NY A01463 | 2023-2024 | General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 17 2023 - 25% progression
Action: 2024-01-03 - referred to local governments
Pending: Assembly Local Governments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Permanently requires that the first installment of serial bonds mature not later than two years after the date of such bonds; provides that principal installments remaining unpaid on bonds may be called for redemption prior to their date of maturity in such amounts, at such times in such manner and pursuant to such terms as may be determined by the finance board of a municipality, school district or corporation at the time of the issuance thereof; repeals provisions that permanently eliminate the requirement that municipalities provide from current funds an amount equal to at least 5% of the estimated cost of each capital improvement (excluding from such cost state or federal grant funding and certain benefited area assessments) prior to the issuance of bonds or bond anticipation notes to finance such capital improvement.

Tracking Information

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Title

Permanently requires that the first installment of serial bonds mature not later than two years after the date of such bonds; provides that principal installments remaining unpaid on bonds may be called for redemption prior to their date of maturity in such amounts, at such times in such manner and pursuant to such terms as may be determined by the finance board of a municipality, school district or corporation at the time of the issuance thereof; repeals provisions that permanently eliminate the requirement that municipalities provide from current funds an amount equal to at least 5% of the estimated cost of each capital improvement (excluding from such cost state or federal grant funding and certain benefited area assessments) prior to the issuance of bonds or bond anticipation notes to finance such capital improvement.

Sponsors


History

DateChamberAction
2024-01-03Assemblyreferred to local governments
2023-01-17Assemblyreferred to local governments

Same As/Similar To

S05656 (Same As) 2024-06-04 - referred to local governments

New York State Sources


Bill Comments

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