senate Bill S6817

Provides that bond anticipation notes issued during calendar years 2010 and 2011 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/Vetoed by Governor
view actions

actions

  • 13 / Mar / 2014
    • REFERRED TO LOCAL GOVERNMENT
  • 29 / Apr / 2014
    • 1ST REPORT CAL.449
  • 30 / Apr / 2014
    • 2ND REPORT CAL.
  • 05 / May / 2014
    • ADVANCED TO THIRD READING
  • 19 / May / 2014
    • PASSED SENATE
  • 19 / May / 2014
    • DELIVERED TO ASSEMBLY
  • 19 / May / 2014
    • REFERRED TO LOCAL GOVERNMENTS

Summary

Provides that bond anticipation notes issued during calendar years 2010 and 2011 may not extend more than 7 years beyond original date of issuance of such bond notes.

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Bill Details

See Assembly Version of this Bill:
A9122
Versions:
S6817
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Local Finance Law
Laws Affected:
Amd ยง23.00, Loc Fin L

Sponsor Memo

BILL NUMBER:S6817

TITLE OF BILL: An act to amend the local finance law, in relation to
bond anticipation notes issued during the calendar years 2010 and 2011

PURPOSE OR GENERAL IDEA OF BILL: This legislation extends the
rollover period for bond anticipation notes issued during calendar
years 2010 and 2011 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 264 of the Laws
of 2012 to extend the rollover period from 2007 and 2008 to 2010 and
2011.

Section 2 of the bill is the effective date.

JUSTIFICATION: Currently, except for bond anticipation notes issued
in 2004, 2005, 2007 and 2008, local governments are authorized to
extend or roll over 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
years 2010 and 2011, will provide municipalities the option of
renewing the notes at a later date when a better rate can be secured
for the long-term. The bill will save costs to the municipality by
providing the municipality with the option to secure a lower interest
rate.

LEGISLATIVE HISTORY: New Bill - 2014

FISCAL IMPLICATIONS: None to the State. 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
________________________________________________________________________

                                  6817

                            I N  S E N A T E

                             March 13, 2014
                               ___________

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 2010 and 2011

  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] TEN or two thousand [eight] ELEVEN 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.
                                                           LBD14031-01-4

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