Loading chat...
NY A09516
Bill
Status
Passed
7/21/2016
Primary Sponsor
William Magnarelli
Click for details
AI Summary
- Amends Education Law Section 3602 to modify how net interest costs are calculated for school financing obligations in Syracuse city school district
- Allows the lesser of two interest rate options: the actual net interest cost of obligations issued by the State Municipal Bond Bank Agency or City of Syracuse Industrial Development Agency, or the rate that would have applied if financed through the State Municipal Bond Bank Agency
- Specifies that interest rates apply to each series of obligations originally issued, without regard to any subsequent refunding of those obligations
- Applies to school rehabilitation or reconstruction projects financed through agreements with the State Municipal Bond Bank Agency or the City of Syracuse Industrial Development Agency under the Syracuse cooperative school reconstruction act
Legislative Description
Regulates the interest rate on obligations issued to finance the school rehabilitation and reconstruction within the city school districts of the city of Syracuse.
Last Action
signed chap.127
7/21/2016
Committee Referrals
Education6/6/2016
Ways and Means5/11/2016
Education3/10/2016
Full Bill Text
No bill text available