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Senate Bill S2497

2009-2010 Legislative Session

Relates to the rate of interest on judgments

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Archive: Last Bill Status - In Senate Committee Local Government Committee

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2009-S2497 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
General Municipal Law
Laws Affected:
Amd §3-a, Gen Muni L; amd §157, Pub Hous L; amd §16, St Fin L; amd §1, Chap 585 of 1939

2009-S2497 (ACTIVE) - Summary

Establishes the rate of interest required to be paid by local governments on certain judgments be calculated at a rate equal to the weekly average one year constant maturity treasury yield for the calendar week preceding the date of the entry of the judgment awarding damages, but in no event shall such rate exceed 9%.

2009-S2497 (ACTIVE) - Sponsor Memo

2009-S2497 (ACTIVE) - Bill Text download pdf 

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

                                  2497

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 20, 2009
                               ___________

Introduced  by  Sen.  VOLKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

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 the rate of interest on judg-
  ments

  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 nine per centum per annum] BE CALCULATED AT 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 AWARD-
ING DAMAGES. IN NO EVENT, HOWEVER, SHALL A MUNICIPAL CORPORATION  PAY  A
RATE  OF  INTEREST  ON  ANY JUDGMENT OR ACCRUED CLAIM MORE THAN NINE PER
CENTUM PER ANNUM.
  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 nine per centum
per  annum] BE CALCULATED AT 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 AWARDING DAMAGES. IN NO EVENT, HOWEVER,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01515-01-9

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