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NY S06409

Bill

Official Source

Status

Passed

7/22/2014

Primary Sponsor

Jack Martins

Click for details

Origin

Senate

2013-2014 General Assembly

AI Summary

  • Extends the exclusion period for sewage facility indebtedness from January 1, 2014 to January 1, 2024, allowing municipalities to exclude qualifying debt when calculating borrowing capacity
  • Applies to indebtedness contracted between January 1, 1962 and January 1, 2024 for construction or reconstruction of sewage conveyance, treatment, and disposal facilities
  • Allows municipalities to issue new obligations on or after January 1, 2024 to refinance sewage-related indebtedness originally contracted within the specified period
  • Amends sections 124.10 and 136.00 of the local finance law regarding municipal debt exclusions
  • Takes effect immediately and is deemed in effect as of January 1, 2014

Legislative Description

Extends the period of time for which a municipality has the power to exclude indebtedness contracted for sewage facilities.

Last Action

SIGNED CHAP.150

7/22/2014

Committee Referrals

Ways and Means2/27/2014
Local Government1/22/2014

Full Bill Text

No bill text available