Bill Text: NY A08480 | 2013-2014 | General Assembly | Introduced

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Bill Title: Extends the period of time for which a municipality has the power to exclude indebtedness contracted for sewage facilities.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-05-06 - substituted by s6409 [A08480 Detail]

Download: New_York-2013-A08480-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8480
                                 I N  A S S E M B L Y
                                   January 17, 2014
                                      ___________
       Introduced  by  M.  of  A.  MAGNARELLI -- (at request of the State Comp-
         troller) -- read once and referred to the Committee on  Local  Govern-
         ments
       AN  ACT  to amend the local finance law, in relation to the exclusion of
         indebtedness contracted for sewage facilities
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraphs a and c of section 124.10 of the local finance
    2  law, as amended by chapter 550 of the laws of 2003, are amended to  read
    3  as follows:
    4    a.  In  ascertaining  the  power of a municipality to contract indebt-
    5  edness, there may be excluded any outstanding indebtedness contracted by
    6  such municipality on or after January first, nineteen hundred sixty-two,
    7  and prior to January first, two thousand [fourteen] TWENTY-FOUR, for the
    8  construction or reconstruction of facilities for the conveyance,  treat-
    9  ment and disposal of sewage.
   10    c.  The  term  indebtedness,  as  used  in this section, shall include
   11  indebtedness evidenced by obligations issued on or after January  first,
   12  two  thousand  [fourteen]  TWENTY-FOUR  for the purpose of financing any
   13  indebtedness contracted for the purposes and within the period specified
   14  in paragraph a of this section.
   15    S 2. Paragraph 4-a of section 136.00 of  the  local  finance  law,  as
   16  amended  by  chapter  550  of  the  laws  of 2003, is amended to read as
   17  follows:
   18    4-a. Indebtedness for sewage facilities. In  the  case  of  a  munici-
   19  pality,  the  amount  of outstanding indebtedness contracted on or after
   20  January first, nineteen hundred sixty-two, and prior to  January  first,
   21  two  thousand  [fourteen]  TWENTY-FOUR,  for  the construction or recon-
   22  struction of facilities for the conveyance, treatment  and  disposal  of
   23  sewage.  The  amount of such indebtedness to be deducted shall be ascer-
   24  tained pursuant to section 124.10 of this chapter.
   25    S 3. This act shall take effect immediately and  shall  be  deemed  to
   26  have been in full force and effect on and after January 1, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13073-01-3