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Senate Bill S6953

2011-2012 Legislative Session

Relates to the termination of a development agency

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

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2011-S6953 (ACTIVE) - Details

See Assembly Version of this Bill:
A9753
Current Committee:
Senate Local Government
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-S6953 (ACTIVE) - Summary

Relates to the termination of a development agency.

2011-S6953 (ACTIVE) - Sponsor Memo

2011-S6953 (ACTIVE) - Bill Text download pdf 

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

                                  6953

                            I N  S E N A T E

                             April 16, 2012
                               ___________

Introduced  by  Sen.  RANZENHOFER -- 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, 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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