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NY A09408
Bill
Status
3/2/2022
Primary Sponsor
Fred Thiele
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AI Summary
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Removes the one-year waiting period requirement before municipal corporations, school districts, or district corporations can authorize capital improvement undertakings after issuing bonds or capital notes for advance planning costs.
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Eliminates the restriction that previously required waiting at least one year from the original issuance date of bonds or bond anticipation notes before proceeding with the capital improvement project.
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Maintains existing limits on the total amount of bonds or capital notes that may be authorized annually for advance planning, which cannot exceed the maximum budget notes permitted under local finance law.
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Retains the requirement that improvement districts reimburse counties or towns for advance planning costs, including interest on any obligations issued to finance such costs.
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Takes effect immediately upon enactment.
Legislative Description
Removes the requirement that where a municipal corporation, school district or district corporation issues indebtedness to finance certain costs of preparation of plans and specifications for a proposed capital improvement there must be a waiting period of at least one year authorizing the undertaking of the capital improvement.
Last Action
reported referred to ways and means
3/8/2022