Bill S3861-2013

Relates to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted

Relates to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on.

Details

Actions

  • Jan 8, 2014: REFERRED TO LOCAL GOVERNMENT
  • Feb 25, 2013: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S3861

TITLE OF BILL: An act to amend the local finance law, in relation to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on

PURPOSE: To require that the estimated total interest costs associated with a bond resolution or capital note resolution be added to the contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on.

SUMMARY OF PROVISIONS:

Section 1 amends Section 41.10 of the local finance law by adding "where the estimated total cost of all of the items includes, and lists, the estimated total interest costs associated with the bond resolution or capital note resolution; provided, however, with regard to school districts, the cost of providing such total interest costs shall be minimized to the greatest extent possible."

Section 2 of this bill provides for an immediate effective date.

JUSTIFICATION: Currently school districts are not required to disclose estimated interest costs during capital projects to voters. This legislation would require school districts to disclose this estimated interest cost, similar to the way a bank is required to disclose interest cost to homeowners applying for mortgages.

LEGISLATIVE HISTORY: S5204A of 2011/2012

FISCAL IMPLICATIONS: Minimal or None.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 3861 2013-2014 Regular Sessions IN SENATE February 25, 2013 ___________
Introduced by Sen. NOZZOLIO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the local finance law, in relation to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 41.10 of the local finance law, as added by chapter 582 of the laws of 1951, is amended to read as follows: S 41.10 Contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted. Where the voting of a special tax or a tax to be collected in installments is a condition precedent to the adoption of a bond resolution or capital note resol- ution and the bonds or capital notes are to be issued to finance a specific object or purpose, the notice of the meeting or the election at which such tax is voted must state the estimated maximum cost of each item of such specific object or purpose and the estimated total cost of all of the items, WHERE THE ESTIMATED TOTAL COST OF ALL OF THE ITEMS INCLUDES, AND LISTS, THE ESTIMATED TOTAL INTEREST COSTS ASSOCIATED WITH THE BOND RESOLUTION OR CAPITAL NOTE RESOLUTION; PROVIDED, HOWEVER, WITH REGARD TO SCHOOL DISTRICTS, THE COST OF PROVIDING SUCH TOTAL INTEREST COSTS SHALL BE MINIMIZED TO THE GREATEST EXTENT PRACTICABLE. S 2. This act shall take effect immediately.

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