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 |
Senate Bill S7645
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C) 7th Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D, WF) Senate District
2011-S7645 (ACTIVE) - 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
2011-S7645 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7645 TITLE OF BILL: 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 SUMMARY OF SPECIFIC PROVISIONS: Section one of the bill would extend, until 2015, provisions authorizing municipalities to pay the first installment on an issue of serial bonds two years after the date of issuance 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 sooner. Section two extends, until 2015, the authorization to redeem bonds prior to maturity in such amount and manner as may be determined by the finance board of the municipality. Section three extends, until 2015, municipal authorization to issue variable rate bonds and notes.
2011-S7645 (ACTIVE) - 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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