NY S08417

Extends the renewal period for bond anticipation notes originally issued between calendar years 2015-2021 to not exceed seven years beyond the original date of issue.

Allows towns, villages, counties, cities, water improvement districts, sewer improvement districts, fire districts, and school districts to authorize expenditures from capital reserve funds for capital costs attributable to the COVID-19 pandemic by resolution without referendum requirements.

Permits temporary transfers of moneys from reserve funds to pay for operating costs or other costs related to the COVID-19 pandemic, with reimbursement required within five fiscal years at a minimum rate of 20% annually 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 year in which the advance was made, extending the repayment timeline.

Takes effect immediately upon enactment.