Senate Bill S6409

Signed By Governor
2013-2014 Legislative Session

Extends the period of time for which a municipality has the power to exclude indebtedness contracted for sewage facilities

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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

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2013-S6409 (ACTIVE) - Details

See Assembly Version of this Bill:
A8480
Law Section:
Local Finance Law
Laws Affected:
Amd §§124.10 & 136.00, Loc Fin L

2013-S6409 (ACTIVE) - Summary

Extends the period of time for which a municipality has the power to exclude indebtedness contracted for sewage facilities.

2013-S6409 (ACTIVE) - Sponsor Memo

2013-S6409 (ACTIVE) - Bill Text download pdf

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

                                  6409

                            I N  S E N A T E

                            January 22, 2014
                               ___________

Introduced  by  Sen. MARTINS -- (at request of the State Comptroller) --
  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 the exclusion of
  indebtedness contracted for sewage facilities

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

  Section  1.  Paragraphs a and c of section 124.10 of the local finance
law, as amended by chapter 550 of the laws of 2003, are amended to  read
as follows:
  a.  In  ascertaining  the  power of a municipality to contract indebt-
edness, there may be excluded any outstanding indebtedness contracted by
such municipality on or after January first, nineteen hundred sixty-two,
and prior to January first, two thousand [fourteen] TWENTY-FOUR, for the
construction or reconstruction of facilities for the conveyance,  treat-
ment and disposal of sewage.
  c.  The  term  indebtedness,  as  used  in this section, shall include
indebtedness evidenced by obligations issued on or after January  first,
two  thousand  [fourteen]  TWENTY-FOUR  for the purpose of financing any
indebtedness contracted for the purposes and within the period specified
in paragraph a of this section.
  S 2. Paragraph 4-a of section 136.00 of  the  local  finance  law,  as
amended  by  chapter  550  of  the  laws  of 2003, is amended to read as
follows:
  4-a. Indebtedness for sewage facilities. In  the  case  of  a  munici-
pality,  the  amount  of outstanding indebtedness contracted on or after
January first, nineteen hundred sixty-two, and prior to  January  first,
two  thousand  [fourteen]  TWENTY-FOUR,  for  the construction or recon-
struction of facilities for the conveyance, treatment  and  disposal  of
sewage.  The  amount of such indebtedness to be deducted shall be ascer-
tained pursuant to section 124.10 of this chapter.
  S 3. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after January 1, 2014.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13073-01-3
              

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