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NY S04601
Bill
Status
8/13/2010
Primary Sponsor
Andrea Stewart-Cousins
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AI Summary
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Extends the maturity period for bond anticipation notes originally issued in 2004 or 2005 from five years to seven years beyond the original date of issue.
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Increases the threshold for private bond sales from $1 million to $5 million, allowing municipalities to sell up to $5 million in bonds annually at private sale without competitive bidding requirements.
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Reduces the required notice period for changes to bond sale opening times from 24 hours to 1 hour, with additional public notice requirements when delays exceed 24 hours.
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Authorizes municipalities, school districts, and district corporations to issue deficiency notes up to 5% of annual budget to cover revenue shortfalls, maturing within one to two fiscal years and repayable from future tax revenues or other available funds.
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Allows bid deposit amounts to be specified in bond sale notices and permits deposits via wire transfer, surety bonds, or letters of credit in addition to certified checks.
Legislative Description
Provides that bond anticipation notes issued during calendar year 2004 or 2005 may not extend more than seven years beyond the original date of issue of such bond anticipation notes; relates to private sale of bonds, notice of sale of bonds and bid deposits for the public sale of bonds; authorizes municipalities, school districts and district corporations to issue deficiency notes.
Last Action
SIGNED CHAP.386
8/13/2010