S T A T E O F N E W Y O R K
________________________________________________________________________
1181
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. SEMINERIO -- read once and referred to the
Committee on Judiciary
AN ACT to amend the general municipal law, the public housing law, the
state finance law and chapter 585 of the laws of 1939, relating to the
rate of interest to be paid by certain public corporations upon judg-
ments and accrued claims, in relation to rates of interest paid by
certain governmental entities
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 3-a of the general municipal law,
as amended by chapter 4 of the laws of 1991, is amended to read as
follows:
1. Except as provided in subdivisions two, four and five of this
section, the rate of interest to be paid by a municipal corporation upon
any judgment or accrued claim against the municipal corporation shall
not exceed THE LOWER OF nine per centum per annum OR A RATE EQUAL TO THE
WEEKLY AVERAGE ONE-YEAR CONSTANT MATURITY TREASURY YIELD, AS PUBLISHED
BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, FOR THE CALEN-
DAR WEEK PRECEDING THE DATE OF THE ENTRY OF THE JUDGMENT. THE CHIEF
ADMINISTRATOR OF THE COURTS SHALL DISTRIBUTE NOTICE OF THESE RATES AND
ANY CHANGES IN THEM TO ALL JUDGES AND COURT PERSONNEL WHOM THE CHIEF
ADMINISTRATOR DEEMS APPROPRIATE.
S 2. Subdivision 5 of section 157 of the public housing law, as
amended by chapter 681 of the laws of 1982, is amended to read as
follows:
5. The rate of interest to be paid by an authority upon any judgment
or accrued claim against the authority shall not exceed THE LOWER OF
nine per centum per annum OR A RATE EQUAL TO THE WEEKLY AVERAGE ONE-YEAR
CONSTANT MATURITY TREASURY YIELD, AS PUBLISHED BY THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM, FOR THE CALENDAR WEEK PRECEDING THE DATE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01678-01-9
A. 1181 2
OF THE ENTRY OF THE JUDGMENT. THE CHIEF ADMINISTRATOR OF THE COURTS
SHALL DISTRIBUTE NOTICE OF THESE RATES AND ANY CHANGES IN THEM TO ALL
JUDGES AND COURT PERSONNEL WHOM THE CHIEF ADMINISTRATOR DEEMS APPROPRI-
ATE.
S 3. Section 16 of the state finance law, as amended by chapter 681 of
the laws of 1982, is amended to read as follows:
S 16. Rate of interest on judgments and accrued claims against the
state. The rate of interest to be paid by the state upon any judgment
or accrued claim against the state shall not exceed THE LOWER OF nine
per centum per annum OR A RATE EQUAL TO THE WEEKLY AVERAGE ONE-YEAR
CONSTANT MATURITY TREASURY YIELD, AS PUBLISHED BY THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM, FOR THE CALENDAR WEEK PRECEDING THE DATE
OF THE ENTRY OF THE JUDGMENT. THE CHIEF ADMINISTRATOR OF THE COURTS
SHALL DISTRIBUTE NOTICE OF THESE RATES AND ANY CHANGES IN THEM TO ALL
JUDGES AND COURT PERSONNEL WHOM THE CHIEF ADMINISTRATOR DEEMS APPROPRI-
ATE.
S 4. Section 1 of chapter 585 of the laws of 1939, relating to the
rate of interest to be paid by certain public corporations upon judg-
ments and accrued claims, as amended by chapter 681 of the laws of 1982,
is amended to read as follows:
1. The rate of interest to be paid by a public corporation upon any
judgment or accrued claim against the public corporation shall not
exceed THE LOWER OF nine per centum per annum OR A RATE EQUAL TO THE
WEEKLY AVERAGE ONE-YEAR CONSTANT MATURITY TREASURY YIELD, AS PUBLISHED
BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, FOR THE CALEN-
DAR WEEK PRECEDING THE DATE OF THE ENTRY OF THE JUDGMENT. THE CHIEF
ADMINISTRATOR OF THE COURTS SHALL DISTRIBUTE NOTICE OF THESE RATES AND
ANY CHANGES IN THEM TO ALL JUDGES AND COURT PERSONNEL WHOM THE CHIEF
ADMINISTRATOR DEEMS APPROPRIATE. The term "public corporation" as used
in this act shall mean and include every corporation created for the
construction of public improvements, other than a county, city, town,
village, school district or fire district or an improvement district
established in a town or towns, and possessing both the power to
contract indebtedness and the power to collect rentals, charges, rates
or fees for services or facilities furnished or supplied.
S 5. This act shall take effect immediately and shall apply to all
judgments entered and all accrued claims paid on or after such date.