senate Bill S5317

2013-2014 Legislative Session

Relates to installment purchase contracts for the financing of technology

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 11, 2014 referred to local governments
delivered to assembly
passed senate
Jun 10, 2014 ordered to third reading cal.1251
committee discharged and committed to rules
Jan 08, 2014 referred to local government
returned to senate
died in assembly
Jun 11, 2013 referred to local governments
delivered to assembly
passed senate
Jun 10, 2013 ordered to third reading cal.1211
committee discharged and committed to rules
May 16, 2013 referred to local government

Votes

view votes

Jun 10, 2014 - Rules committee Vote

S5317
23
0
committee
23
Aye
0
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

Jun 10, 2013 - Rules committee Vote

S5317
25
0
committee
25
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S5317 - Details

See Assembly Version of this Bill:
A6953
Current Committee:
Law Section:
General Municipal Law
Laws Affected:
Amd ยง109-b, Gen Muni L

S5317 - Summary

Authorizes installment purchase contracts by political subdivisions for the financing of technology.

S5317 - Sponsor Memo

S5317 - Bill Text download pdf

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

                                  5317

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 16, 2013
                               ___________

Introduced  by  Sen.  MARCELLINO  -- 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  installment
  contracts for the financing of technology

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

  Section 1. Paragraph (b) of subdivision 1, paragraphs (c) and  (d)  of
subdivision 2, paragraph (a) of subdivision 3, paragraph (a) of subdivi-
sion  4,  paragraphs (a) and (b) of subdivision 5 and paragraphs (a) and
(b) of subdivision 6 of section 109-b of the general municipal  law,  as
amended  by  chapter  258  of  the  laws of 1994, are amended to read as
follows:
  (b) "Installment purchase contract"  shall  mean  any  lease  purchase
agreement,  installment  sales  agreement  or  other  similar  agreement
providing for periodic payments between a corporation, person  or  other
entity  and a political subdivision which has as its purpose the financ-
ing of equipment, machinery, TECHNOLOGY or apparatus.
  (c) Subject to the provisions of subdivision  five  of  this  section,
where  the  financing  of  equipment, machinery, TECHNOLOGY or apparatus
pursuant to an installment purchase contract is to be provided by agency
certificates of participation, the governing board of a political subdi-
vision shall adopt a resolution authorizing the  written  contract  with
the  agency  setting  forth the rights and liabilities of the agency and
the political subdivision as provided for in section twenty-four hundred
thirty-five-a of the public authorities law.
  (d) The term of such  installment  purchase  contract,  including  all
renewals  thereof,  shall  not  exceed the period of probable usefulness
prescribed by section 11.00 of the local finance law for the  equipment,
machinery,  TECHNOLOGY or apparatus being financed under the installment
purchase contract.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09960-01-3

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