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Assembly Bill A2689

2017-2018 Legislative Session

Provides an exemption for the repayment of bonds for municipal sewer and water improvements from limits on real property tax levies

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Archive: Last Bill Status - In Assembly Committee

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2017-A2689 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Amd §3-c, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
A6216

2017-A2689 (ACTIVE) - Summary

Provides an exemption for the repayment of bonds for municipal sewer and water improvements from limits on real property tax levies.

2017-A2689 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2689
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2017
                                ___________
 
 Introduced  by M. of A. STECK -- read once and referred to the Committee
   on Local Governments
 
 AN ACT to amend the general municipal law, in relation to  providing  an
   exemption  for  the  repayment  of bonds for municipal sewer and water
   improvements from limits on real property tax levies

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (iv)  of  paragraph (g) of subdivision 2 of
 section 3-c of the general municipal law, as added by section 1 of  part
 A  of  chapter 97 of the laws of 2011, is amended and a new subparagraph
 (v) is added to read as follows:
   (iv) in years in which the normal contribution rate of  the  New  York
 state teachers' retirement system, as defined by paragraph a of subdivi-
 sion  two  of  section  five  hundred  seventeen  of  the education law,
 increases by more than two percentage points from the previous  year,  a
 tax levy necessary for expenditures for the coming fiscal year for local
 government  employer  contributions  to  the  New  York  state teachers'
 retirement system caused by growth in the normal contribution rate minus
 two percentage points[.];
   (V) A TAX LEVY NECESSARY FOR THE REPAYMENT OF PRINCIPAL  AND  INTEREST
 FOR  THE  LIFE  OF  A  CAPITAL PROJECT BOND THAT IS RELATED TO MUNICIPAL
 SEWER AND WATER IMPROVEMENTS.
   § 2. This act shall take effect immediately; provided,  however,  that
 the  amendments  to paragraph (g) of subdivision 2 of section 3-c of the
 general municipal law made by section one of this act shall  not  affect
 the repeal of such section and shall be deemed repealed therewith.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07677-01-7

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