Bill Text: NY S06471 | 2017-2018 | General Assembly | Amended
Bill Title: Provides that the rate of interest on judgments and accrued claims against a municipality, the state or a municipal public corporation is the lower of 9% or the weekly average one-year constant maturity treasury yield for the calendar week preceding the date of the entry of the judgment.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-06-13 - PRINT NUMBER 6471A [S06471 Detail]
Download: New_York-2017-S06471-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6471--A 2017-2018 Regular Sessions IN SENATE May 23, 2017 ___________ Introduced by Sen. FELDER -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- recom- mitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the general municipal law, the public housing law, the state finance law, chapter 585 of the laws of 1939, relating to the rate of interest to be paid by certain public corporations upon judg- ments and accrued claims and the New York city health and hospitals corporation act, in relation to rates of interest paid by certain governmental entities on judgments and accrued claims 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11865-02-8S. 6471--A 2 1 by the board of governors of the federal reserve system, for the calen- 2 dar week preceding the date of the entry of the judgment. 3 § 3. Subdivision 5 of section 157 of the public housing law, as 4 amended by chapter 681 of the laws of 1982, is amended to read as 5 follows: 6 5. The rate of interest to be paid by an authority upon any judgment 7 or accrued claim against the authority shall not exceed the lower of 8 nine per centum per annum or a rate equal to the weekly average one-year 9 constant maturity treasury yield, as published by the board of governors 10 of the federal reserve system, for the calendar week preceding the date 11 of the entry of the judgment. 12 § 4. Section 16 of the state finance law, as amended by chapter 681 of 13 the laws of 1982, is amended to read as follows: 14 § 16. Rate of interest on judgments and accrued claims against the 15 state. The rate of interest to be paid by the state upon any judgment 16 or accrued claim against the state shall not exceed the lower of nine 17 per centum per annum or a rate equal to the weekly average one-year 18 constant maturity treasury yield, as published by the board of governors 19 of the federal reserve system, for the calendar week preceding the date 20 of the entry of the judgment. 21 § 5. Section 1 of chapter 585 of the laws of 1939, relating to the 22 rate of interest to be paid by certain public corporations upon judg- 23 ments and accrued claims, as amended by chapter 681 of the laws of 1982, 24 is amended to read as follows: 25 Section 1. The rate of interest to be paid by a public corporation 26 upon any judgment or accrued claim against the public corporation shall 27 not exceed the lower of nine per centum per annum or a rate equal to the 28 weekly average one-year constant maturity treasury yield, as published 29 by the board of governors of the federal reserve system, for the calen- 30 dar week preceding the date of the entry of the judgment. The term 31 "public corporation" as used in this act shall mean and include every 32 corporation created for the construction of public improvements, other 33 than a county, city, town, village, school district or fire district or 34 an improvement district established in a town or towns, and possessing 35 both the power to contract indebtedness and the power to collect 36 rentals, charges, rates or fees for services or facilities furnished or 37 supplied. 38 § 6. Subdivision 5 of section 20 of section 1 of chapter 1016 of the 39 laws of 1969, constituting the New York city health and hospitals corpo- 40 ration act, as amended by chapter 877 of the laws of 1973, is amended to 41 read as follows: 42 5. Except as hereinafter provided in this subdivision, the rate of 43 interest to be paid by the corporation upon any judgment or accrued 44 claim against the corporation shall not exceed the lower of three per 45 centum per annum or a rate equal to the weekly average one-year constant 46 maturity treasury yield, as published by the board of governors of the 47 federal reserve system, for the calendar week preceding the date of the 48 entry of the judgment. The rate of interest to be paid upon any judg- 49 ment or accrued claim against the corporation arising out of an action 50 to recover damages for wrongful death shall not exceed the lower of six 51 per centum per annum or a rate equal to the weekly average one-year 52 constant maturity treasury yield, as published by the board of governors 53 of the federal reserve system, for the calendar week preceding the date 54 of the entry of the judgment. 55 § 7. This act shall take effect immediately and shall apply to all 56 judgments entered and all accrued claims paid on or after such date.
