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History
- Referred to finance
- Referred to finance
Full text
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Sponsor's memo
BILL NUMBER:S5763
Title of bill
An act to amend the state finance law, in relation to the probable life of class B, class C, and class D buildings; and to amend the local finance law, in relation to the periods of probable usefulness of class B, class C, and class D buildings
Purpose
Provides that the probably life of certain works and period of probably usefulness be 25 years for Class B buildings, 20 years for Class C buildings and 40 years for Class D Buildings.
Summary of provisions
Section 1. Amends subdivisions 2 and 3 of section 61 of the state finance law and adds a new subdivision 3-a.
Section 2: Amends clauses (b) and (c) of subdivision 11 of paragraph a of section 11.00 of local finance law and a new clause (d) is added.
Section 3: Sets the effective date.
Justification
Currently in state finance law and local finance law, the distinction between building construction types includes an antiquated definition, and does not align with current provisions of the state's building codes as the useful life of a building is no longer related to the type of construction. The current definitions of useful life of buildings has a negative impact on state and local governments because wood frames are defined to have a much shorter useful life and therefore public projects cannot be bonded(financed) for longer than the projected useful life. This creates a hardship on state and local governments when they attempt to bond for construction of smaller and less expensive building projects.
This legislation updates the state finance law and the local finance law and allows for greater flexibility for state and local governments and architects when designing and constructing buildings by updating the definition of the useful life for buildings.
Legislative history
This is a new bill.
Fiscal implications
To be determined.
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.