What's happening
This bill extends the authorization for statutory installment bonds under the local finance law from 2017 to 2020.
Why it matters
Extending the authorization for statutory installment bonds gives local governments continued flexibility to finance public projects over time, rather than requiring full payment upfront. This can help manage budgets and make infrastructure projects more feasible.
By moving the expiration date from 2017 to 2020, the bill prevents potential disruption to local governments’ financial planning or ongoing projects that depend on this financing tool. Without the extension, municipalities might have to halt or modify planned improvements.
The extension may also help localities take advantage of favorable market conditions for borrowing, potentially reducing costs for taxpayers if used strategically. It maintains an important option for local fiscal management during a period of uncertain economic conditions.
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Who cares
Headline styles
Extend Bond Law Deadline
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by S5383
- Advanced to third reading cal.300
- Reported
- Reported referred to ways and means
- Referred to local governments
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.
Extend Bond Law Expiration
Signed by Governor · Sponsor Kathleen A. Marchione
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6509
2017-2018 Regular Sessions
IN ASSEMBLY
March 7, 2017
Introduced by M. of A. MAGNARELLI -- (at request of the Environmental Facilities Corporation) -- read once and referred to the Committee on Local Governments
AN ACT to amend chapter 581 of the laws of 2005 amending the local finance law relating to statutory installment bonds, in relation to extending the effectiveness thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 2 of chapter 581 of the laws of 2005 amending the local finance law relating to statutory installment bonds, as amended by chapter 110 of the laws of 2014, is amended to read as follows:
§ 2. This act shall take effect immediately and shall remain in full force and effect until September 30, [2017] 2020, at which time it shall expire and be deemed repealed.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09931-01-7
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.