Bill S5229A-2013

Provides that bond anticipation notes issued during calendar years 2009 and 2010 may not extend more than 7 years beyond original date of issuance of such bond notes

Provides that bond anticipation notes issued during calendar years 2009 and 2010 may not extend more than seven years beyond the original date of issuance of such bond notes.

Details

Actions

  • Jan 8, 2014: REFERRED TO LOCAL GOVERNMENT
  • Jun 7, 2013: PRINT NUMBER 5229A
  • Jun 7, 2013: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • May 14, 2013: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S5229A

TITLE OF BILL: An act to amend the local finance law, in relation to bond anticipation notes issued during the calendar years 2009 and 2010

PURPOSE OR GENERAL IDEA OF BILL: This legislation extends the rollover period for bond anticipation notes issued during calendar 2009 and 2010 to not more than seven years beyond the original date of issue.

SUMMARY OF SPECIFIC PROVISIONS: Section 1. Subparagraph 2 of paragraph b of Section 23.00 of the Local Finance Law as amended by Chapter 264 of the Laws of 2012, is amended as follows:

2. Renewals of bond anticipation notes issued originally during calendar year two thousand nine or two thousand ten may not extend more than seven years beyond the original date of issue of such bond anticipation notes.

Section 2. This act shall Lake effect immediately.

JUSTIFICATION: Currently, except for bond anticipation notes issued in 2006 or 2007, local governments are authorized to extend. or rollover bond anticipation notes for only up to 5 years. At the end of the period, the bond anticipation notes must be retired or converted into longterm debt. This legislation, by extending the rollover period for bond anticipation notes issued during calendar. year 2009 and 2010, will provide municipalities the option of renewing the notes at a later date to shop around for a better rate for the long-term, thereby lowering costs to the municipality.

PRIOR LEGISLATIVE HISTORY: New Bill

FISCAL IMPLICATIONS: None. This legislation may result in cost savings to localities.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5229--A 2013-2014 Regular Sessions IN SENATE May 14, 2013 ___________
Introduced by Sen. TKACZYK -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the local finance law, in relation to bond anticipation notes issued during the calendar years 2009 and 2010 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local finance law, as amended by chapter 264 of the laws of 2012, is amended to read as follows: 2. renewals of bond anticipation notes issued originally during calen- dar year two thousand seven [or], two thousand eight, TWO THOUSAND NINE OR TWO THOUSAND TEN may not extend more than seven years beyond the original date of issue of such bond anticipation notes. S 2. This act shall take effect immediately.

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