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A7119Assembly2017-2018 Session

Limit Bond Note Extensions

Official title

“Provides that bond anticipation notes issued during calendar years 2013 and 2014 may not extend more than 7 years beyond original date of issuance of such bond notes”

Sponsor Thomas AbinantiAD-92Affects Local Government
Status
In Assembly Committee
Local Governments
Impact
3/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Local Governments

What's happening

This bill extends the maximum renewal period for certain bond anticipation notes issued in 2013 and 2014 to seven years.

Why it matters

  1. Provides local governments with additional financial flexibility. by giving them up to seven years (instead of a shorter period) to renew bond anticipation notes (BANs) issued in 2013 and 2014, potentially helping them manage cash flow and delay long-term borrowing.

  2. May help municipalities avoid immediate conversion of short-term debt into long-term bonds. , which can be advantageous if they are waiting for better interest rates, improved credit ratings, or increased revenues before locking in long-term obligations.

  3. Reflects recognition of ongoing or delayed capital projects. from 2013 and 2014, allowing more time for project completion or for the financial situation of the municipality to stabilize before taking on permanent debt.

  4. Could lower short-term fiscal pressure. on local budgets, especially for municipalities that might still be recovering from economic downturns or unexpected expenses since the original notes were issued.

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Who cares

Headline styles

Limit Bond Note Extensions

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Thomas Abinanti

Assembly Member · Assembly District 92

No co-sponsors yet.

History

  1. Referred to local governments
  2. Referred to local governments

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

7119

2017-2018 Regular Sessions

IN ASSEMBLY

April 10, 2017

Introduced by M. of A. ABINANTI -- 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 2013 and 2014

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] thirteen or two thousand [eight] fourteen 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.

LBD10920-01-7

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.