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Assembly Bill A9753

2011-2012 Legislative Session

Relates to the termination of a development agency

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Archive: Last Bill Status - In Assembly Committee

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2011-A9753 (ACTIVE) - Details

See Senate Version of this Bill:
S6953
Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Amd ยง882, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2013-2014: A4405
2015-2016: A3131

2011-A9753 (ACTIVE) - Summary

Relates to the termination of a development agency.

2011-A9753 (ACTIVE) - Bill Text download pdf 

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

                                  9753

                          I N  A S S E M B L Y

                              April 2, 2012
                               ___________

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

AN ACT to amend the general municipal law, in relation to termination of
  a development agency

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

  Section 1. Section 882 of the general municipal law, as added by chap-
ter 1030 of the laws of 1969, is amended to read as follows:
  S 882. Termination of the agency. Whenever all of the bonds  or  notes
issued  by  the  agency  shall  have been redeemed or cancelled, AND ALL
STRAIGHT-LEASE TRANSACTIONS HAVE BEEN TERMINATED, AND UPON RESOLUTION BY
THE MUNICIPALITY FOR WHOSE BENEFIT THE AGENCY  WAS  FORMED,  the  agency
shall  cease to exist and all rights, titles, and interest and all obli-
gations and liabilities thereof vested in or  possessed  by  the  agency
shall thereupon vest in and be possessed by the municipality.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14778-01-2

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