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:

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.