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NY A04709
Bill
Status
2/4/2025
Primary Sponsor
D. Billy Jones
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AI Summary
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Serial bonds issued by municipalities, school districts, and district corporations must have their first installment mature no later than two years after the bond date or two years after the first bond anticipation note, whichever is earlier, making this requirement permanent rather than temporary
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Finance boards of municipalities, school districts, and district corporations gain permanent authority to call bonds for early redemption prior to maturity at prices, times, and terms determined at issuance, removing previous restrictions on redemption order and premium caps
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Repeals Section 107.00 of the local finance law, which contained provisions related to the 5% down payment requirement for capital improvements before issuing bonds or bond anticipation notes
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Removes extensive sunset provisions that had been repeatedly extended since 1988, converting temporary flexibilities in municipal bond issuance and redemption into permanent law
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Amends sections 21.00 and 53.00 of the local finance law, which were most recently modified by chapter 167 of the laws of 2024
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
enacting clause stricken
9/8/2025