Senate Bill S2575

2017-2018 Legislative Session

Relates to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted

download bill text pdf

Sponsored By

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

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2017-S2575 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Local Finance Law
Laws Affected:
Amd §41.10, Loc Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: S5204
2013-2014: S3861
2015-2016: S4162

2017-S2575 (ACTIVE) - Summary

Relates to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on.

2017-S2575 (ACTIVE) - Sponsor Memo

2017-S2575 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2575
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by  Sen. HELMING -- 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 contents of notice
   of meeting or election where special tax or tax  to  be  collected  in
   installments is to be voted on

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 41.10 of the local finance law, as added by chapter
 582 of the laws of 1951, is amended to read as follows:
   § 41.10 Contents of notice of meeting or election where special tax or
 tax to be collected in installments is to be voted.  Where the voting of
 a special tax or a tax to be collected in installments  is  a  condition
 precedent  to  the  adoption of a bond resolution or capital note resol-
 ution and the bonds or capital notes are  to  be  issued  to  finance  a
 specific object or purpose, the notice of the meeting or the election at
 which  such  tax  is voted must state the estimated maximum cost of each
 item of such specific object or purpose and the estimated total cost  of
 all  of  the  items,  WHERE THE ESTIMATED TOTAL COST OF ALL OF THE ITEMS
 INCLUDES, AND LISTS, THE ESTIMATED TOTAL INTEREST COSTS ASSOCIATED  WITH
 THE  BOND RESOLUTION OR CAPITAL NOTE RESOLUTION; PROVIDED, HOWEVER, WITH
 REGARD TO SCHOOL DISTRICTS, THE COST OF PROVIDING  SUCH  TOTAL  INTEREST
 COSTS SHALL BE MINIMIZED TO THE GREATEST EXTENT PRACTICABLE.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08223-01-7

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