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Sponsors
1 Co-sponsor
History
- Signed chap.91
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.339
- Substituted for A10610
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 56–0
- Ordered to third reading cal.1263
- Referred to rules
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
Assembly Floor Calendar · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7645
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 specific provisions
Section one of the bill would extend, until 2015, 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 2015, 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 2015, municipal authorization to issue variable rate bonds and notes.
Section four extends, until 2015, the suspension of the five percent down payment requirement in the circumstances set forth in LFL 107.00 (d) (9).
Section five extends, until 2015, laws originally added by Chapter 413 ("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).
Justification
The provisions contained within this legislation were enacted to provide municipalities with expanded debt issuance and management options. The extension of these provisions will provide mandate relief and 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.
Fiscal implications for state and local governments
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.