Assembly Bill A9915

2021-2022 Legislative Session

Relates to installments of bonds; repealer

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Archive: Last Bill Status - In Assembly 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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2021-A9915 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
Local Finance Law
Laws Affected:
Amd §§21.00 & 53.00, rpld §107.00, Loc Fin L
Versions Introduced in 2023-2024 Legislative Session:
A1463

2021-A9915 (ACTIVE) - Summary

Permanently requires that the first installment of serial bonds mature not later than two years after the date of such bonds; provides that principal installments remaining unpaid on bonds may be called for redemption prior to their date of maturity in such amounts, at such times in such manner and pursuant to such terms as may be determined by the finance board of a municipality, school district or corporation at the time of the issuance thereof; repeals provisions that permanently eliminate the requirement that municipalities provide from current funds an amount equal to at least 5% of the estimated cost of each capital improvement (excluding from such cost state or federal grant funding and certain benefited area assessments) prior to the issuance of bonds or bond anticipation notes to finance such capital improvement.

2021-A9915 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9915
 
                           I N  A S S E M B L Y
 
                              April 19, 2022
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on Local Governments
 
 AN  ACT  to  amend the local finance law, in relation to installments of
   certain bonds; and to repeal certain provisions of such  law  relating
   thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph b of section 21.00 of the local finance  law,  as
 amended  by  chapter  121  of  the  laws  of 2021, is amended to read as
 follows:
   b. Serial  bonds  shall  mature  in  annual  installments.  The  first
 installment  shall mature not later than [eighteen months after the date
 of such bonds or two years after the date of the first bond anticipation
 note or notes issued in anticipation of such  bonds,  whichever  is  the
 earlier,  provided,  however,  that  until  July fifteenth, two thousand
 twenty-four, the first installment shall  mature  not  later  than]  two
 years  after  the  date of such bonds or two years after the date of the
 first bond anticipation note or notes issued  in  anticipation  of  such
 bonds, whichever is the earlier. However, if bond anticipation notes are
 issued  in  anticipation  of bonds and if a portion of such notes or the
 renewals thereof are redeemed from a source other than the  proceeds  of
 such  bonds  within  two  years  from the date of the first such note or
 notes and a further portion thereof shall be so redeemed  prior  to  the
 termination  of  each  twelve  months'  period  succeeding the date such
 original portion was so redeemed, the first installment  of  such  bonds
 may,  in  the  alternative,  be made to mature not later than five years
 from the date of the first such note or notes.
   § 2. Paragraph b of section 53.00 of the local finance law, as amended
 by chapter 121 of the laws of 2021, is amended to read as follows:
   b. If such bonds or notes are payable in  installments,  the  install-
 ments  remaining  unpaid  may  be called for redemption [only (i) in the
 inverse order of their maturity or, (ii) in equal proportionate amounts;
 provided, however, that for bonds  issued  during  the  one-year  period
 commencing  July  first,  nineteen  hundred  eighty-eight, and for bonds

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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