What's happening
This bill authorizes extended renewal and repayment terms for certain bond anticipation notes issued by the Binghamton City School District.
Why it matters
Addresses a specific local financial challenge. The bill is tailored to the unique circumstances of the Binghamton City School District, which has undertaken a large-scale school construction project and issued multiple bond anticipation notes (BANs) over several years. By allowing extended renewal and repayment terms, the legislation recognizes the district’s ongoing need to manage substantial, phased project costs.
Overrides standard state restrictions. Normally, New York’s local finance law sets strict limits on how long BANs can be renewed before they must be replaced by long-term bonds. This bill specifically allows the district to renew a particular BAN for up to seven years from its original date, beyond the usual legal limit, providing flexibility not generally available to other districts.
Could affect local taxpayers and future budgets. By extending the repayment period and requiring annual principal payments, the bill may reduce immediate fiscal pressure on the district, potentially smoothing out tax impacts or budget cuts. However, it could also increase total interest costs over time and influence how the district manages future borrowing and capital projects.
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Who cares
Headline styles
Extend Binghamton School Bond Terms
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Substituted by S2459A
- Ordered to third reading rules cal.267
- Rules report cal.267
- Reported
- Reported referred to rules
- Reported referred to ways and means
- Print number 5483a
- Amend and recommit to local governments
- 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 Binghamton School Bond Payments
Signed by Governor · Sponsor Fredrick J. Akshar II
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5483--A
2019-2020 Regular Sessions
IN ASSEMBLY
February 12, 2019
Introduced by M. of A. LUPARDO -- read once and referred to the Committee on Local Governments -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT making certain findings and determinations with respect to certain bond anticipation notes issued by the city school district of the city of Binghamton, and authorizing the issuance of obligations of such school district with respect thereto
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Legislative findings. It is hereby found and determined that the city school district of the city of Binghamton had duly adopted a bond resolution on February twelfth, two thousand thirteen authorizing the construction of a new Mac Arthur Elementary School at a maximum estimated cost of seventy-nine million five hundred thirty thousand dollars and authorizing the issuance of serial bonds of such school district not exceeding seventy-seven million eight hundred forty-three thousand dollars to pay a portion of the cost thereof and that, pursuant to such bond resolution, such school district has heretofore issued the following obligations:
(a) a bond anticipation note in the principal amount of twenty million dollars issued on November twenty-first, two thousand thirteen, which matured on November twenty-first, two thousand fourteen;
(b) a bond anticipation note in the principal amount of sixty million dollars issued on November twenty-first, two thousand fourteen, which matured November twentieth, two thousand fifteen, constituting a renewal financing of twenty million dollars and a second series of new money original financing of forty million dollars;
(c) a bond anticipation renewal note in the principal amount of fifty-nine million six hundred eighty thousand dollars issued on November twentieth, two thousand fifteen, which matured on November eighteenth, two thousand sixteen;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06345-02-9
A. 5483--A 2
(d) a bond anticipation renewal note in the principal amount of twenty-six million dollars issued on November seventeenth, two thousand sixteen, which matured on November seventeenth, two thousand seventeen;
(e) a bond anticipation renewal note in the principal amount of twenty-five million four hundred ninety thousand dollars issued on November sixteenth, two thousand seventeen, which matured on November sixteenth, two thousand eighteen; and
(f) a bond anticipation renewal note in the principal amount of twenty-four million nine hundred forty thousand dollars issued on November sixteenth, two thousand eighteen, which matures on November fifteenth, two thousand nineteen.
§ 2. Notwithstanding the provisions of paragraph b of section 23.00 of the local finance law, the bond anticipation renewal note described in subdivision (f) of section one of this act, hereby authorized to be renewed, and the maturity thereof, including the maturity of renewals thereof, may extend for a period not to exceed seven years beyond the respective original date of issue of such bond anticipation note, with annual redemption of a portion thereof consistent with the amortization requirements of section 21.00 of the local finance law.
§ 3. This act shall take effect immediately.
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.