NY A10492

Extends the maximum renewal period for bond anticipation notes originally issued during calendar years 2015 through 2021 from the previous limit to seven years beyond the original date of issue.

Authorizes town, village, county, city, water improvement district, sewer improvement district, fire district, and school district governing boards to expend capital reserve funds for capital costs attributable to the COVID-19 pandemic by resolution without referendum requirements.

Permits temporary transfers from reserve funds to pay for operating costs or other COVID-19-related costs, with reimbursement required over a period of not more than five fiscal years at a minimum of 20 percent per year, plus estimated investment earnings.

Allows inter-fund advances made for COVID-19 costs to be repaid by the close of the fiscal year following the fiscal year in which the advance was made, extending the repayment deadline.

Takes effect immediately upon enactment.