Senate Bill S7773

Signed By Governor
2015-2016 Legislative Session

Relates to the period of probable usefulness for the acquisition of land or permanent rights on land in the town of Riverhead

download bill text pdf

Sponsored By

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-S7773 (ACTIVE) - Details

See Assembly Version of this Bill:
A10148
Law Section:
Suffolk County
Laws Affected:
Amd Part FF §3, Chap 54 of 2016

2015-S7773 (ACTIVE) - Summary

Relates to the period of probable usefulness for the acquisition of land or permanent rights on land in the town of Riverhead, county of Suffolk.

2015-S7773 (ACTIVE) - Sponsor Memo

2015-S7773 (ACTIVE) - Bill Text download pdf 

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

    S. 7773                                                 A. 10148

                      S E N A T E - A S S E M B L Y

                              May 12, 2016
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Local Govern-
  ment

IN  ASSEMBLY  -- Introduced by M. of A. THIELE, PALUMBO -- read once and
  referred to the Committee on Local Governments

AN ACT to amend part FF of chapter 54 of the laws  of  2016  authorizing
  the  town  of  Riverhead, county of Suffolk to refund bonds previously
  issued for the acquisition of land for permanent rights  on  land,  in
  relation  to  the period of probable usefulness for the acquisition of
  land or permanent rights on land

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

  Section  1.  Section  3  of part FF of chapter 54 of the laws of 2016,
authorizing the town of Riverhead, county of  Suffolk  to  refund  bonds
previously  issued  for  the acquisition of land for permanent rights on
land, is amended to read as follows:
  S 3. Notwithstanding the thirty year  period  of  probable  usefulness
contained in subdivision 21 of paragraph a of section 11.00 of the local
finance  law,  the  period of probable usefulness for the acquisition of
land or permanent rights on land and the financing of  such  acquisition
pursuant  to section 64-e of the town law prior to the effective date of
this act shall be [fifty] FORTY years provided that  the  resolution  is
adopted  in  compliance  with  this  act, and provided further that such
[fifty] FORTY year term shall only apply to bonds referenced in  section
one of this act.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14925-01-6

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