senate Bill S5213

2013-2014 Legislative Session

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

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to local government
May 14, 2013 referred to local government

S5213 - Details

See Assembly Version of this Bill:
A7176
Current Committee:
Law Section:
Local Finance Law
Laws Affected:
Amd ยงยง90.00 & 90.10, Loc Fin L

S5213 - Summary

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

S5213 - Sponsor Memo

S5213 - Bill Text download pdf

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

                                  5213

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 14, 2013
                               ___________

Introduced  by  Sen.  FELDER -- 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  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

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