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written objection to the change. Any buyer who has received a notice pursuant to clause (a) who does not agree in writing to the change and no further indebtedness is

incurred under the plan to which the agreement relates, and any buyer who gives a timely notice, pursuant to clause (b), electing not to accept the change shall be permitted to pay his outstanding indebtedness in accordance with the terms of the retail installment credit agreement but the seller or holder may terminate the amount of credit available to the buyer and may require the buyer to return all credit cards issued in connection with a retail installment credit agreement. If such a buyer subsequently uses a credit card to obtain credit under a retail installment credit agreement, such use shall constitute acceptance of the change of terms and shall be deemed to have been accepted and shall become effective as to the buyer as of the date such change would have become effective but for the giving of notice by the buyer. "If notice is given pursuant to clause (b) and the buyer does not timely object in writing to the change, such change shall become effective without action on the part of the buyer; provided that in no event shall any such change take effect with respect to (i) that portion of the outstanding indebtedness from month to month which represents indebtedness outstanding, prior to January 1, 1981, and (ii) that portion of the outstanding indebtedness from month to month which represents indebtedness incurred, under pursuant to an agreement in effect on December 1, 1980, between January 1, 1981, and the effective date of such change specified in the first notice mailed or delivered pursuant to clause (a). Indebtedness outstanding, prior to January 1, 1981 for purpose of clause (i) above and indebtedness outstanding prior to the effective date of a change for purposes of clause (ii) above shall be determined on the basis of crediting payments and other credits first to that portion of any such indebtedness representing any service charges and then to that portion of such indebtedness representing purchases and other debits in the order in which made. An amendment to a credit agreement deleting a provision that the rate of service charge may vary from time to time may not become effective within one year from the later of the effective date of the credit agreement or the effective date of an amendment to the credit agreement adding a variable rate provision. For purposes of this paragraph, an ad justment in the rate of the service charge as a consequence of the movement in the selected index shall not constitute a change in the terms of that agreement. A reduction in the grace period for the assessment of a fee on any installment not paid when due, shall be considered an amendment to an agreement as set forth in this paragraph. The provisions of this paragraph shall not apply in the case of an agreement which expressly prohibits changing of terms or which provides limitations on changing of terms which

restrictive than the requirements of this paragraph.

$ 5. This act shall take effect immediately and shall expire and be deemed repealed on June 30, 1993, at which time the provisions of law as amended by this act shall revert to and be read as if the provisions of this act had not been enacted.

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CHAPTER 6 AN ACT to authorize the commissioner of general services to sell or

lease certain land in Queens county to the Bellerose Housing Development Fund Company, Inc. Became a law February 19 1992, with the approval of the Governor.

Passed by a two-thirds vote. The People of the State of New York, represented in Senate and Assenbly, do enact as follows:

Section 1. The commissioner of general services is authorized to sell, convey, transfer or lease to the Bellerose Housing Development Fund Company,

Inc. a not-for-profit corporation, certain state land in Queens county, a portion of Creedmoor Psychiatric Center in the city of New York, generally described as follows:

ALL 'that certain plot, piece or parcel of land together with any improvements, situate, lying at Queens Borough and County of Queens, City and State of New York, bounded and described as follows:

BEGINNING at a point formed by the intersection of the easterly boundary of the lands of the people of the State of New York known as the Creedmoor Psychiatric Center with the northerly side of Hillside Avenue (100.00 feet wide) said point being distant 56.56 feet westerly measured from the corner formed by the intersection of the northerly side of Hillside Avenue and the westerly side of 240th Street (60.00 feet wide): running thence westerly along the northerly side of Hillside Avenue, 343. 44 feet; thence northerly at right angles to the northerly side of Hillside Avenue, 88.00 feet; thence northeasterly along a line forming an interior angle of 150 degrees 45 minutes 49 seconds with the last mentioned line, 291.41 feet; thence easterly along a line forming an interior angle of 90 degrees 46 minutes 02 seconds with the last mentioned line, 122. 34 feet; thence northeasterly along a line forming an interior anglé of 208 degrees 28 minutes 09 seconds with the last mentioned line, 143. 89 feet to a point in the aforesaid easterly boundary of the lands of the Creedmoor Psychiatric Center; thence southerly along said boundary on a line forming an interior angle of 79 degrees 56 minutes 50 seconds with the last mentioned line, 288.43 feet to the northerly side of Hillside Avenue and the point or place of BEGINNING.

§ 2. The commissioner of general services is authorized to fix and determine the terms and conditions of the conveyance, sale, transfer or lease including the monetary consideration or rent payable to the state; provided, however, that the state of New York shall retain a reversionary interest in the subject property should such property cease to be used by the Bellerose Housing Development Fund Company, Inc. as senior

$129. The ndescription in section one of this act of the lands to be conveyed is not intended to be a legal description, but is intended only to identify the premises to be conveyed. The applicant is required to prepare or cause to be prepared an accurate survey and description of the lands thus generally described in such section one, which may be used in the conveyance thereof.

