senate Bill S7645

Signed By Governor
2011-2012 Legislative Session

Relates to local government borrowing practices and mandate relief

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Sponsored By

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

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 29, 2012 signed chap.91
Jun 22, 2012 delivered to governor
Jun 18, 2012 returned to senate
passed assembly
ordered to third reading rules cal.339
substituted for a10610
referred to ways and means
delivered to assembly
passed senate
Jun 14, 2012 ordered to third reading cal.1263
Jun 11, 2012 referred to rules

Votes

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Co-Sponsors

S7645 - Details

See Assembly Version of this Bill:
A10610
Law Section:
Local Finance Law
Laws Affected:
Amd §§21.00, 53.00, 54.90 & 107.00, Loc Fin L; amd §81, Chap 413 of 1991

S7645 - Summary

Relates to local government borrowing practices and mandate relief.

S7645 - Sponsor Memo

S7645 - Bill Text download pdf

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

                                  7645

                            I N  S E N A T E

                              June 11, 2012
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the local finance law and chapter 413  of  the  laws  of
  1991,  amending  the  local  finance  law  and  other laws relating to
  providing relief to local governments for  certain  mandated  programs
  and  services, in relation to local government borrowing practices and
  mandate relief

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

  Section  1.  Paragraph b of section 21.00 of the local finance law, as
amended by chapter 186 of the laws  of  2009,  is  amended  to  read  as
follows:
  b.  Serial  bonds  shall  mature  in  annual  installments.  The first
installment shall mature not later than eighteen months after  the  date
of such bonds or two years after the date of the first bond anticipation
note  or  notes  issued  in anticipation of such bonds, whichever is the
earlier, provided, however, that  until  July  fifteenth,  two  thousand
[twelve]  FIFTEEN, the first installment shall mature not later than two
years after the date of such bonds or two years after the  date  of  the
first  bond  anticipation  note  or notes issued in anticipation of such
bonds, whichever is the earlier. However, if bond anticipation notes are
issued in anticipation of bonds and if a portion of such  notes  or  the
renewals  thereof  are redeemed from a source other than the proceeds of
such bonds within two years from the date of  the  first  such  note  or
notes  and  a  further portion thereof shall be so redeemed prior to the
termination of each twelve  months'  period  succeeding  the  date  such
original  portion  was  so redeemed, the first installment of such bonds
may, in the alternative, be made to mature not  later  than  five  years
from the date of the first such note or notes.
  S 2. Paragraph b of section 53.00 of the local finance law, as amended
by chapter 186 of the laws of 2009, is amended to read as follows:
  b.  If  such  bonds or notes are payable in installments, the install-
ments remaining unpaid may be called for  redemption  only  (i)  in  the
inverse order of their maturity or, (ii) in equal proportionate amounts;
provided,  however,  that  for  bonds  issued during the one-year period
commencing July first, nineteen  hundred  eighty-eight,  and  for  bonds
issued  during  the  one-year  period  commencing  July  first, nineteen

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