NY A05056

Extends the exclusion period for sewage facility indebtedness from January 1, 2024 to January 1, 2034, allowing municipalities to exclude outstanding indebtedness contracted between January 1, 1962 and January 1, 2034 when calculating debt capacity.

Extends the deadline for issuing obligations to finance sewage facility indebtedness from January 1, 2024 to January 1, 2034.

Applies the ten-year extension to both section 124.10 (power to contract indebtedness) and section 136.00 (debt limit calculations) of the local finance law.

Takes effect upon approval of concurrent constitutional amendments proposed in Senate Bill 4597 and Assembly Bill 3776, in accordance with Article 19 of the state constitution.