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No co-sponsors yet.
History
- Referred to local government
- 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 contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted
In Assembly Committee · Local Governments · Sponsor Mark C. Johns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4162
Title of bill
An act to amend the local finance law, in relation to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on
Purpose
To require that the estimated total interest costs associated with a bond resolution or capital note resolution be added to the contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on.
Summary of provisions
Section 1 amends Section 41.10 of the local finance law by adding "where the estimated total cost of all of the items includes, and lists, the estimated total interest costs associated with the bond resolution or capital note resolution; provided, however, with regard to school districts, the cost of providing such total interest costs shall be minimized to the greatest extent possible."
Section 2 of this bill provides for an immediate effective date.
Justification
Currently school districts are not required to disclose estimated interest costs during capital projects to voters. This legislation would require school districts to disclose this estimated interest cost, similar to the way a bank is required to disclose interest cost to homeowners applying for mortgages.
Legislative history
S.5204A of 2011/2012, S.3861 of 2013/2014
Fiscal implications
Minimal or None.
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.