senate Bill S6634A

Signed By Governor
2011-2012 Legislative Session

Provides that bond anticipation notes issued during calendar years 2007 and 2008 may not extend more than 7 years beyond original date of issuance of such bond notes

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Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 23, 2012 signed chap.264
Jul 20, 2012 delivered to governor
Jun 14, 2012 returned to senate
passed assembly
ordered to third reading rules cal.203
substituted for a9570a
May 30, 2012 referred to local governments
delivered to assembly
passed senate
May 21, 2012 amended on third reading (t) 6634a
May 08, 2012 advanced to third reading
May 07, 2012 2nd report cal.
May 02, 2012 1st report cal.696
Mar 07, 2012 referred to local government

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S6634 - Bill Details

See Assembly Version of this Bill:
A9570A
Law Section:
Local Finance Law
Laws Affected:
Amd §23.00, Loc Fin L

S6634 - Bill Texts

view summary

Provides that bond anticipation notes issued during calendar years 2006 and 2007 may not extend more than seven years beyond the original date of issuance of such bond notes.

view sponsor memo
BILL NUMBER:S6634

TITLE OF BILL:
An act
to amend the local finance law, in relation to bond anticipation notes
issued during the calendar years 2006 and 2007

PURPOSE OR GENERAL IDEA OF BILL:
This legislation extends the rollover period for bond anticipation
notes issued during calendar 2006 and 2007 to not more than seven
years beyond the original date of issue.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends subparagraph 2 of paragraph b of Section
23.00 of the Local Finance Law as amended by Chapter 386 of the Laws
of 2010 to extend the rollover period from 2004 and 2005 to 2006 and
2007.

Section 2 of the bill is the effective date.

JUSTIFICATION:
Currently, except for bond anticipation notes issued in 2004 or 2005,
local governments are authorized to extend or rollover bond
anticipation notes for only up to 5 years. At the end of the period,
the bond anticipation notes must be retired or converted into
long-term debt. This legislation, by extending the rollover period
for bond anticipation notes issued during calendar 2006 and 2007,
will provide municipalities the option of renewing the notes at a
later date to shop around for a better rate for the long-term,
thereby lowering costs to the municipality.

LEGISLATIVE HISTORY:
New Bill- 2012

FISCAL IMPLICATIONS:
None. May result in cost savings to localities.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  6634

                            I N  S E N A T E

                              March 7, 2012
                               ___________

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

AN ACT to amend the local finance law, in relation to bond  anticipation
  notes issued during the calendar years 2006 and 2007

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

  Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local
finance law, as amended by chapter 386 of the laws of 2010,  is  amended
to read as follows:
  2. renewals of bond anticipation notes issued originally during calen-
dar  year  two  thousand [four] SIX or two thousand [five] SEVEN may not
extend more than seven years beyond the original date of issue  of  such
bond anticipation notes.
  S 2. This act shall take effect immediately.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14896-01-2

Co-Sponsors

S6634A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A9570A
Law Section:
Local Finance Law
Laws Affected:
Amd §23.00, Loc Fin L

S6634A (ACTIVE) - Bill Texts

view summary

Provides that bond anticipation notes issued during calendar years 2006 and 2007 may not extend more than seven years beyond the original date of issuance of such bond notes.

view sponsor memo
BILL NUMBER:S6634A REVISED 05/23/12

TITLE OF BILL:
An act to amend the local finance law, in relation to bond
anticipation notes issued during the calendar years 2007 and 2008

PURPOSE OR GENERAL IDEA OF BILL:
This legislation extends the rollover period for bond anticipation
notes issued during calendar years 2007 and 2008 to not more than
seven years beyond the original date of issue.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends subparagraph 2 of paragraph b of Section
23.00 of the Local Finance Law as amended by Chapter 386 of the Laws
of 2010 to extend the rollover period from 2004 and 2005 to 2007 and
2008.

Section 2 of the bill is the effective date.

JUSTIFICATION:
Currently, except for bond anticipation notes issued in 2004 or 2005,
local governments are authorized to extend or roll over bond
anticipation notes for only up to 5 years. At the end of the period,
the bond anticipation notes must be retired or converted into
long-term debt. This legislation, by extending the rollover period for
bond anticipation notes issued during calendar years 2007 and 2008,
will provide municipalities the option of renewing the notes at a
later date to shop around for a better rate for the long-term, thereby
lowering costs to the municipality.

LEGISLATIVE HISTORY:
New Bill - 2012.

FISCAL IMPLICATIONS:
None. May result in cost savings to localities.

EFFECTIVE DATE:
This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6634--A
    Cal. No. 696

                            I N  S E N A T E

                              March 7, 2012
                               ___________

Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Local  Government
  -- reported favorably from said committee, ordered to first and second
  report,  ordered  to  a  third reading, amended and ordered reprinted,
  retaining its place in the order of third reading

AN ACT to amend the local finance law, in relation to bond  anticipation
  notes issued during the calendar years 2007 and 2008

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

  Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local
finance law, as amended by chapter 386 of the laws of 2010,  is  amended
to read as follows:
  2. renewals of bond anticipation notes issued originally during calen-
dar  year two thousand [four] SEVEN or two thousand [five] EIGHT may not
extend more than seven years beyond the original date of issue  of  such
bond anticipation notes.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14896-02-2

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