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Sponsors
Senator · Senate District 45
2 Co-sponsors
History
- Substituted by A4586
- Advanced to third reading
- 2nd report cal.
- 1st report cal.607
- 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 the period of probable usefulness of the installation or reconstruction of a heating system is 15 years for purposes of local financing
Signed by Governor · Sponsor John T. McDonald III
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2907 REVISED MEMO 07/15/2015
Title of bill
An act to amend the local finance law, in relation to the period of probable usefulness of heating systems
Purpose or general idea of bill
Provides that the period of probable usefulness of the installation or reconstruction of a boiler or furnace, used as a thermal heating system for a building or complex of buildings, when not in connection with the original construction or reconstruction of such building, is 15 years for purposes of local financing.
Summary of specific provisions
Section 1 amends subdivision 13 of paragraph (a) of section 11.00 of the local finance law to specify that the period of probable usefulness of the installation or reconstruction of a heating system in a building for such purposes is fifteen years.
Section 2 contains the effective date.
Existing law
Section 11.00 of the local finance law provides for a ten year period for a heating, lighting, plumbing, ventilating elevator or power plant or system for class "A" or "B" building and five years for a class "C" building.
Justification
Municipalities across the state are looking to undertake new biomass heating projects in their buildings but are limited to a ten year bond due to their expected useful life under current law. However, the useful life of heating systems under the local finance law does not accurately reflect the actual useful life of these systems. The useful life of a furnace can be approximately fifteen years or longer and because the local finance law does not differentiate between furnace and boiler heating systems, local governments cannot bond for a period longer than ten years for a new or replacement boiler. This bill aims to correct the actual useful life of these systems.
This legislation will amend local finance law to mirror what is currently in state finance law. Extending the probable life of a heating system from 10 to 15 years or longer would give localities the option to finance for an additional five years which ultimately increases their ability to offer better services to residents and limit tax increases. This legislation is intended for municipal buildings and does not affect other programs administered by the state.
Prior legislative history
2014: A.10052/S.7584-A (Passed Senate)
Fiscal implications
None to the state.
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.