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NY S00273
Bill
Status
6/10/2025
Primary Sponsor
Monica Martinez
Click for details
AI Summary
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Permanently requires the first installment of serial bonds to mature no later than two years after the bond date or two years after the first bond anticipation note, whichever is earlier
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Eliminates temporary provisions that were set to expire July 15, 2027, making the two-year maturity requirement permanent law
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Grants municipalities, school districts, and district corporations permanent flexibility to call unpaid bond installments for early redemption at times, amounts, and terms determined by their finance board at issuance
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Removes previous restrictions that limited bond redemption to either inverse order of maturity or equal proportionate amounts
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Repeals Section 107.00 of the local finance law, which contained provisions related to the 5% capital improvement funding requirement from current funds
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
REPORTED AND COMMITTED TO FINANCE
1/28/2026