Provides that bond anticipation notes issued during calendar years 2006 and 2007 may not extend more than seven years beyond the original date of issuance of such bond notes.

---

S6634-2011 Actions

• Jul 23, 2012: SIGNED CHAP.264
• Jul 20, 2012: DELIVERED TO GOVERNOR
• Jun 14, 2012: returned to senate
• Jun 14, 2012: passed assembly
• Jun 14, 2012: ordered to third reading rules cal.203
• Jun 14, 2012: substituted for a9570a
• May 30, 2012: referred to local governments
• May 30, 2012: DELIVERED TO ASSEMBLY
• May 30, 2012: PASSED SENATE
• May 21, 2012: AMENDED ON THIRD READING (T) 6634A
• May 8, 2012: ADVANCED TO THIRD READING
• May 7, 2012: 2ND REPORT CAL.
• May 2, 2012: 1ST REPORT CAL.696
• Mar 7, 2012: REFERRED TO LOCAL GOVERNMENT

S6634-2011 Meetings

Local Government: May 2, 2012

S6634-2011 Calendars

Floor Calendar: May 7, 2012 , Floor Calendar: May 8, 2012 , Floor Calendar: May 9, 2012 , Floor Calendar: May 14, 2012 , Floor Calendar: May 15, 2012 , Floor Calendar: May 16, 2012 , Floor Calendar: May 21, 2012

S6634-2011 Votes

S6634-2011 Memo

BILL NUMBER:S6634

TITLE OF BILL:
An act
to amend the local finance law, in relation to bond anticipation notes
issued during the calendar years 2006 and 2007

PURPOSE OR GENERAL IDEA OF BILL:
This legislation extends the rollover period for bond anticipation
notes issued during calendar 2006 and 2007 to not more than seven
years beyond the original date of issue.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill amends subparagraph 2 of paragraph b of Section
23.00 of the Local Finance Law as amended by Chapter 386 of the Laws
of 2010 to extend the rollover period from 2004 and 2005 to 2006 and
2007.

Section 2 of the bill is the effective date.

JUSTIFICATION:
Currently, except for bond anticipation notes issued in 2004 or 2005,
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
long-term debt. This legislation, by extending the rollover period
for bond anticipation notes issued during calendar 2006 and 2007,
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.

LEGISLATIVE HISTORY:
New Bill- 2012

FISCAL IMPLICATIONS:
None. May result in cost savings to localities.

EFFECTIVE DATE:
This act shall take effect immediately.

S6634-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    6634

                              I N  SENATE

                                March 7, 2012
                                 ___________

  Introduced  by  Sen.  STEWART-COUSINS -- 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 bond  anticipation
    notes issued during the calendar years 2006 and 2007

    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 386 of the laws of 2010,  is  amended
  to read as follows:

    2. renewals of bond anticipation notes issued originally during calen-
  dar  year  two  thousand [four] SIX or two thousand [five] SEVEN 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.
                                                             LBD14896-01-2