Assembly Bill A8313

2021-2022 Legislative Session

Allows counties to borrow from a line of credit

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • 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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2021-A8313 (ACTIVE) - Details

Current Committee:
Assembly Local Governments
Law Section:
Local Finance Law
Laws Affected:
Add §29.30, Loc Fin L

2021-A8313 (ACTIVE) - Summary

Allows counties to borrow from a line of credit to finance daily operations and projects.

2021-A8313 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8313
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             October 20, 2021
                                ___________
 
 Introduced by M. of A. LAWLER -- read once and referred to the Committee
   on Local Governments
 
 AN  ACT to amend the local finance law, in relation to allowing counties
   to borrow from a line of credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The  local finance law is amended by adding a new section
 29.30 to read as follows:
   § 29.30 LINE OF CREDIT. NOTWITHSTANDING ANY PROVISION OF  LAW  TO  THE
 CONTRARY,  A  COUNTY  MAY  CONTRACT  WITH  A FEDERALLY OR STATE LICENSED
 FINANCIAL INSTITUTION TO ESTABLISH A LINE OF CREDIT TO FINANCE THE DAILY
 OPERATIONS AND PROJECTS OF SUCH COUNTY. THE CHIEF FISCAL OFFICER OF SUCH
 COUNTY SHALL DETERMINE THE AMOUNT OF CREDIT  SOUGHT  AND  SHALL  REQUEST
 APPROVAL  OF THE CREDIT APPLICATION BY THE COUNTY LEGISLATIVE BODY PRIOR
 TO THE SUBMISSION OF SUCH APPLICATION TO A FEDERALLY OR  STATE  LICENSED
 FINANCIAL  INSTITUTION.  IF  THE  COUNTY  LEGISLATIVE  BODY APPROVES THE
 SUBMISSION OF SUCH APPLICATION, THE COUNTY MAY PROCEED  WITH  SUBMISSION
 AND  NEGOTIATE  THE  TERMS OF SUCH LINE OF CREDIT WITH SUCH FEDERALLY OR
 STATE LICENSED FINANCIAL INSTITUTION. A  LINE  OF  CREDIT  ENTERED  INTO
 PURSUANT  TO  THE  PROVISIONS  OF  THIS SECTION, THAT IS SECURED BY REAL
 PROPERTY, SHALL NOT BE SUBJECT TO TAX PURSUANT TO ARTICLE ELEVEN OF  THE
 TAX LAW.
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11987-01-1

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