Assembly Bill A10282

Signed By Governor
2023-2024 Legislative Session

Relates to local government borrowing practices and mandate relief

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S9417 - 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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2023-A10282 (ACTIVE) - Details

See Senate Version of this Bill:
S9417
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

2023-A10282 (ACTIVE) - Summary

Relates to local government borrowing practices and mandate relief; extends certain provisions relating to providing relief to local governments for certain mandated programs and services to 2027.

2023-A10282 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10282
 
                           I N  A S S E M B L Y
 
                               May 16, 2024
                                ___________
 
 Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Santabar-
   bara) -- read once and referred to the Committee on Local Governments
 
 AN ACT to amend the local finance law and chapter 419  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 121 of the laws  of  2021,  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
 [twenty-four] TWENTY-SEVEN, 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.
   § 2. Paragraph b of section 53.00 of the local finance law, as amended
 by chapter 121 of the laws of 2021, 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.
              

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