Extends, until September 30, 2014, certain provisions of the Local Finance Law which provides for issuance of a single statutory installment bond by a borrower for the full principal amount, not to exceed one million dollars, if the issue is sold at private sale or in any amount if the bonds are issued and sold to the United States or any agency thereof; provides such bonds be issued utilizing a fixed interest; continues EFC's existing exemption from the one million dollar principal cap limitation and permits municipal or public benefit corporation borrowers to continue to issue and sell statutory installment bonds in an amount not to exceed twenty million dollars to EFC.
Sponsor: Roberts (MS) / Co-sponsor(s): Magnarelli
Law Section: Local Finance Law / Law: Amd S2, Chap 581 of 2005
Sponsor: Roberts (MS) / Co-sponsor(s): Magnarelli
Law Section: Local Finance Law / Law: Amd S2, Chap 581 of 2005
A6441-2011 Actions
- May 23, 2011: substituted by s3917
- May 19, 2011: advanced to third reading cal.398
- May 17, 2011: reported
- Apr 12, 2011: reported referred to ways and means
- Mar 16, 2011: referred to local governments
A6441-2011 Text
S T A T E O F N E W Y O R K
6441 2011-2012 Regular Sessions I N ASSEMBLY March 16, 2011
Introduced by M. of A. ROBERTS, MAGNARELLI -- (at request of the Envi ronmental Facilities Corporation) -- read once and referred to the Committee on Local Governments AN ACT to amend chapter 581 of the laws of 2005, amending the local finance law relating to statutory installment bonds, in relation to extending the effectiveness thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM BLY, DO ENACT AS FOLLOWS:
Section 1.
Section 2 of chapter 581 of the laws of 2005, amending the local finance law relating to statutory installment bonds, as amended by chapter 213 of the laws of 2008, is amended to read as follows:
S 2. This act shall take effect immediately and shall remain in full force and effect until September 30, [2011] 2014, at which time it shall expire and be deemed repealed.
S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09221-01-1
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