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
Gives local governments more time to manage debt. By extending the renewal period for bond anticipation notes from 2009 and 2010 to seven years, municipalities have additional flexibility to address financial needs or delays in securing long-term financing—potentially reducing pressure to issue permanent bonds prematurely.
Provides relief in the aftermath of the financial crisis. Many local governments issued these notes during or just after the 2008 recession. This extension recognizes lingering fiscal challenges from that period, helping municipalities that might still be recovering or facing repayment difficulties.
Could impact local budgets and taxpayer obligations. Longer renewal periods may allow for better cash flow management, but could also mean interest payments are made over a longer time, possibly increasing overall borrowing costs that are ultimately covered by local taxpayers.
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Who cares
Headline styles
Limit Bond Note Extensions
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
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
74
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
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.
LBD01985-01-9
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.