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NY A01976
Bill
Status
1/23/2023
Primary Sponsor
Fred Thiele
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AI Summary
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Removes the one-year waiting period requirement before a municipal corporation, school district, or district corporation can authorize a capital improvement after issuing bonds or capital notes to finance advance planning costs.
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Eliminates the provision that previously required the one-year waiting period to be computed from the date of bond anticipation notes if such notes were issued prior to bonds.
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Maintains existing limits on the total amount of bonds or capital notes that may be authorized annually to finance advance planning, capped at the maximum amount of budget notes permitted under local finance law.
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Preserves the requirement that improvement districts reimburse the county or town for advance planning costs, including any interest on 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
substituted by s5655
5/30/2023