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CHAPTER 597

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AN ACT to amend the public authorities law, in relation to the sale of

bonds by the Dutchess county water and wastewater authority Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subdivision 3 of section 1128 of the public authorities law, as added by chapter 592 of the laws of 1991, is amended to read follows:

3. (a) Bonds shall be authorized by resolution of the authority, be in such denominations, bear such date or dates and mature at such time times as such resolution may provide, except that bonds and any renewals thereof shall mature within' forty years from the date of their original issuance and notes and any renewals thereof shall mature within five years from the date of their original issuance. Bonds shall be subject to such terms of redemption, bear interest at such rate or rates per annum, which may vary from time to time, as may be necessary to effect the sale thereof and shall be payable at such times, be in such form, carry such registration privileges, be executed in such manner, be subject

to tender to the authority, with or without extinction or cancellation, be payable in such medium of payment at such place or places, and be subject to such terms and conditions as such' resolution may provide. Bonds may, be sold at public or private sale for such price or prices the authority shall determine, provided that no bonds of the authority may be sold by the authority at private sale unless such sale and the terms thereof have been approved in writing by the comptroller, where such sale is not to be to such comptroller, or by the state director of the budget, where such sale is to be to the comptroller.

(b) The state comptroller shall promulgate rules in conformance with the state administrative procedure act governing the sale on negotiated basis of bonds, notes and certificates of participation by public authorities and public benefit corporations made subject to such rules by law. No such sale by the authority on a negotiated basis shall be conducted without prior approval of the state comptroller except provided in such rules, which shall set forth the circumstances under which such approval shall not be required. Such rules shall be reviewed at least annually and updated as may be necessary. The corporation shall annually deliver to the senate finance committee, the assembly ways and means committee and the director of the division of the budget a report listing all such sales conducted in the previous year, including but not limited to the name of the issuer, the amount of the issue, the interest rate and interest cost per year for each such sale:

(c) Agreements for credit enhancement. (1) The authority, is hereby authorized and empowered to enter into such agreements as it deems sonable and appropriate, with any department or agency of the United States of America, the state,

any other financially responsible to facilitate the issuance, sale, resale and payment of bonds, notes, or other evidences of indebtedness of the authority,

including, but not limited to letters of credit, lines of credit, revolving credit, bond insurance or other credit enhancements. Such agreements may provide for: (i) the advance or advances of funds on behalf of the authority to pay bonds, notes or other evidences of indebtedness of the authority

on their date or dates of maturity, or redemption; and (ii) the reimbursement of such advance or advances by the authority.

(2) Such agreements may be executed on or before the date of issuance of the obligations to be paid pursuant thereto, provided, however, that any reimbursement obligation of the

authority shall be deemed indebtedness of the authority; (i) only as

of the date that the responding advance is made pursuant to subparagraph one of this paragraph; and (ii) only in the amount of the advance made pursuant to such subparagraph. Such agreements may include a pledge by the authority of its faith and credit for the payment of any indebtedness, deemed o be contracted as set forth in this paragraph, and may provide that any such EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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indebtedness arising from a reimbursement obligation contracted pursuant to this section shall be paid in accordance with the terms of such agreement. Such indebtedness shall be excluded in ascertaining the power of the authority to contract indebtedness pursuant to this chapter. Such agreements shall also include such terms and conditions as the authority shall deem appropriate, including provisions for the payment of reasonable fees by the authority in return for a commitment to advance funds pursuant

to such agreement. Such fees shall be deemed part of the cost of the object or purpose in connection with which they are incurred.

(3) Prior to procurement of any credit or liquidity enhancements, the authority shall,'to the extent practicable:

(i) consider the ability of the credit or liquidity enhancement provider to make required payments as and when due under the terms of the appropriate governing instruments;

(ii) consider the business reputation of the credit or liquidity enhancement provider;

(iii) consider the maximum term of the credit or liquidity enhancement relative to the maturity of the bonds, notes or other obligations being credit or liquidity enhanced;

(iv) provide for the right of substitution for the credit or liquidity enhancement provider in all agreements, including a provision permitting such substitution when the rating of the credit or liquidity enhancement provider falls below the probable credit rating of the issue without considering the credit or liquidity enhancer; and

(v) consider the cost of the credit or liquidity enhancement relative to the savings or other benefit likely to be achieved through the utilization of the credit, or liquidity enhancement.

(4) Where the credit or liquidity enhancement procured is an irrevocable letter of credit or an acqụisition arrangement with a liquidity hancer, such instrument shall be:

(i) issued or confirmed by a bank holding company or its direct subsidiaries, a federally chartered bank or its subsidiaries,

state chartered bank or its subsidiaries, licensed or authorized to do business in this state; and

(ii) issued or confirmed by an agency or branch of a foreign banking institution licensed to do business in this state with total worldwide assets in excess of five billion dollars.

