What's happening
This bill allows bond anticipation notes issued in 2009 and 2010 to be renewed for up to seven years.
Why it matters
Extends financial flexibility for local governments. by allowing them to renew certain short-term debt (bond anticipation notes) from 2009 and 2010 for up to seven years, helping manage cash flow and avoid immediate repayment pressures.
Recognizes lingering impacts of the 2008 financial crisis. , as many municipalities issued these notes during or after the recession and may still be recovering financially, making longer renewal periods especially relevant.
May affect local project funding and tax rates. , since extended renewal options could delay the need for long-term borrowing or tax increases, but also potentially increase interest costs over a longer period.
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Who cares
Headline styles
Cap Bond Note Extensions
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to local governments
- Referred to local governments
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
153
2017-2018 Regular Sessions
IN ASSEMBLY (Prefiled)
January 4, 2017
Introduced by M. of A. CAHILL -- read once and referred to the Committee on Local Governments
AN ACT to amend the local finance law, in relation to bond anticipation notes issued during the calendar years 2009 and 2010
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local finance law, as amended by chapter 264 of the laws of 2012, is amended to read as follows:
2. renewals of bond anticipation notes issued originally during calendar year two thousand seven [or], two thousand eight, two thousand nine or two thousand ten may not extend more than seven years beyond the original date of issue of such bond anticipation notes.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01604-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.