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Sponsors
1 Co-sponsor
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.
Provides that bond anticipation notes issued during calendar years 2012 and 2013 may not extend more than 7 years beyond original date of issuance of such bond notes
In Assembly Committee · Local Governments · Sponsor Thomas Abinanti
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5055
Title of bill
An act to amend the local finance law, in relation to bond anticipation notes issued during the calendar years 2012 and 2013
Purpose or general idea of bill
This legislation extends the rollover period for bond anticipation notes issued during calendar years 2012 and 2013 to not more than seven years beyond the original date of issue.
Summary of specific provisions
Section 1 of the bill amends subparagraph 2 of paragraph b of Section 23.00 of the Local Finance Law as amended by Chapter 264 of the Laws of 2012 to extend the rollover period from 2007 and 2008 to 2012 and 2013.
Section 2 of the bill is the effective date.
Justification
Currently local governments are authorized to extend or roll over 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 long-term debt. This legislation, by extending the rollover period for bond anticipation notes issued during calendar years 2012 and 2013, will provide municipalities the option of renewing the notes at a later date when a better rate can be secured for the long-term. The bill will save costs to the municipality by providing the municipality with the option to secure a lower interest rate.
Legislative history
New Bill - 2015
Fiscal implications
None to the State. May result in cost savings to localities.
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.