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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A10848
- Ordered to third reading cal.425
- Reported and committed to rules
- Referred to finance
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.
Extends certain provisions of the state finance law and other laws and relates to voting by the NY local government assistance corporation
Signed by Governor
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend part RR of chapter 57 of the laws of 2008 providing for the administration of certain funds and accounts related to the 2008-2009 budget, in relation to effectiveness of certain provisions thereof; and to amend the public authorities law, in relation to voting of directors of the local government assistance corporation, and providing for the repeal of certain provisions upon expiration thereof
Purpose
This bill extends a provision of law that expired and became inoperative on March 31, 2010, and amends Public Authorities Law relating to voting requirements of the Local Government Assistance Corporation (LGAC).
Summary of provisions
This bill amends § 51 of part RR of Chapter 57 of the Laws of 2008, to extend for one year provisions in existing law relating to the treatment of refundings with variable rate obligations or swaps.
Additionally, this bill amends Public Authorities Law § 3234(5) to allow for the issuance of refunding bonds with a unanimous vote of all Directors in office.
Statement in support and budgetary implications
If both provisions are not adopted in this bill, LGAC will not be able to issue fixed rate bonds to refund variable rate bonds resulting in additional portfolio risk and potential future costs. These provisions need to be included in this bill to allow for notices to be sent to bondholders by April 30th of this year.
Effective date
Immediately, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.