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Sponsors
1 Co-sponsor
History
- Signed chap.264
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.203
- Substituted for A9570A
- Referred to local governments
- Delivered to assembly
- Passed senateVote 59–0
- Amended on third reading (t) 6634a
- Advanced to third reading
- 2nd report cal.
Show 2 earlier actions
- 1st report cal.696
- 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.
Provides that bond anticipation notes issued during calendar years 2007 and 2008 may not extend more than 7 years beyond original date of issuance of such bond notes
Assembly Floor Calendar · Sponsor George Latimer
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6634A REVISED 05/23/12
Title of bill
An act to amend the local finance law, in relation to bond anticipation notes issued during the calendar years 2007 and 2008
Purpose or general idea of bill
This legislation extends the rollover period for bond anticipation notes issued during calendar years 2007 and 2008 to not more than seven years beyond the original date of issue.
Summary of specific provisions
Section 1 of the bill amends subparagraph 2 of paragraph b of Section 23.00 of the Local Finance Law as amended by Chapter 386 of the Laws of 2010 to extend the rollover period from 2004 and 2005 to 2007 and 2008.
Section 2 of the bill is the effective date.
Justification
Currently, except for bond anticipation notes issued in 2004 or 2005, local governments are authorized to extend or roll over bond anticipation notes for only up to 5 years. At the end of the period, the bond anticipation notes must be retired or converted into long-term debt. This legislation, by extending the rollover period for bond anticipation notes issued during calendar years 2007 and 2008, will provide municipalities the option of renewing the notes at a later date to shop around for a better rate for the long-term, thereby lowering costs to the municipality.
Legislative history
New Bill - 2012.
Fiscal implications
None. May result in cost savings to localities.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.