|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to local government|
|Feb 25, 2013||referred to local government|
senate Bill S3861
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3861 - Details
S3861 - Summary
Relates to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on.
S3861 - Sponsor Memo
BILL NUMBER:S3861 TITLE OF BILL: An act to amend the local finance law, in relation to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on PURPOSE: To require that the estimated total interest costs associated with a bond resolution or capital note resolution be added to the contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on. SUMMARY OF PROVISIONS: Section 1 amends Section 41.10 of the local finance law by adding "where the estimated total cost of all of the items includes, and lists, the estimated total interest costs associated with the bond resolution or capital note resolution; provided, however, with regard to school districts, the cost of providing such total interest costs shall be minimized to the greatest extent possible." Section 2 of this bill provides for an immediate effective date. JUSTIFICATION: Currently school districts are not required to disclose estimated interest costs during capital projects to voters. This legislation would require school districts to disclose this estimated interest cost, similar to the way a bank is required to
S3861 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3861 2013-2014 Regular Sessions I N S E N A T E February 25, 2013 ___________ Introduced by Sen. NOZZOLIO -- 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 contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 41.10 of the local finance law, as added by chapter 582 of the laws of 1951, is amended to read as follows: S 41.10 Contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted. Where the voting of a special tax or a tax to be collected in installments is a condition precedent to the adoption of a bond resolution or capital note resol- ution and the bonds or capital notes are to be issued to finance a specific object or purpose, the notice of the meeting or the election at which such tax is voted must state the estimated maximum cost of each item of such specific object or purpose and the estimated total cost of all of the items, WHERE THE ESTIMATED TOTAL COST OF ALL OF THE ITEMS INCLUDES, AND LISTS, THE ESTIMATED TOTAL INTEREST COSTS ASSOCIATED WITH THE BOND RESOLUTION OR CAPITAL NOTE RESOLUTION; PROVIDED, HOWEVER, WITH REGARD TO SCHOOL DISTRICTS, THE COST OF PROVIDING SUCH TOTAL INTEREST COSTS SHALL BE MINIMIZED TO THE GREATEST EXTENT PRACTICABLE. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01111-01-3
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