Do you support this bill?

Assembly Bill A7176

2013-2014 Legislative Session

Relates to the refunding of bonds and amounts and stated maturity dates of such bonds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

2013-A7176 (ACTIVE) - Details

See Senate Version of this Bill:
S5213
Current Committee:
Assembly Local Governments
Law Section:
Local Finance Law
Laws Affected:
Amd ยงยง90.00 & 90.10, Loc Fin L

2013-A7176 (ACTIVE) - Summary

Relates to the refunding of bonds and amounts and stated maturity dates of such bonds.

2013-A7176 (ACTIVE) - Bill Text download pdf 

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

                                  7176

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               May 3, 2013
                               ___________

Introduced  by M. of A. FARRELL -- read once and referred to the Commit-
  tee on Local Governments

AN ACT to amend the local finance law, in relation to the  refunding  of
  bonds

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

  Section 1. Paragraph b-1 of section 90.00 of the local finance law, as
added by chapter 201 of the laws of 1994, is amended to read as follows:
  b-1. Refunding bonds need not comply with paragraph b of this  section
provided that no annual installment of each separate series of refunding
bonds  shall  be  more  than  fifty per centum in excess of the smallest
prior installment or THE  AMOUNTS  AND  STATED  MATURITY  DATES  OF  THE
REFUNDING  BONDS  SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED
OR the finance board of the municipality, school  district  or  district
corporation  issuing  the  bonds shall have determined to use a substan-
tially level or declining annual debt service schedule for the refunding
bonds. The amount of annual installments of the refunding bonds  may  be
determined without reference to the stated maturities of the bonds to be
refunded.
  S  2.  Subdivision  3  of  paragraph  c  of section 90.10 of the local
finance law, as amended by chapter 201 of the laws of 1994,  is  amended
to read as follows:
  3.  No  annual  installment of each separate series of refunding bonds
shall be more than fifty per centum in  excess  of  the  smallest  prior
installment  unless THE AMOUNTS AND STATED MATURITY DATES OF THE REFUND-
ING BONDS SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED OR  the
finance  board  of  the municipality, school district or district corpo-
ration issuing the bonds has determined to use a substantially level  or
declining  annual  debt  service  schedule  for the refunding bonds. The
amounts of annual installments of the refunding bonds may be  determined
without reference to the stated maturities of the bonds to be refunded.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10616-01-3

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.