senate Bill S5229A

Provides that bond anticipation notes issued during calendar years 2009 and 2010 may not extend more than 7 years beyond original date of issuance of such bond notes

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Sponsor

Bill Status


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

  • 14 / May / 2013
    • REFERRED TO LOCAL GOVERNMENT
  • 07 / Jun / 2013
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 07 / Jun / 2013
    • PRINT NUMBER 5229A
  • 08 / Jan / 2014
    • REFERRED TO LOCAL GOVERNMENT

Summary

Provides that bond anticipation notes issued during calendar years 2009 and 2010 may not extend more than seven years beyond the original date of issuance of such bond notes.

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Bill Details

See Assembly Version of this Bill:
A7355A
Versions:
S5229
S5229A
Legislative Cycle:
2013-2014
Current Committee:
Senate Local Government
Law Section:
Local Finance Law
Laws Affected:
Amd ยง23.00, Loc Fin L

Sponsor Memo

BILL NUMBER:S5229A

TITLE OF BILL: An act to amend the local finance law, in relation to
bond anticipation notes issued during the calendar years 2009 and 2010

PURPOSE OR GENERAL IDEA OF BILL: This legislation extends the rollover
period for bond anticipation notes issued during calendar 2009 and
2010 to not more than seven years beyond the original date of issue.

SUMMARY OF SPECIFIC PROVISIONS: Section 1. Subparagraph 2 of
paragraph b of Section 23.00 of the Local Finance Law as amended by
Chapter 264 of the Laws of 2012, is amended as follows:

2. Renewals of bond anticipation notes issued originally during
calendar year two thousand nine or two thousand ten may not extend
more than seven years beyond the original date of issue of such bond
anticipation notes.

Section 2. This act shall Lake effect immediately.

JUSTIFICATION: Currently, except for bond anticipation notes issued in
2006 or 2007, 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
longterm debt. This legislation, by extending the rollover period for
bond anticipation notes issued during calendar. year 2009 and 2010,
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.

PRIOR LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: None. This legislation 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
________________________________________________________________________

                                 5229--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 14, 2013
                               ___________

Introduced  by  Sen. TKACZYK -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the local finance law, in relation to bond  anticipation
  notes issued during the calendar years 2009 and 2010

  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 264 of the laws of 2012,  is  amended
to read as follows:
  2. renewals of bond anticipation notes issued originally during calen-
dar  year two thousand seven [or], two thousand eight, TWO THOUSAND NINE
OR TWO THOUSAND TEN 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.
                                                           LBD09848-03-3

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