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NY S06940

Bill

Official Source

Status

Introduced

5/16/2023

Primary Sponsor

Monica Martinez

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Extends the exclusion period for municipal sewage facility indebtedness from January 1, 2024 to January 1, 2034 in section 124.10 of the local finance law
  • Applies the extended deadline to obligations issued on or after January 1, 2034 that finance indebtedness contracted within the original period (January 1, 1962 to the new cutoff date)
  • Amends section 136.00 of the local finance law to reflect the same January 1, 2034 deadline for deducting outstanding sewage facility indebtedness in municipal debt calculations
  • Takes effect upon ratification of concurrent resolution S. 4597/A. 3776 proposing a constitutional amendment regarding the sewage facilities indebtedness exclusion

Legislative Description

Extends the period of time for which a municipality has the power to exclude indebtedness contracted for sewage facilities.

Last Action

SUBSTITUTED BY A5056

6/5/2023

Committee Referrals

Rules5/30/2023
Finance5/23/2023
Local Government5/16/2023

Full Bill Text

No bill text available