision (a) or (b) of this section, if the first installment of real property tax on any such real property for the fiscal year of the city commencing July 1, 1994, which becomes due and payable on July 1, 1994, is not paid on or before July 15, 1994, the commissioner of finance shall charge, receive and collect interest upon the amount of such installment not paid on or before such date, to be calculated from July 1, 1994 to the date of payment.
§ 2. This local law shall take effect immediately and shall be deemed to have been in full force and effect as of July 1, 1994.
L.L. 1994/027
Enactment date: 7/7/1994
Int. No. 225-A
By Council Members Robles, Clarke, Pagan, Warden, Cruz, Malave-Dilan, Robinson, Rosado, Fusco, and Stabile; also Council Member Fields
A Local Law to amend the charter of the city of New York, in relation to the interagency coordinating Council
Be it enacted by the Council as follows:
Section 1. Declaration of legislative findings and intent. The Council finds that the Interagency Coordinating Council ("ICC") has repeatedly failed to fulfill all of its charter-mandated responsibilities, such as compiling an annual breakdown of each member agency's allocations for services to youth during each fiscal year. Although the ICC is required to hold quarterly meetings and one public hearing each year, only two such meetings and no hearings were held in fiscal year 1993. In addition, although the ICC is required to issue a comprehensive annual report in October of each year, the last annual report was issued for fiscal year 1992.
The Council finds that the repeated failure of the ICC to meet its charter-mandated requirements has compromised its effectiveness as well as the intent and goals behind its creation. At the same time, however, the Council recognizes the significant potential for cross-agency collaboration that still remains in the structure of the ICC. Such collaboration has the potential to reduce the duplication and fragmentation of service delivery to youth that currently exists among the twenty-four agencies that provide youth-related services, which can result in an integrated, comprehensive and cost-effective youth services system in the City of New York.
It is the desire of the Council to make the ICC a more viable and responsive entity that will more fully serve its intended function. Accordingly, this legislation would include a representative of the Council of the City of New York, to be appointed by the Speaker, as a member of the ICC.
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[Consolidated provisions are not included in this Appendix A]
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§ 3. This local law shall take effect immediately.
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