senate Bill S7856A

Signed By Governor
2017-2018 Legislative Session

Relates to local government borrowing practices and mandate relief

download bill text pdf

Sponsored By

Current Bill Status Via A10349 - Signed by Governor


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 10, 2018 signed chap.113
Jun 28, 2018 delivered to governor
Jun 04, 2018 returned to assembly
passed senate
May 30, 2018 3rd reading cal.685
substituted for s7856a
May 30, 2018 substituted by a10349
Apr 23, 2018 amended on third reading 7856a
Mar 22, 2018 advanced to third reading
Mar 21, 2018 2nd report cal.
Mar 20, 2018 1st report cal.685
Mar 05, 2018 referred to local government

S7856 - Details

See Assembly Version of this Bill:
A10349
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

S7856 - Summary

Relates to local government borrowing practices and mandate relief.

S7856 - Sponsor Memo

S7856 - Bill Text download pdf

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

                                  7856

                            I N  S E N A T E

                              March 5, 2018
                               ___________

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 413 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  77  of  the  laws  of  2015, 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
[eighteen] TWENTY-ONE, 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 77 of the laws of 2015, is amended to read as follows:
  b. If such bonds or notes are payable in  installments,  the  install-
ments  remaining  unpaid  may  be  called for redemption only (i) in the
inverse order of their maturity or, (ii) in equal proportionate amounts;

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

S7856A (ACTIVE) - Details

See Assembly Version of this Bill:
A10349
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

S7856A (ACTIVE) - Summary

Relates to local government borrowing practices and mandate relief.

S7856A (ACTIVE) - Sponsor Memo

S7856A (ACTIVE) - Bill Text download pdf

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

                                 7856--A
    Cal. No. 685

                            I N  S E N A T E

                              March 5, 2018
                               ___________

Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when
  printed  to  be  committed  to  the  Committee  on Local Government --
  reported favorably from said committee, ordered to  first  and  second
  report,  ordered  to  a  third reading, amended and ordered reprinted,
  retaining its place in the order of third reading

AN ACT to amend the local finance law and chapter 413  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 77 of the  laws  of  2015,  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
[eighteen] TWENTY-ONE, 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 77 of the laws of 2015, is amended to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.