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Assembly Bill A6174

2009-2010 Legislative Session

Relates to the exclusion of certain local indebtedness

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Archive: Last Bill Status - In Assembly Committee

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2009-A6174 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
Local Finance Law
Laws Affected:
Amd ยง15.20, Loc Fin L

2009-A6174 (ACTIVE) - Summary

Excludes in ascertaining a locality's power to contract indebtedness, any indebtedness contracted to provide for the supply of electricity.

2009-A6174 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6174

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 26, 2009
                               ___________

Introduced by M. of A. HOOPER -- read once and referred to the Committee
  on Local Governments

AN  ACT  to  amend  the local finance law, in relation to permitting the
  exclusion of bonded indebtedness required for the supply of  electric-
  ity from the total amount of indebtedness of a municipality

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph b of section 15.20 of the local finance  law,  as
added  by  chapter  1014  of  the  laws  of  1960, is amended to read as
follows:
  b. In ascertaining the power of a county, city,  town  or  village  to
contract  indebtedness,  there  shall be excluded any joint indebtedness
and any several indebtedness contracted to provide  for  the  supply  of
water  OR ELECTRICITY.  Any such indebtedness for such purpose shall not
be excluded in ascertaining the power of any school district to contract
indebtedness.    The provisions of paragraph c of this section shall not
apply to indebtedness contracted to provide for the supply of  water  OR
ELECTRICITY.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08759-01-9

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