Provides that bond anticipation notes by the town of Ulster, Ulster county issued during calendar years 2009 and 2010 may not extend more than seven years beyond the original date of issuance of such bond notes.
Ayes (57): Addabbo, Avella, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Espaillat, Farley, Felder, Flanagan, Fuschillo, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Krueger, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Rivera, Robach, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Tkaczyk, Valesky, Young, Zeldin
Nays (2): Ball, Lanza
Excused (4): Adams, Ranzenhofer, Ritchie, Sampson
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 by the town of Ulster, Ulster County
PURPOSE OR GENERAL IDEA OF BILL: This legislation extends the rollover period for bond anticipation notes issued during calendar 2009 and 2010 by the town of Ulster, Ulster County 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 by the town of Ulster, Ulster County 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 take effect immediately.
JUSTIFICATION: Currently, except for bond anticipation notes issued in 2005 or 2007, the town of Ulster is not 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 the town of Ulster 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 the town of Ulster.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 5230--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 in relation to bond anticipation notes issued during the calendar years 2009 and 2010 by the town of Ulster, Ulster County THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding section 23.00 of the local finance law, renewals of bond anticipation notes issued originally during calendar year 2009 or 2010 by the town of Ulster, in the county of Ulster, 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.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09847-04-3