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NY A09915
Bill
Status
4/19/2022
Primary Sponsor
Fred Thiele
Click for details
AI Summary
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Requires the first installment of serial bonds to mature no later than two years after bond issuance or first bond anticipation note, eliminating a temporary provision that allowed until July 15, 2024.
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Permits municipalities, school districts, and district corporations to redeem unpaid bond installments prior to maturity at prices and terms determined by the issuer at issuance, removing restrictions that previously applied to bonds issued through July 15, 2024.
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Repeals Section 107.00 of the local finance law, which permanently eliminated the requirement that municipalities fund at least 5% of estimated capital improvement costs from current funds before issuing bonds or bond anticipation notes.
Legislative Description
Permanently requires that the first installment of serial bonds mature not later than two years after the date of such bonds; provides that principal installments remaining unpaid on bonds may be called for redemption prior to their date of maturity in such amounts, at such times in such manner and pursuant to such terms as may be determined by the finance board of a municipality, school district or corporation at the time of the issuance thereof; repeals provisions that permanently eliminate the requirement that municipalities provide from current funds an amount equal to at least 5% of the estimated cost of each capital improvement (excluding from such cost state or federal grant funding and certain benefited area assessments) prior to the issuance of bonds or bond anticipation notes to finance such capital improvement.
Last Action
referred to local governments
4/19/2022