senate Bill S4954

Signed By Governor
2015-2016 Legislative Session

In relation to local government borrowing practices and mandate relief

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A6258 - Signed by Governor


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

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 13, 2015 signed chap.77
Jul 10, 2015 delivered to governor
Jun 11, 2015 returned to assembly
passed senate
substituted for s4954
Jun 11, 2015 substituted by a6258
May 18, 2015 advanced to third reading
May 13, 2015 2nd report cal.
May 12, 2015 1st report cal.625
Apr 24, 2015 referred to local government

S4954 (ACTIVE) - Details

See Assembly Version of this Bill:
A6258
Law Section:
Local Finance Law
Laws Affected:
Amd §§21.00, 53.00, 54.90 & 107.00, Loc Fin L; amd §81, Chap 413 of 1991

S4954 (ACTIVE) - Summary

Relates to local government borrowing practices and mandate relief.

S4954 (ACTIVE) - Sponsor Memo

S4954 (ACTIVE) - Bill Text download pdf

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

                                  4954

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 24, 2015
                               ___________

Introduced by Sen. MARCHIONE -- 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 and chapter 419 of the laws of
  1991, amending the local  finance  law  and  other  laws  relating  to
  providing  relief  to  local governments for certain mandated programs
  and services, in relation to local government borrowing practices  and
  mandate relief

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

  Section 1. Paragraph b of section 21.00 of the local finance  law,  as
amended  by  chapter  91  of  the  laws  of  2012, is amended to read as
follows:
  b. Serial  bonds  shall  mature  in  annual  installments.  The  first
installment  shall  mature not later than eighteen months after the date
of such bonds or two years after the date of the first bond anticipation
note or notes issued in anticipation of such  bonds,  whichever  is  the
earlier,  provided,  however,  that  until  July fifteenth, two thousand
[fifteen] EIGHTEEN, the first installment shall mature  not  later  than
two  years  after  the date of such bonds or two years after the date of
the first bond anticipation note or notes issued in anticipation of such
bonds, whichever is the earlier. However, if bond anticipation notes are
issued in anticipation of bonds and if a portion of such  notes  or  the
renewals  thereof  are redeemed from a source other than the proceeds of
such bonds within two years from the date of  the  first  such  note  or
notes  and  a  further portion thereof shall be so redeemed prior to the
termination of each twelve  months'  period  succeeding  the  date  such
original  portion  was  so redeemed, the first installment of such bonds
may, in the alternative, be made to mature not  later  than  five  years
from the date of the first such note or notes.
  S 2. Paragraph b of section 53.00 of the local finance law, as amended
by chapter 91 of the laws of 2012, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09182-01-5

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