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NY A01463
Bill
Status
1/17/2023
Primary Sponsor
Fred Thiele
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AI Summary
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Removes the temporary provision that allowed serial bond first installments to mature up to 18 months after issuance through July 15, 2024, making the two-year maturity requirement permanent.
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Eliminates restrictions on early redemption of bond installments and allows municipalities, school districts, and district corporations to determine redemption amounts, timing, and terms at the time of bond issuance.
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Repeals Section 107.00 of the Local Finance Law, which had permanently eliminated the requirement that municipalities set aside 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
1/3/2024