Bill Text: NY A10565 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to rates of interest paid by certain governmental entities.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-06-03 - referred to judiciary [A10565 Detail]

Download: New_York-2015-A10565-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10565
                   IN ASSEMBLY
                                      June 3, 2016
                                       ___________
        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
          -- read once and referred to the Committee on Judiciary
        AN ACT to amend the general municipal law, the public housing  law,  the
          state  finance  law,  and chapter 585 of the laws of 1939, relating to
          the rate of interest to be paid by certain  public  corporations  upon
          judgments and accrued claims, in relation to rates of interest paid by
          certain governmental entities
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 1 of section 3-a of the general municipal  law,
     2  as  amended  by  chapter  4  of  the laws of 1991, is amended to read as
     3  follows:
     4    1. Except as provided in subdivisions  two,  four  and  five  of  this
     5  section, the rate of interest to be paid by a municipal corporation upon
     6  any  judgment  or  accrued claim against the municipal corporation shall
     7  not exceed the lower of nine per centum per annum or a rate equal to the
     8  weekly average one-year constant maturity treasury yield,  as  published
     9  by  the board of governors of the federal reserve system, for the calen-
    10  dar week preceding the date of the entry of the judgment.
    11    § 2. Subdivision 2 of section 3-a of the  general  municipal  law,  as
    12  amended  by  chapter  777  of  the  laws  of 1978, is amended to read as
    13  follows:
    14    2. The rate of interest to be paid upon any judgment or accrued  claim
    15  against   the   municipal   corporation   arising  out  of  condemnation
    16  proceedings or action to recover damages for wrongful  death  shall  not
    17  exceed  the  lower  of  six  per centum per annum or a rate equal to the
    18  weekly average one-year constant maturity treasury yield,  as  published
    19  by  the board of governors of the federal reserve system, for the calen-
    20  dar week preceding the date of the entry of the judgment.
    21    § 3. Subdivision 5 of section  157  of  the  public  housing  law,  as
    22  amended  by  chapter  681  of  the  laws  of 1982, is amended to read as
    23  follows:
    24    5. The rate of interest to be paid by an authority upon  any  judgment
    25  or  accrued  claim  against  the authority shall not exceed the lower of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15520-01-6
        A. 10565                            2
     1  nine per centum per annum or a rate equal to the weekly average one-year
     2  constant maturity treasury yield, as published by the board of governors
     3  of the federal reserve system, for the calendar week preceding the  date
     4  of the entry of the judgment.
     5    § 4. Section 16 of the state finance law, as amended by chapter 681 of
     6  the laws of 1982, is amended to read as follows:
     7    §  16.  Rate  of  interest on judgments and accrued claims against the
     8  state.  The rate of interest to be paid by the state upon  any  judgment
     9  or  accrued  claim  against the state shall not exceed the lower of nine
    10  per centum per annum or a rate equal  to  the  weekly  average  one-year
    11  constant maturity treasury yield, as published by the board of governors
    12  of  the federal reserve system, for the calendar week preceding the date
    13  of the entry of the judgment.
    14    § 5. Section 1 of chapter 585 of the laws of  1939,  relating  to  the
    15  rate  of  interest  to be paid by certain public corporations upon judg-
    16  ments and accrued claims, as amended by chapter 681 of the laws of 1982,
    17  is amended to read as follows:
    18    Section 1. The rate of interest to be paid  by  a  public  corporation
    19  upon  any judgment or accrued claim against the public corporation shall
    20  not exceed the lower of nine per centum per annum or a rate equal to the
    21  weekly average one-year constant maturity treasury yield,  as  published
    22  by  the board of governors of the federal reserve system, for the calen-
    23  dar week preceding the date of the  entry  of  the  judgment.  The  term
    24  "public  corporation"  as  used in this act shall mean and include every
    25  corporation created for the construction of public  improvements,  other
    26  than  a county, city, town, village, school district or fire district or
    27  an improvement district established in a town or towns,  and  possessing
    28  both  the  power  to  contract  indebtedness  and  the  power to collect
    29  rentals, charges, rates or fees for services or facilities furnished  or
    30  supplied.
    31    §  6.  This  act  shall take effect immediately and shall apply to all
    32  judgments entered and all accrued claims paid on or after such date.