assembly Bill A6258

Signed By Governor
2015-2016 Legislative Session

In relation to local government borrowing practices and mandate relief

download bill text pdf

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Archive: Last Bill Status - 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 (12)
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
May 28, 2015 referred to local government
delivered to senate
passed assembly
May 21, 2015 advanced to third reading cal.426
May 19, 2015 reported
May 12, 2015 reported referred to ways and means
Mar 18, 2015 referred to local governments

A6258 (ACTIVE) - Details

See Senate Version of this Bill:
S4954
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

A6258 (ACTIVE) - Summary

Relates to local government borrowing practices and mandate relief.

A6258 (ACTIVE) - Bill Text download pdf

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

                                  6258

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 18, 2015
                               ___________

Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
  Committee on Local Governments

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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