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S5230Senate2013-2014 SessionSame asA7354

Provides that bond anticipation notes by the town of Ulster issued during calendar years 2009 and 2010 may not extend more than 7 years beyond original date of issuance of such bond notes

Sponsor Cecilia TkaczykSD-46Affects Local Government
Status
Signed by Governor
Impact
Pending
Outcome
Signed into law

Bill progress

Signed into law

What's happening

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Sponsors

Primary sponsor
Cecilia Tkaczyk

Senator · Senate District 46

No co-sponsors yet.

History

  1. Signed chap.373
  2. Delivered to governor
  3. Returned to senate
  4. Passed assembly
  5. Home rule request
  6. Ordered to third reading rules cal.600
  7. Substituted for A7354A
  8. Referred to local governments
  9. Delivered to assembly
  10. Passed senateVote 57–2
  11. Home rule request
  12. Ordered to third reading cal.1288
Show 4 earlier actions
  1. Committee discharged and committed to rules
  2. Print number 5230a
  3. Amend (t) and recommit to local government
  4. 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.

A7354Assembly

Provides that bond anticipation notes by the town of Ulster issued during calendar years 2009 and 2010 may not extend more than 7 years beyond original date of issuance of such bond notes

Assembly Floor Calendar · Sponsor Kevin Cahill

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S5230A

Title of bill

An act to amend the local finance law, in relation to bond anticipation notes issued during the calendar years 2009 and 2010 by the town of Ulster, Ulster County

Purpose or general idea of bill

This legislation extends the rollover period for bond anticipation notes issued during calendar 2009 and 2010 by the town of Ulster, Ulster County to not more than seven years beyond the original date of issue.

Summary of specific provisions

Section 1. Subparagraph 2 of paragraph b of Section 23.00 of the Local Finance Law as amended by Chapter 264 of the Laws of 2012, is amended as follows:

2. Renewals of bond anticipation notes by the town of Ulster, Ulster County issued originally during calendar year two thousand nine or two thousand ten may not extend more than seven years beyond the original date of issue of such bond anticipation notes.

Section 2. This act shall take effect immediately.

Justification

Currently, except for bond anticipation notes issued in 2005 or 2007, the town of Ulster is not authorized to extend or rollover 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 longterm debt. This legislation, by extending the rollover period for bond anticipation notes issued during calendar year 2009 and 2010, will provide the town of Ulster 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.

Prior legislative history

New Bill

Fiscal implications

None. This legislation may result in cost savings to the town of Ulster.

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.