senate Bill S5136

2013-2014 Legislative Session

Relates to the mandatory reserve fund for municipal corporations, fire districts, school districts and boards of cooperative educational services

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Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to local government
May 10, 2013 referred to local government

S5136 - Details

See Assembly Version of this Bill:
A6437
Law Section:
General Municipal Law
Laws Affected:
Amd ยง6-1, Gen Muni L

S5136 - Summary

Relates to the mandatory reserve fund for municipal corporations, fire districts, school districts and boards of cooperative educational services.

S5136 - Sponsor Memo

S5136 - Bill Text download pdf

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

                                  5136

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 10, 2013
                               ___________

Introduced  by Sen. FLANAGAN -- 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 the  mandatory
  reserve  fund  for  municipal  corporations,  fire  districts,  school
  districts and boards of cooperative educational services

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

  Section 1. Section 6-l of the general municipal law, as added by chap-
ter  1052 of the laws of 1965, subdivision 2 as amended by section 10 of
part A of chapter 93 of the laws of 2002, subdivision 2-a  as  added  by
chapter  807 of the laws of 1977 and subdivision 6 as amended by chapter
140 of the laws of 1996, is amended to read as follows:
  S  6-l.  Mandatory  reserve  fund  for  municipal  corporations,  fire
districts  [and], school districts AND BOARDS OF COOPERATIVE EDUCATIONAL
SERVICES. 1. As used in this section, the term "governing board," in  so
far  as  it  is used in reference to a municipal corporation, shall mean
the "legislative body" thereof, as that term is defined in  section  two
of  the municipal home rule law, as amended from time to time; in so far
as it is used in reference to a fire district, shall mean the  board  of
fire  commissioners  thereof;  in so far as it is used in reference to a
school district OR BOARD OF COOPERATIVE EDUCATIONAL SERVICES, shall mean
the board of trustees thereof.
  2. Notwithstanding any other provision of this chapter, upon the  cash
sale  by a municipal corporation, fire district [or], school district OR
BOARD OF COOPERATIVE EDUCATIONAL SERVICES of a capital  improvement,  as
defined  in  section  six-c of this chapter, for the cost of which obli-
gations were issued pursuant to the local finance law, and when  all  or
part  of  such  indebtedness  is outstanding at the time of such sale, a
mandatory reserve fund shall be established for the purpose of  retiring
such obligations, or, as an additional alternative, paying principal of,
or  redemption  premiums  in  connection  with such obligations or other

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09636-01-3

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