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NY S05656
Bill
Status
6/4/2024
Primary Sponsor
Monica Martinez
Click for details
AI Summary
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Removes the July 15, 2024 expiration date and makes permanent the requirement that the first installment of serial bonds mature not later than two years after bond issuance or after issuance of bond anticipation notes, whichever is earlier.
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Grants municipalities, school districts, and district corporations discretion to determine the amounts, timing, manner, and terms for calling bond installments for early redemption at the time of bond issuance, eliminating prior restrictions on redemption order and premium calculations.
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Repeals Section 107.00 of the Local Finance Law, which had permanently eliminated the requirement that municipalities set aside from current funds an amount equal to at least 5% of estimated capital improvement costs before issuing bonds or bond anticipation notes.
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Takes effect immediately upon enactment.
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
6/4/2024