Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 11, 2014 |
referred to local governments delivered to assembly passed senate |
Jun 10, 2014 |
ordered to third reading cal.1251 committee discharged and committed to rules |
Jan 08, 2014 |
referred to local government returned to senate died in assembly |
Jun 11, 2013 |
referred to local governments delivered to assembly passed senate |
Jun 10, 2013 |
ordered to third reading cal.1211 committee discharged and committed to rules |
May 16, 2013 |
referred to local government |
Senate Bill S5317
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly 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
2013-S5317 (ACTIVE) - Details
2013-S5317 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5317 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 109-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.
2013-S5317 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5317 2013-2014 Regular Sessions I N S E N A T E May 16, 2013 ___________ 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. LBD09960-01-3
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