senate Bill S5230

Signed by Governor Amended

Provides that bond anticipation notes by the town of Ulster 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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Bill Status


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

  • 14 / May / 2013
    • REFERRED TO LOCAL GOVERNMENT
  • 07 / Jun / 2013
    • AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT
  • 07 / Jun / 2013
    • PRINT NUMBER 5230A
  • 11 / Jun / 2013
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 11 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1288
  • 13 / Jun / 2013
    • HOME RULE REQUEST
  • 13 / Jun / 2013
    • PASSED SENATE
  • 13 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 13 / Jun / 2013
    • REFERRED TO LOCAL GOVERNMENTS
  • 20 / Jun / 2013
    • SUBSTITUTED FOR A7354A
  • 20 / Jun / 2013
    • ORDERED TO THIRD READING RULES CAL.600
  • 20 / Jun / 2013
    • HOME RULE REQUEST
  • 20 / Jun / 2013
    • PASSED ASSEMBLY
  • 20 / Jun / 2013
    • RETURNED TO SENATE
  • 17 / Sep / 2013
    • DELIVERED TO GOVERNOR
  • 27 / Sep / 2013
    • SIGNED CHAP.373

Summary

Provides that bond anticipation notes by the town of Ulster, Ulster county 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:
A7354
Versions:
S5230
S5230A
Legislative Cycle:
2013-2014
Law Section:
Local Finance Law
Laws Affected:
Amd ยง23.00, Loc Fin L

Sponsor Memo

BILL NUMBER:S5230

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
by the town of Ulster, Ulster County

PURPOSE OR GENERAL IDEA OF BILL: This legislation extends the rollover
period for bond anticipation notes issued during calendar 2009 and
2010 by the town of Ulster, Ulster County 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 by the town of Ulster, Ulster
County 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 take effect immediately.

JUSTIFICATION: Currently, except for bond anticipation notes issued in
2005 or 2007, the town of Ulster is not 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 the town of Ulster 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 the town of Ulster.

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
________________________________________________________________________

                                  5230

                       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

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

  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 BY THE TOWN OF  ULSTER,  ULSTER
COUNTY  issued originally during calendar year two thousand [seven] NINE
or two thousand [eight] 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.
                                                           LBD09847-02-3

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