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NY S05655
Bill
Status
10/25/2023
Primary Sponsor
Monica Martinez
Click for details
AI Summary
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Removes the one-year waiting period requirement before municipal corporations, school districts, or district corporations can authorize a capital improvement after issuing bonds or capital notes to finance advance planning costs
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Eliminates the provision that the one-year period is computed from the date of bond anticipation notes if those notes were issued prior to bonds
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Retains the existing limit that total bonds or capital notes authorized annually for advance planning cannot exceed the maximum amount of budget notes permitted under Local Finance Law section 29.00
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Maintains the requirement that improvement districts reimburse counties or towns for advance planning costs, with reimbursement applied first to outstanding obligations
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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
SIGNED CHAP.592
10/25/2023