Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to local governments |
May 03, 2013 |
referred to local governments |
Assembly Bill A7176
2013-2014 Legislative Session
Sponsored By
FARRELL
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-A7176 (ACTIVE) - Details
- See Senate Version of this Bill:
- S5213
- Current Committee:
- Assembly Local Governments
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd §§90.00 & 90.10, Loc Fin L
2013-A7176 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7176 2013-2014 Regular Sessions I N A S S E M B L Y May 3, 2013 ___________ Introduced by M. of A. FARRELL -- read once and referred to the Commit- tee on Local Governments AN ACT to amend the local finance law, in relation to the refunding of bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph b-1 of section 90.00 of the local finance law, as added by chapter 201 of the laws of 1994, is amended to read as follows: b-1. Refunding bonds need not comply with paragraph b of this section provided that no annual installment of each separate series of refunding bonds shall be more than fifty per centum in excess of the smallest prior installment or THE AMOUNTS AND STATED MATURITY DATES OF THE REFUNDING BONDS SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED OR the finance board of the municipality, school district or district corporation issuing the bonds shall have determined to use a substan- tially level or declining annual debt service schedule for the refunding bonds. The amount of annual installments of the refunding bonds may be determined without reference to the stated maturities of the bonds to be refunded. S 2. Subdivision 3 of paragraph c of section 90.10 of the local finance law, as amended by chapter 201 of the laws of 1994, is amended to read as follows: 3. No annual installment of each separate series of refunding bonds shall be more than fifty per centum in excess of the smallest prior installment unless THE AMOUNTS AND STATED MATURITY DATES OF THE REFUND- ING BONDS SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED OR the finance board of the municipality, school district or district corpo- ration issuing the bonds has determined to use a substantially level or declining annual debt service schedule for the refunding bonds. The amounts of annual installments of the refunding bonds may be determined without reference to the stated maturities of the bonds to be refunded. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10616-01-3
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