(5) Any such issuing banking organization referred to in subparagraph four of this paragraph shall meet the regulatory guidelines for capital adequacy promulgated by the appropriate federal banking agency as defined in the Federal Deposit Insurance Act, 12 U.S.C. 1813(9).

(6) Where the credit or liquidity enhancement procured is provided by an insurance company, such insurer shall be licensed to write financial guarantee insurance in this state.

(7) The failure of the authority to comply with subparagraphs three through six of this paragraph shall not invalidate or impair any credit or liquidity enhancement contract or instrument.

§ 2. This act shall take effect immediately.

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CHAPTER 598

AN ACT to amend the real property tax law, in relation to notice and
statement of taxes; interest payments in towns in Sullivan county and
to repeal certain provisions of such law relating thereto
Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. Subdivision 1 of section 1508 of the real property tax law is repealed and a new subdivision 1 is added to read as follows:

1. Notwithstanding the provisions of any general or special law to the contrary, the collecting officer of each town in the county of Sullivan, shall, upon receiving the tax roll and warrant, and on or before the tenth day of January, cause notice of receipt of the tax roll and war

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rant to be posted in five conspicuous places in the town, specifying one or more convenient places in such town where he will attend and receive taxes. The town board of each town may establish, by resolution, the minimum number of days per week and minimum number of hours per day that the collector is required to attend and receive taxes, but in no event shall it be less than three days a week and six hours a day during usual business hours for the month of January, which times shall be set forth in the notice. Such collecting officer shall,

before January mail to each owner of real property included in such tax roll whose name and address he is able to ascertain a statement of amount of taxes levied on his property with a notice of the dates and places fixed by him for receiving taxes, together with the name, address and

postoffice address of such collecting officer.

§ 2. Subdivision 2 of section 1508 of the real property tax law is repealed and a new subdivision 2 is added to read as follows:

2. All taxes paid on or before January thirty-first may be paid without charge or interest. On all taxes remaining unpaid after January thirty-first, per centum shall be added for the first month and an additional one per centum for each month or fraction thereof thereafter until and including the month of May, and an additional one per centum on taxes paid between June first and June fifteenth, at which time the warrant shall be returned.

§ 3. This act shall take effect on the first day of January next succeeding the date on which it shall have become a law.

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CHAPTER 599

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AN ACT to amend the public authorities law and the highway law, in rela

tion to designating veterans of the Grenadan conflict, the Lebanese
conflicts, the Panamanian conflict and the Persian Gulf War honorees
of the Blue Star memorial highway network
Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. Section 356-b of the public authorities law, as amended by chapter 94 of the laws of 1971, is amended to read as follows:

$ 356-b. Thruway to be designated as a section of a national network of Blue Star memorial highways. The thruway sections and connections constructed provided in section three hundred fifty-six, collectively, shall be designated, in addition to any official name,

as the New York state section of a national network of Blue Star memorial highways as a living memorial and tribute to those men and women who served in the nation's armed forces in world wars I and II, the Korean conflict [and], the Vietnam conflict, the Grenadan conflict, the Lebanese flicts, the Panamanian conflict and the Persian Gulf War known as Operation Desert Shield - Operation Desert Storm.

§ 2. Section 346-a of the highway law, as amended by chapter 94 of the laws of 1971, is amended to read as follows:

§ 346-a. System of state thruways to be designated as a section of a national network of Blue Star memorial highways. The state thruways, collectively, provided for by this article, shall be designated as the New York state section of a national network of Blue Star memorial highways, as a living memorial and tribute to those men and women who served in the nation's armed forces in world wars I and II, the Korean conflict [and], the Vietnam conflict, the Grenadan conflict, the Lebanese conIlict's, the Panamanian conflict and the Persian Gulf War known as Operation Desert Shield - Operation Desert Storm. Such designation shall not be considered as an official name for said thruways.

§ 3. This act shall take effect immediately.
EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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AN ACT to amend the penal law, in relation to creating the crime of

criminal sale of a firearm to a minor
Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. The penal law is amended by adding a new section 265. 16 to read as follows: § 265.16 Criminal sale of a firearm to a minor.

A person is guilty of criminal sale of a firearm to a minor when he is not authorized pursuant to law to possess a firearm and he unlawfully sells, exchanges, gives or disposes of a firearm to another person who is or reasonably appears to be less than nineteen years of age who is not licensed pursuant to law to possess a firearm.

Crininal sale of a firearm to a minor is a class D felony.

§ 2. This act shall take effect on the first day of November next succeeding the date on which it shall have become a law.