§ 4. The commissioner of general services shall not grant the aforesaid land unless application therefor is made within 1 year after the effective date of this act. § 5. This act shall take effect immediately.

CHAPTER 7

AN ACT to amend chapter 915 of the laws of 1982 amending the public authorities law relating to the power of the state of New York mortgage agency; and chapter 555 of the laws of 1989 amending chapter 915 of the laws of 1982, the public authorities law and chapter 261 of the laws of 1988 amending the state finance law, the vehicle and traffic law and other laws relating to establishing a new New York state infrastructure trust fund and the public authorities law, in relation to the state of New York mortgage agency Became a law February 26, 1992, with the approval of the Governor.

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

Section 1. Section 16 of chapter 915 of the laws of 1982, amending the public authorities law relating to the power of the state of New York mortgage agency, as amended by chapter 555 of the laws of 1989, is amended to read as follows:

§ 16. This act shall take effect immediately except that the amendments to law effected by sections one through ten of this act, amended, shall cease to be of force and effect on and after [June 15, 1991) March 31, 1993, on which date the provisions of the public authorities law amended by such sections shall be as they were in force and effect immediately prior to this act taking effect. EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

to be omitted.

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in

§ 2. Section 19 of chapter 555 of the laws of 1989, amending chapter 915 of the laws of 1982, the public authorities law and chapter 261 of the laws of 1988 amending the state finance law, the vehicle and traffic law and other laws relating to establishing a new New York state infrastructure trust fund, is amended to read as follows:

§ 19. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after June 15, 1989 provided that the amendments to law effected by sections six through seventeen of this act, as amended, shall cease to be of force and effect on and after (June 15, 1991] March 31, 1993, on which date the provisions of the pubIic authorities law amended by such sections shall be as they were force and effect immediately prior to this act taking effect, and provided however that the amendments to law effected by sections' six through seventeen of this act shall continue to apply to all commitments issued or policies in force on or before [June 15, 1991] March 31, 1993.

§ 3. Section 2407 of the public authorities law, as amended by chapter 555 of the laws of 1989, subdivision 1 as amended' by chapter 196 of "the laws of 1990, is amended to read as follows:

§ 2407. Bond [authorization] limits. (1) Except for notes issued in nineteen hundred seventy and nineteen hundred seventy-one, the agency, shall not issue bonds and notes, the interest on which is not included in the gross income of the holders of the bonds and notes under the United States Internal Revenue Code of 1986, as amended, or any subsequent corresponding internal revenue law of the United States, in an aggregate principal amount exceeding, four billion five hundred' forty-five million dollars, excluding from such limitation (a) an amount equal to any original issue discount from the principal amount of any bonds or notes issued, (b) bonds and notes issued to refund outstanding bonds and notes,

and ch bonds and notes not described in clause (b) of this subdivision issued to refund outstanding bonds and notes in accordance with the provisions of the Internal Revenue Code of 1986 or the Tax Reform Act of 1986, as amended, where such bonds or notes are not included in the statewide volume cap on private purpose bonds under section 146 of such code provided, however, that upon any refunding pursuant to this clause or clause (b) of this subdivision, such exclusion shall apply only to the extent that the amount of the refunding bonds or notes does not exceed (i) the outstanding amount of the refunded bonds or notes, plus (ii) to the extent permitted by applicable federal tax law, costs of issuance of the refunding bonds or notes to be financed from the proceeds of the refunding bonds or notes. No such bond or note shall be issued by the agency or after [June fifteenth, nineteen hundred ninety-one] March thirty-first, nineteen hundred ninety-three, excluding bonds and notes issued to refund outstanding bonds and notés. No more than one hundred million dollars of proceeds of bonds or notes issued by the

agency pursuant to this subdivision and in no event more than an amount equal to thirty-eight percent of the amount of the statewide volume cap on private activity bonds for nineteen hundred [eighty-nine) ninety-one allocated to the agency pursuant to section one hundred forty-six of the Internal Revenue Code of nineteen hundred eighty-six, as amended, shall be used for mortgage purposes by blending with proceeds of bonds issued pursuant to subdivision two of this section.

(2) In connection with the issuance of bonds for the purpose of furthering programs described in this title, the agency is authorized to covenant and consent that the interest on any of its bonds, notes or other obligations shall be includible, under the United States' Internal Revenue Code of nineteen hundred eighty-six, as amended or any subsequent corresponding, internal revenue law of the United States, in the gross income of the holders of the bonds to the same extent and in the same manner that the interest on bills, bonds, notes or other obligations of the United States is includible' in the gross income of the holders thereof under said Internal Revenue Code or any such subsequent law. Pursuant to this subdivision, the agency shall not issue bonds, notes or other obligations in an aggregate principal amount exceeding three hundred million dollars, excluding from such limitation bonds, notes or other obligations issued to refund outstanding bonds, notes

or other obligations. No such bond, note or other obligation shall be issued by the agency on or after [June fifteenth, nineteen hundred ninetyone] March thirty-first, nineteen hundred ninety-three, excluding bonds notes or other obligations issued to refund outstanding bonds, notes or other obligations and no mortgages shall be purchased with the proceeds of such bonds, notes or other obligations after such date. The board of directors of the agency shall establish program guidelines for purposes

