Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to local governments |
Jan 17, 2023 |
referred to local governments |
Assembly Bill A1463
2023-2024 Legislative Session
Sponsored By
THIELE
Current 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
Actions
2023-A1463 (ACTIVE) - Details
2023-A1463 (ACTIVE) - Summary
Permanently requires that the first installment of serial bonds mature not later than two years after the date of such bonds; provides that principal installments remaining unpaid on 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 corporation at the time of the issuance thereof; repeals provisions that permanently eliminate the requirement that municipalities provide from current funds an amount equal to at least 5% of the estimated cost of each capital improvement (excluding from such cost state or federal grant funding and certain benefited area assessments) prior to the issuance of bonds or bond anticipation notes to finance such capital improvement.
2023-A1463 (ACTIVE) - Bill Text download pdf
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
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