senate Bill S6634

Signed by Governor Amended

Provides that bond anticipation notes issued during calendar years 2007 and 2008 may not extend more than 7 years beyond original date of issuance of such bond notes

download pdf

Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
view actions

actions

  • 07 / Mar / 2012
    • REFERRED TO LOCAL GOVERNMENT
  • 02 / May / 2012
    • 1ST REPORT CAL.696
  • 07 / May / 2012
    • 2ND REPORT CAL.
  • 08 / May / 2012
    • ADVANCED TO THIRD READING
  • 21 / May / 2012
    • AMENDED ON THIRD READING (T) 6634A
  • 30 / May / 2012
    • PASSED SENATE
  • 30 / May / 2012
    • DELIVERED TO ASSEMBLY
  • 30 / May / 2012
    • REFERRED TO LOCAL GOVERNMENTS
  • 14 / Jun / 2012
    • SUBSTITUTED FOR A9570A
  • 14 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.203
  • 14 / Jun / 2012
    • PASSED ASSEMBLY
  • 14 / Jun / 2012
    • RETURNED TO SENATE
  • 20 / Jul / 2012
    • DELIVERED TO GOVERNOR
  • 23 / Jul / 2012
    • SIGNED CHAP.264

Summary

Provides that bond anticipation notes issued during calendar years 2006 and 2007 may not extend more than seven years beyond the original date of issuance of such bond notes.

do you support this bill?

Bill Details

See Assembly Version of this Bill:
A9570
Versions:
S6634
S6634A
Legislative Cycle:
2011-2012
Law Section:
Local Finance Law
Laws Affected:
Amd ยง23.00, Loc Fin L

Votes

8
0
8
Aye
0
Nay
0
aye with reservations
0
absent
0
excused
0
abstained
show Local Government committee vote details

Sponsor Memo

BILL NUMBER:S6634

TITLE OF BILL:
An act
to amend the local finance law, in relation to bond anticipation notes
issued during the calendar years 2006 and 2007

PURPOSE OR GENERAL IDEA OF BILL:
This legislation extends the rollover period for bond anticipation
notes issued during calendar 2006 and 2007 to not more than seven
years beyond the original date of issue.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends subparagraph 2 of paragraph b of Section
23.00 of the Local Finance Law as amended by Chapter 386 of the Laws
of 2010 to extend the rollover period from 2004 and 2005 to 2006 and
2007.

Section 2 of the bill is the effective date.

JUSTIFICATION:
Currently, except for bond anticipation notes issued in 2004 or 2005,
local governments are authorized to extend or rollover bond
anticipation notes for only up to 5 years. At the end of the period,
the bond anticipation notes must be retired or converted into
long-term debt. This legislation, by extending the rollover period
for bond anticipation notes issued during calendar 2006 and 2007,
will provide municipalities the option of renewing the notes at a
later date to shop around for a better rate for the long-term,
thereby lowering costs to the municipality.

LEGISLATIVE HISTORY:
New Bill- 2012

FISCAL IMPLICATIONS:
None. May result in cost savings to localities.

EFFECTIVE DATE:
This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6634

                            I N  S E N A T E

                              March 7, 2012
                               ___________

Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Local Government

AN ACT to amend the local finance law, in relation to bond  anticipation
  notes issued during the calendar years 2006 and 2007

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local
finance law, as amended by chapter 386 of the laws of 2010,  is  amended
to read as follows:
  2. renewals of bond anticipation notes issued originally during calen-
dar  year  two  thousand [four] SIX or two thousand [five] SEVEN may not
extend more than seven years beyond the original date of issue  of  such
bond anticipation notes.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14896-01-2

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.