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History
- Referred to local government
- Returned to senate
- Died in assembly
- Referred to local governments
- Delivered to assembly
- Passed senateVote 62–1
- Ordered to third reading cal.1865
- Committee discharged and committed to rules
- 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 refunding bonds issued by a municipality authorized to create a community preservation fund
In Assembly Committee · Local Governments · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5784
Title of bill
An act to amend the local finance law, in relation to refunding bonds issued by a municipality authorized to create a community preservation fund
Purpose
To provide communities who have issued bonds pursuant to section 64-e of the town law to refund those bonds and issue new bonds with a period of usefulness that will run from the date of reissuance
Summary of provisions
Section 1. Amends section 90 (a) (2) & (4); 90 (f) (3) of the local finance law.
Section 2. Amends section 90.10 (b) (2) of the local finance law by adding a new subparagraph (f)
Section 3 Amends section 90.10 (e) (4) and (5) of the local finance law. Section 4. Amends section 90A0 (g) of the local finance law
Section 5. Amends section 11 (a) (21) (b) of the local finance law.
Section 6. Sets an immediate effective date.
Justification
Legislation creating the Peconic Bay region community preservation funds was enacted in 1998 and provided for the creation of community preservation funds in the Peconic region of Suffolk County. The funds which were created by each town in the region provided for the acquisition of property pursuant to a community preservation plan, the cost of which was funded through a two percent real estate transfer tax. Those acquisitions were in many cases financed through bonds issued for that purpose. After the economic downturn in 2008, the revenue received by the funds from transfer taxes were markedly reduced causing in some cases the use of reserve funds to satisfy the yearly amortization of the outstanding obligations. This legislation would allow for the refinance of those obligations to extend the payment period.
Legislative history
New bill
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.