senate Bill S8417

2019-2020 Legislative Session

Relates to bond anticipation notes issued in calendar years 2015 through 2021

download bill text pdf

Sponsored By

Current Bill Status Via A10492 - Passed Senate & Assembly


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 28, 2020 returned to assembly
passed senate
3rd reading cal.668
substituted for s8417
May 28, 2020 substituted by a10492
May 27, 2020 ordered to third reading cal.668
May 26, 2020 reported and committed to rules
May 25, 2020 referred to finance

Votes

view votes

May 26, 2020 - Finance committee Vote

S8417
20
0
committee
20
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 24, 2020 - Rules committee Vote

S8417
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

S8417 (ACTIVE) - Details

See Assembly Version of this Bill:
A10492
Law Section:
Local Finance Law
Laws Affected:
Amd §23.00, Loc Fin L

S8417 (ACTIVE) - Summary

Relates to bond anticipation notes issued in calendar years 2015 through 2021; authorizes the expenditure and temporary transfer of reserve funds for expenses related to COVID-19; authorizes the extension of repayment of inter-fund advances made for expenses related to COVID-19.

S8417 (ACTIVE) - Sponsor Memo

S8417 (ACTIVE) - Bill Text download pdf


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

                                  8417

                            I N  S E N A T E

                              May 25, 2020
                               ___________

Introduced  by  Sen. KRUEGER -- (at request of the State Comptroller) --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Finance

AN  ACT to amend the local finance law, in relation to bond anticipation
  notes issued in calendar years 2015 through  2021;  to  authorize  the
  expenditure  and  temporary  transfer  of  reserve  funds for expenses
  related to COVID-19; and to authorize the extension  of  repayment  of
  inter-fund advances made for expenses related to COVID-19

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

  Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local
finance law, as amended by chapter 264 of the laws of 2012,  is  amended
to read as follows:
  2. renewals of bond anticipation notes issued originally during calen-
dar  [year  two thousand seven or two thousand eight] YEARS TWO THOUSAND
FIFTEEN THROUGH TWO THOUSAND TWENTY-ONE, INCLUSIVE may not  extend  more
than  seven  years beyond the original date of issue of such bond antic-
ipation notes.
  § 2. Notwithstanding any provision of  sections  6-c  or  6-g  of  the
general  municipal  law  or  section  3651  of  the education law to the
contrary, the governing board of a town, village,  county,  city,  water
improvement  district,  sewer  improvement  district,  fire  district or
school district, by resolution which shall not be subject to  referendum
requirements,  may authorize expenditures from capital reserve funds for
capital costs attributable to the COVID-19 pandemic.
  § 3. Notwithstanding any provision of the general municipal  law,  the
town  law or the education law to the contrary, the governing board of a
town, village, county, city, water improvement district, sewer  improve-
ment  district,  fire  district  or school district, by resolution which
shall not be subject to referendum requirements, if any,  may  authorize
the temporary transfer of moneys from reserve funds to pay for operating
costs  or  other  costs attributable to the COVID-19 pandemic, provided,
that the reserve fund from which the funds were temporarily  transferred
shall  be reimbursed from the fund to which the transfer was made over a

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

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