NY S07367

Amends Local Finance Law Section 90.00 to allow refunding bonds to meet requirements if the refunding bond amounts are equal to or less than the original bonds and maturity dates are equal to or earlier than the bonds being refunded.

Amends Local Finance Law Section 90.10 to apply the same refunding bond requirements to municipalities, school districts, and district corporations, allowing them to issue refunding bonds without exceeding original bond amounts or extending maturity dates.

Permits finance boards to determine annual installments of refunding bonds without reference to stated maturities of the original bonds if using substantially level or declining annual debt service schedules.

Maintains existing 50 percent installment excess threshold for refunding bonds unless the new conditions regarding bond amounts and maturity dates are met.

Takes effect immediately upon enactment.