Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to local government |
May 14, 2013 |
referred to local government |
Senate Bill S5213
2013-2014 Legislative Session
Sponsored By
(D) 22nd Senate District
Archive: Last Bill Status - In Senate Committee Local Government Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S5213 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7176
- Current Committee:
- Senate Local Government
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd §§90.00 & 90.10, Loc Fin L
2013-S5213 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5213 TITLE OF BILL: An act to amend the local finance law, in relation to the refunding of bonds PURPOSE: This legislation would allow NYC to issue refund bonds for one in a series of variable rate bonds from institutions that may be economically unsound or volatile. SUMMARY OF PROVISIONS: This bill amends section 90.00 Paragraph b-1 and section 90.10 paragraph c subdivision 3 of the Local Finance Law to permit the amounts and stated maturity dates of refunding bonds to be the same as those of the bonds to be refunded. EXISTING LAW: Under existing law, refunding bonds must comply with the fifty percent rule or have level or declining debt service. To meet these requirements, a refunding of a single maturity in a series must also refund bonds which yield no present value savings, but are included only to conform the refunding issue to the requirement of Local Finance Law. This restriction causes these structuring bonds to be
2013-S5213 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5213 2013-2014 Regular Sessions I N S E N A T E May 14, 2013 ___________ Introduced by Sen. FELDER -- 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 the refunding of bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph b-1 of section 90.00 of the local finance law, as added by chapter 201 of the laws of 1994, is amended to read as follows: b-1. Refunding bonds need not comply with paragraph b of this section provided that no annual installment of each separate series of refunding bonds shall be more than fifty per centum in excess of the smallest prior installment or THE AMOUNTS AND STATED MATURITY DATES OF THE REFUNDING BONDS SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED OR the finance board of the municipality, school district or district corporation issuing the bonds shall have determined to use a substan- tially level or declining annual debt service schedule for the refunding bonds. The amount of annual installments of the refunding bonds may be determined without reference to the stated maturities of the bonds to be refunded. S 2. Subdivision 3 of paragraph c of section 90.10 of the local finance law, as amended by chapter 201 of the laws of 1994, is amended to read as follows: 3. No annual installment of each separate series of refunding bonds shall be more than fifty per centum in excess of the smallest prior installment unless THE AMOUNTS AND STATED MATURITY DATES OF THE REFUND- ING BONDS SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED OR the finance board of the municipality, school district or district corpo- ration issuing the bonds has determined to use a substantially level or declining annual debt service schedule for the refunding bonds. The amounts of annual installments of the refunding bonds may be determined without reference to the stated maturities of the bonds to be refunded. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10616-01-3
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