S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1463
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2023
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on Local Governments
 
 AN  ACT  to  amend the local finance law, in relation to installments of
   certain bonds; and to repeal certain provisions of such  law  relating
   thereto
 
   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, 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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05691-01-3
              

 A. 1463                             2

 inverse order of their maturity or, (ii) in equal proportionate amounts;
 provided, however, that for bonds  issued  during  the  one-year  period
 commencing  July  first,  nineteen  hundred  eighty-eight, and for bonds
 issued  during  the  one-year  period  commencing  July  first, nineteen
 hundred eighty-nine, and for bonds issued  during  the  one-year  period
 commencing  July  first,  nineteen  hundred ninety, and for bonds issued
 during the three-year period commencing  July  first,  nineteen  hundred
 ninety-one,  and  for  bonds  issued  during the period from July first,
 nineteen hundred ninety-four up  until  and  including  July  fifteenth,
 nineteen  hundred  ninety-seven  and  for bonds issued during the period
 from July fifteenth, nineteen hundred ninety-seven up until and  includ-
 ing July fifteenth, two thousand, and for bonds issued during the period
 from July fifteenth, two thousand up until and including July fifteenth,
 two  thousand  three,  and  for bonds issued during the period from July
 fifteenth, two thousand three up until and including July fifteenth, two
 thousand  six,  and  for  bonds  issued  during  the  period  from  July
 fifteenth,  two  thousand six up until and including July fifteenth, two
 thousand nine,  and  for  bonds  issued  during  the  period  from  July
 fifteenth,  two  thousand six up until and including July fifteenth, two
 thousand twelve, and for  bonds  issued  during  the  period  from  July
 fifteenth,  two thousand nine up until and including July fifteenth, two
 thousand fifteen, and for bonds  issued  during  the  period  from  July
 fifteenth,  two  thousand fifteen up until and including July fifteenth,
 two thousand eighteen, and for bonds issued during the period from  July
 fifteenth,  two thousand eighteen up until and including July fifteenth,
 two thousand twenty-one, and for bonds issued  during  the  period  from
 July  fifteenth,  two  thousand  twenty-one  up until and including July
 fifteenth, two thousand twenty-four, installments  remaining  unpaid  on
 such bonds may be called for redemption] prior to their date of maturity
 in such amounts, at such times in such manner and pursuant to such terms
 as  may  be  determined  by  the finance board of a municipality, school
 district or district corporation at the time of  the  issuance  thereof.
 Whenever  any bonds or notes are called for redemption prior to the date
 of their maturity, interest shall cease to be  paid  thereon  after  the
 date  for  redemption set forth in such call for redemption. [The sum to
 be paid to redeem any unpaid installment prior to its  maturity,  exclu-
 sive of the interest accruing on such installment to the date of redemp-
 tion,  shall in no event be in excess of the lesser amount of either (i)
 the par value of such installment plus one-half of  one  per  centum  of
 such  par  value for each calendar year or part thereof elapsing between
 the date for redemption set forth in such call for  redemption  and  the
 date  of  maturity  of  such  installment,  provided, however, that such
 amount shall not exceed one hundred five per centum of such  par  value,
 or  (ii)  the par value of such installment plus the total of all unpaid
 interest on such installment which would have accrued from the  date  of
 redemption to the date of maturity thereof had such installment not been
 redeemed  prior  to maturity, except that bonds sold to the state of New
 York municipal bond bank agency, which are subject to call as  hereinbe-
 fore authorized, may provide for the payment of a redemption premium not
 to  exceed  five  per centum of the par value of the bonds to be called,
 payable on the date of the redemption thereof; provided,  however,  that
 for bonds issued during the one-year period commencing July first, nine-
 teen  hundred  eighty-eight,  and  for  bonds issued during the one-year
 period commencing July first,  nineteen  hundred  eighty-nine,  and  for
 bonds  issued during the one-year period commencing July first, nineteen
 hundred ninety, and  for  bonds  issued  during  the  three-year  period
 A. 1463                             3

 commencing July first, nineteen hundred ninety-one, and for bonds issued
 during the period from July first, nineteen hundred ninety-four up until
 and  including  July  fifteenth,  nineteen hundred ninety-seven, and for
 bonds  issued  during  the  period from July fifteenth, nineteen hundred
 ninety-seven up until and including July fifteenth,  two  thousand,  and
 for  bonds issued during the period from July fifteenth, two thousand up
 until and including July fifteenth, two thousand three,  and  for  bonds
 issued  during  the  period  from  July fifteenth, two thousand three up
 until and including July fifteenth, two  thousand  six,  and  for  bonds
 issued  during the period from July fifteenth, two thousand six up until
 and including July fifteenth, two thousand nine, and  for  bonds  issued
 during  the  period  from July fifteenth, two thousand nine up until and
 including July fifteenth, two thousand  twelve,  and  for  bonds  issued
 during  the period from July fifteenth, two thousand twelve up until and
 including July fifteenth, two thousand fifteen,  and  for  bonds  issued
 during the period from July fifteenth, two thousand fifteen up until and
 including  July  fifteenth,  two thousand eighteen, and for bonds issued
 during the period from July fifteenth, two thousand  eighteen  up  until
 and  including  July  fifteenth,  two thousand twenty-one, and for bonds
 issued during the period from July fifteenth, two thousand twenty-one up
 until and including July fifteenth, two thousand twenty-four, a] A muni-
 cipality, school district,  or  district  corporation  may  provide  for
 redemption  of such bonds prior to the date of their maturity at a price
 or prices as may be as determined by the issuer of such bonds  or  notes
 at the time of the issuance thereof.
   § 3. Section 107.00 of the local finance law is REPEALED.
   § 4. This act shall take effect immediately.