Assembly Bill A5056

Signed By Governor
2023-2024 Legislative Session

Relates to extending the exclusion of indebtedness contracted for sewage facilities

download bill text pdf

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Current Bill Status - Signed by Governor

  • 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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2023-A5056 (ACTIVE) - Details

See Senate Version of this Bill:
S6940
Law Section:
Local Finance Law
Laws Affected:
Amd §§124.10 & 136.00, Loc Fin L

2023-A5056 (ACTIVE) - Summary

Extends the period of time for which a municipality has the power to exclude indebtedness contracted for sewage facilities.

2023-A5056 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5056
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2023
                                ___________
 
 Introduced  by M. of A. CONRAD, THIELE -- (at request of the State Comp-
   troller) -- read once and referred to the Committee on  Local  Govern-
   ments
 
 AN  ACT  to  amend  the  local finance law, in relation to extending the
   exclusion of indebtedness contracted for sewage facilities

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraphs a and c of section 124.10 of the local finance
 law, as amended by chapter 150 of the laws of 2014, are amended to  read
 as follows:
   a.  In  ascertaining  the  power of a municipality to contract indebt-
 edness, there may be excluded any outstanding indebtedness contracted by
 such municipality on or after January first, nineteen hundred sixty-two,
 and prior to January first, two thousand [twenty-four] THIRTY-FOUR,  for
 the  construction  or  reconstruction  of facilities for the conveyance,
 treatment and disposal of sewage.
   c. The term indebtedness, as  used  in  this  section,  shall  include
 indebtedness  evidenced by obligations issued on or after January first,
 two thousand [twenty-four] THIRTY-FOUR for the purpose of financing  any
 indebtedness contracted for the purposes and within the period specified
 in paragraph a of this section.
   §  2.  Paragraph  4-a  of  section 136.00 of the local finance law, as
 amended by chapter 150 of the laws  of  2014,  is  amended  to  read  as
 follows:
   4-a.  Indebtedness  for  sewage  facilities.  In the case of a munici-
 pality, the amount of outstanding indebtedness contracted  on  or  after
 January  first,  nineteen hundred sixty-two, and prior to January first,
 two thousand [twenty-four] THIRTY-FOUR, for the construction  or  recon-
 struction  of  facilities  for the conveyance, treatment and disposal of
 sewage. The amount of such indebtedness to be deducted shall  be  ascer-
 tained pursuant to section 124.10 of this chapter.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09517-01-3

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