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Sponsors
Senator · Senate District 5
1 Co-sponsor
History
- Referred to local government
- Returned to senate
- Died in assembly
- Referred to local governments
- Delivered to assembly
- Passed senateVote 57–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.78
- 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.
Relates to installment purchase contracts for the financing of technology
In Assembly Committee · Local Governments · Sponsor Andrew Hevesi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general municipal law, in relation to installment contracts for the financing of technology
Purpose
This bill would expand and extend the content of installment purchase contracts to include technology.
Summary of provisions
This bill amends paragraph (b) of subdivision 1, paragraphs (c) and (d) of subdivision 2, paragraphs (a) and (b) of subdivision 5 and paragraphs(a) and (b) of subdivision 6 of section I09-b of the general municipal law, as amended by chapter 258 of the law of 1994.
Justification
Extending installment purchase contracts will permit political subdivisions and agencies better access to technological assets. Any leasing/financing program provides budgetary flexibility for the agency acquiring assets. Although there are different types of leasing/financing programs, the objectives for all are similar: to acquire commodities through financing and to obtain the best interest rate possible.
Installment purchase contracts for technology would allow access to technological products and services in a timelier manner. Additionally, financing technology through installment purchase contracts allows constant advancement and development in this area as the term of such installment purchase contract will not exceed the period of probable usefulness of the technology assets being funded. Thus, political subdivisions, such as municipalities and school districts, as well as state agencies would be able to constantly improve the technology used to provide services at a more efficient rate.
Legislative history
S.5317 of 2013/14.
Fiscal implications
None.
Effective date
This act shall take effect on the sixtieth day on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.