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Who cares
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Sponsors
1 Co-sponsor
History
- Substituted by A8618
- Ordered to third reading cal.675
- Committee discharged and committed to rules
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to local government borrowing practices and mandate relief
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the local finance law and chapter 413 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
Summary of provisions
Section one of the bill will extend, until 2012, provisions authorizing municipalities to pay the first installment on an issue of serial bonds two years after the date of issuance 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 sooner.
Section two extends, until 2012, the authorization to redeem bonds prior to maturity in such amount and manner as may be determined by the finance board of the municipality.
Section three extends, until 2012, municipal authorization to issue variable rate bonds and notes.
Section four extends, until 2012, the suspension of the five percent down payment requirement in the circumstances set forth in LFL § 107.00(d)(9).
Section five extends, until 2012, laws originally added by chapter 413 of the laws of 1991, relating to certificates of participation ("COPs") and the lease-financing of certain public works (General Municipal Law §109-b), variable rate obligations (LFL §51.00(5)), original issue discount bonds (LFL §57.00(f)), and the promulgation of rules by the State Comptroller regarding the approval of negotiated sales of bonds (LFL §57.10).
Reasons for support
The provisions contained within this legislation were enacted to provide municipalities with expanded debt issuance and management options. The extension of these provisions will ensure that municipalities continue to realize financial flexibility, while at the same time reserving the Legislature's opportunity to review the implementation in light of changing fiscal conditions.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.