NY A09861

Amends the Local Finance Law to provide additional flexibility for municipalities, school districts, and district corporations when issuing refunding bonds.

Allows refunding bonds to avoid compliance with standard debt amortization requirements if the refunding bonds have the same or lesser amounts and the same or earlier maturity dates as the original bonds being refunded.

Permits the use of substantially level or declining annual debt service schedules for refunding bonds, with annual installments determined independently of the original bonds' maturity dates.

Applies these provisions to both refunding bonds under Section 90.00 and advance refunding bonds under Section 90.10 of the Local Finance Law.

Takes effect immediately upon enactment.