on

of bonds, notes or other obligations issued pursuant to this subdivision. The board of directors shall establish from time to time maximum income limits of persons eligible to receive mortgages financed by bonds, notes or other obligations issued pursuant to this subdivision, which income limits with respect to one-third of the total principal amount of mortgages authorized to be so financed shall not exceed one hundred twenty-five percent of the latest maximum income limits permitted under the Internal Revenue Code of nineteen hundred eighty-six, as amended, for mortgagors financed by mortgage revenue bonds, with respect to one-third of such principal amount authorized to be so financed, shall not exceed one hundred thirty-five percent of such income limits, and with respect to one-third of such principal amount authorized to be so financed, shall not exceed one hundred fifty percent of such limits.

(3) The fixing of the statutory maximums in this section shall not be construed as constituting a contract between the agency and the holders of its bonds or notes that additional bonds and notes may not be issued subsequently by the agency in the event that such statutory maximums shall subsequently be increased by law.

5 4. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after June 15, 1991.

CHAPTER 8

AN ACT to provide for the temporary installation of pay toilets in

cities with a population of two million or more Became a law February 28, 1992, with the approval of the Governor.

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

Section 1. Temporary installation of pay toilets. (a) Notwithstanding any other state or local law to the contrary, a city with a population of two million or more, acting by the mayor or the mayor's designee, may authorize the temporary installation by one or more persons of no more than six pay toilets and select the sites upon which they can be placed.

(b) The mayor the mayor's designee may authorize that the pay toilets installed pursuant to this subdivision be coin-operated and charge a nominal fee.

(c) Any person authorized to install pay toilets pursuant to this section shall operate them for no longer than six months from the first day of operation. § 2. This act shall take effect immediately.

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CHAPTER 9

AN ACT to amend the real property tax law, in relation to actions in the

supreme court for the sequestration of property of corporations which have refused or neglected to pay taxes imposed upon them pursuant to said law Became a law March 6, 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 992 of the real property tax law, subdivision 1 as amended by chapter 784 of the laws of 1985, is amended to read follows:

$ 992. [Attorney general to bring action] Action for sequestration. 1. Notwithstanding any provisions of a county tax act to the contrary,

it EXPLANATION—Matter in italics is new; matter in brackets [ ] is old law

to be omitted.

as

shall be the duty of the attorney general, upon being informed by the county treasurer of any county having a population of one hundred thousand or less that any corporation refuses or neglects to pay the taxes imposed upon it pursuant to this chapter, to bring an action in the supreme court for the sequestration of the property of such corporation.

2. Whenever any corporation refuses or neglects to pay the taxes imposed upon it pursuant to this chapter, the chief fiscal or legal of ficer of

municipal corporation having a population in excess of one hundred thousand empowered to enforce the collection of delinquent taxes to whom said taxes are due and owing may bring an action in the supreme court for the sequestration of the property of such corporation.

3. The court may sequestrate the property of such corporation for the purpose of satisfying taxes in arrears, and may in its discretion enjoin such corporation from further proceedings under its charter until such tax and the costs incurred in the action have been paid. The attorney general or the chief fiscal or legal officer of a county having a population in excess of one hundred thousand to whom such tax is owing, whichever official has initiated the action for sequestration may recover such tax with costs from such delinquent corporation by action in any court of record.

4. The attorney general may, at his or her own discretion, also assume the authority of this section upon the joint request of the chief fiscal officer and legal officer of the municipal corporation having a population in excess of one hundred thousand empowered to enforce the collection of delinquent taxes in which such' real property is located. Such request must attest that the unpaid taxes were levied no earlier than four years prior to such request, and that (i) such action by either the chief fiscal officer or chief legal officer would constitute a conflict of interest, or (ii) the real property subject to such action is part of a system which provides water or sanitary sewerage seryices to property owners and the rates for such services are regulated by the public service commission. In the event that the attorney general assumes the authority of this section following such request, all expenses incurred by the attorney general, including the salary or other compensation of all deputies employed, shall be a charge against the municipal corpora, tion having a population in excess of one hundred thousandmaking such request, provided, however, that in no event shall such charges payable to the attorney general exceed the amount of unpaid taxes actually recovered pursuant to this section.

S 2. This act shall take effect on the thirtieth day after it shall have become a law.

CHAPTER 10

AN ACT

to

amend chapters 50, 52, 53 and 54 of the laws of 1991 making appropriations for the support of government and to amend chapter 527 of the laws of 1991, relating to making allocations pursuant to the provisions of federal drug, control and system improvement grant program and to amend the facilities development corporation act, relating thereto

a

Became law February 11, 1992, with the approval of the Governor. Passed on message of necessity pursuant to Article III, section 14

of the Constitution 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 1 of chapter 50 of the laws of 1991, enacting the state operations budget, as amended by chapters 53, 407 and 408 of the laws of 1991, is amended by repealing the items hereinbelow set forth in brackets and' by adding to such' section the other items italicized in this section.

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