Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to local government returned to senate died in assembly |
Apr 27, 2015 |
referred to local governments delivered to assembly passed senate |
Feb 26, 2015 |
advanced to third reading |
Feb 25, 2015 |
2nd report cal. |
Feb 10, 2015 |
1st report cal.78 |
Jan 07, 2015 |
referred to local government |
Senate Bill S390
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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
Votes
co-Sponsors
(R, C, IP) Senate District
2015-S390 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A525
- Current Committee:
- Senate Local Government
- Law Section:
- General Municipal Law
- Laws Affected:
- Amd ยง109-b, Gen Muni L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S5317, A6953
2017-2018: A1618
2015-S390 (ACTIVE) - Sponsor Memo
BILL NUMBER: S390 TITLE OF BILL : An act to amend the general municipal law, in relation to installment contracts for the financing of technology PURPOSE : This bill would expand and extend the content of installment purchase contracts to include technology. SUMMARY OF PROVISIONS : This bill amends paragraph (b) of subdivision 1, paragraphs (c) and (d) of subdivision 2, paragraphs (a) and (b) of subdivision 5 and paragraphs(a) and (b) of subdivision 6 of section I09-b of the general municipal law, as amended by chapter 258 of the law of 1994. JUSTIFICATION : Extending installment purchase contracts will permit political subdivisions and agencies better access to technological assets. Any leasing/financing program provides budgetary flexibility for the agency acquiring assets. Although there are different types of leasing/financing programs, the objectives for all are similar: to acquire commodities through financing and to obtain the best interest rate possible.
2015-S390 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 390 2015-2016 Regular Sessions I N S E N A T E (PREFILED) January 7, 2015 ___________ Introduced by Sen. MARCELLINO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, in relation to installment contracts for the financing of technology THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 1, paragraphs (c) and (d) of subdivision 2, paragraph (a) of subdivision 3, paragraph (a) of subdivi- sion 4, paragraphs (a) and (b) of subdivision 5 and paragraphs (a) and (b) of subdivision 6 of section 109-b of the general municipal law, as amended by chapter 258 of the laws of 1994, are amended to read as follows: (b) "Installment purchase contract" shall mean any lease purchase agreement, installment sales agreement or other similar agreement providing for periodic payments between a corporation, person or other entity and a political subdivision which has as its purpose the financ- ing of equipment, machinery, TECHNOLOGY or apparatus. (c) Subject to the provisions of subdivision five of this section, where the financing of equipment, machinery, TECHNOLOGY or apparatus pursuant to an installment purchase contract is to be provided by agency certificates of participation, the governing board of a political subdi- vision shall adopt a resolution authorizing the written contract with the agency setting forth the rights and liabilities of the agency and the political subdivision as provided for in section twenty-four hundred thirty-five-a of the public authorities law. (d) The term of such installment purchase contract, including all renewals thereof, shall not exceed the period of probable usefulness prescribed by section 11.00 of the local finance law for the equipment, machinery, TECHNOLOGY or apparatus being financed under the installment purchase contract. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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