Assembly Bill A9516

Signed By Governor
2015-2016 Legislative Session

Regulates the interest rate on obligations issued to finance the school rehabilitation and reconstruction within the city school district of the city of Syracuse

download bill text pdf

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Archive: Last Bill Status - Signed by Governor


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

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2015-A9516 (ACTIVE) - Details

See Senate Version of this Bill:
S6930
Law Section:
Education Law
Laws Affected:
Amd §3602, Ed L; amd Part A-4 §16, Chap 58 of 2006

2015-A9516 (ACTIVE) - Summary

Regulates the interest rate on obligations issued to finance the school rehabilitation and reconstruction within the city school districts of the city of Syracuse.

2015-A9516 (ACTIVE) - Bill Text download pdf

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

                                  9516

                          I N  A S S E M B L Y

                             March 10, 2016
                               ___________

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

AN ACT to amend the education law and the city of Syracuse and the board
  of education of the city school district of the city of Syracuse coop-
  erative school reconstruction act, in relation to  obligations  issued
  to  finance school rehabilitation or reconstruction in the city school
  district of the city of Syracuse

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

  Section  1.  Item (iii) of clause (a) of subparagraph 5 of paragraph e
of subdivision 6 of section 3602 of the education  law,  as  amended  by
chapter 416 of the laws of 2007, is amended to read as follows:
  (iii) Notwithstanding the provisions of item (i) of this clause, where
such  city  has  entered  into  an  agreement with the state of New York
municipal bond bank agency pursuant to subdivision one of section  twen-
ty-four hundred thirty-five-a of the public authorities law and subdivi-
sion  (a)  of  section fourteen of the city of Syracuse and the board of
education of the city school district of the city  of  Syracuse  cooper-
ative  school reconstruction act, or an agreement with the city of Syra-
cuse industrial development agency for projects authorized  pursuant  to
the  city  of  Syracuse  and  the  board of education of the city school
district of the city of Syracuse cooperative school reconstruction  act,
to  finance  [debt  related  to] school rehabilitation or reconstruction
that is subject to subparagraph three of this paragraph, the lesser  of:
(A)  the net interest cost as defined by the commissioner, applicable to
[the] EACH SERIES OF obligations ORIGINALLY issued by the state  of  New
York  municipal  bond  bank  agency  or  the city of Syracuse industrial
development agency for such purpose, WITHOUT REGARD TO ANY REFUNDING  OF
SUCH  OBLIGATIONS;  or  (B)  such  net  interest cost, as defined by the
commissioner that would have been applicable to  [bonds  issued  by  the
state  of  New  York  municipal bond bank agency if the project had been
authorized to be financed and had been financed through such entity,  as
certified  to the commissioner by the executive director of the state of
New York municipal bond bank agency shall be the  interest  rate  estab-

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

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