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CHAPTER 601

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AN ACT to amend the education law,, in relation to the transportation of

certain pupils with handicapping conditions
Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. Paragraph d of subdivision 4 of section 4402 of the education law, as amended by chapter 133 of the laws of 1992, is amended read as follows: d. Notwithstanding any other provision of law,

such board shall provide suitable transportation to and from a nonpublic school which child with a handicapping condition attends if [the status of] such child (was first] has been so identified by the local committee on

special education [prior to September first, nineteen hundred ninety-two] and such child attends such school for the purpose of receiving services or programs similar to special educational programs recommended for such child by the local committee on special education. [Notwithstanding any other provision of law, the provisions of this paragraph shall expire on June thirtieth, nineteen hundred ninety-three. ]

§ 2. This act shall take effect July 1, 1992.

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CHAPTER 602

AN ACT to amend the general business law, in relation to

automobile auctioneers

Became a law July 24, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 23 of the general business law is amended by adding a new subdivision 2-a to read as follows:

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2-a. Sale of vehicles. a. An automobile auctioneer shall not sell or offer for sale a motor vehicle unless such auctioneer is a dealer registered pursuant to article sixteen of the vehicle and traffic law. b. Except

otherwise permitted by law, an automobile auctioneer shall not sell or offer for sale a motor vehicle on a sale basis of is or "with all faults", or by using words of similar import at or prior to the time of sale.

§ 2. Subdivisions 3, 6 and 8 of section 23 of the general business law, as added by chapter 170 of the laws of 1987, are amended to read as follows:

3. Disclosure. a. No motor vehicle shall be sold by an automobile auctioneer unless he has disclosed the identity of the (individual] seller who is actually transferring title or proof of ownership. Such disclosure of the seller's identity shall be made by the auctioneer (1) in written disclosure made in not less than ten-point bold face type and appearing on the front of the sales contract, receipt, invoice, or other document used in connection with the sale of the vehicle that shall set forth the seller's true legal name, complete street address and dealer facility identification number and that shall be captioned "Identity of Vehicle's Seller"; and (ii) by affixing a conspicuous sign to the windshield of each vehicle offered for sale, sold or made available for inspection prior to auction that shall disclose the seller's true legal name, complete street address and dealer facility identification number.

b. No used motor vehicle subject to the provisions of section one hundred ninety-eight-b of this chapter shall be sold or offered for sale by an automobile auctioneer unless such auctioneer discloses the Used Car Lemon Law Bill of Rights. Such disclosure shall be made in writing, in not less than ten-point bold face type and appearing on the front of the sales contract, receipt, invoice, or other document used in connection with the sale of the vehicle, and shall be captioned "Used Car Lemon Law Bill of Rights".

No motor vehicle subject to the provisions of section one hundred ninety-eight-a of this chapter shall be sold or offered for sale by automobile auctioneer unless such auctioneer discloses the New Car Lemon Law Bill of Rights. Such disclosure shall be made in writing, in not less than ten-point bold face type and appearing on the front of the sales contract, receipt, invoice, or other document used in connection with the sale of the vehicle, and shall be captioned "New Car Lemon Law Bill of Rights".

d. No used motor vehicle shall be sold or offered for sale by an automobile auctioneer unless such auctioneer provides the following tice, in writing, in not less than ten-point bold face type and appearing on the front of the sales contract, receipt, invoice or other document used in connection with the sale of the vehicle:

CERTIFICATION NOTICE FOR USED CAR BUYERS

NEW YORK STATE LAW REQUIRES A USED CAR DEALER
TO CERTIFY IN WRITING TO THE BUYER THAT THE VEHI -
CLE, AT THE TIME OF DELIVERY, IS IN CONDITION AND
REPAIR TO RENDER, UNDER NORMAL USE, SATISFACTORY
AND ADEQUATE SERVICE (VEHICLE AND TRAFFIC LAW SEC-
TION 412-a)
2. IF THE DEALER REFUSES TO HONOR ITS LEGAL DUTY,
COMPLAIN TO THE N.Y.S. DEPARTMENT OF MOTOR VEHI -
CLES, DIVISION OF VEHICLE SAFETY SERVICES, EMPIRE

STATE PLAZA, ALBANY, N.Y. 12228.
No used motor vehicle shall be sold or offered for sale by an au-
tomobile auctioneer, unless such auctioneer posts a conspicuous sign at
each entrance to the auction used by the public, and in a place so situ-
ated as to be clearly visible to bidders at the auction. Such sign shall
read as follows:

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CERTIFICATION NOTICE FOR USED CAR BUYERS
1. NEW YORK STATE LAW REQUIRES A USED CAR DEALER
TO CERTIFY IN WRITING TO THE BUYER THAT THE VEHI-

CLE, AT THE TIME OF DELIVERY, IS IN CONDITION AND
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