Bill Text: NY S07367 | 2013-2014 | General Assembly | Introduced

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Bill Title: Provides for the issuance of local refunding bonds which do not exceed the amounts and maturity of the bonds which they refund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Vetoed) 2014-11-21 - VETOED MEMO.522 [S07367 Detail]

Download: New_York-2013-S07367-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7367
                                   I N  S E N A T E
                                     May 14, 2014
                                      ___________
       Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to amend the local finance law, in relation to the refunding  and
         advance refunding of bonds
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph b-1 of section 90.00 of the local finance law, as
    2  added by chapter 201 of the laws of 1994, is amended to read as follows:
    3    b-1. Refunding bonds need not comply with paragraph b of this  section
    4  provided that no annual installment of each separate series of refunding
    5  bonds  shall  be  more  than  fifty per centum in excess of the smallest
    6  prior installment, or THE AMOUNTS OF THE REFUNDING BONDS ARE THE SAME AS
    7  OR LESS THAN AND THE STATED MATURITY DATES ARE THE SAME  AS  OR  EARLIER
    8  THAN  THOSE  OF  THE  BONDS  TO BE REFUNDED, OR the finance board of the
    9  municipality, school district or district corporation issuing the  bonds
   10  shall  have  determined to use a substantially level or declining annual
   11  debt service schedule for the refunding  bonds.  The  amount  of  annual
   12  installments  of the refunding bonds may be determined without reference
   13  to the stated maturities of the bonds to be refunded.
   14    S 2. Subdivision 3 of paragraph  c  of  section  90.10  of  the  local
   15  finance  law,  as amended by chapter 201 of the laws of 1994, is amended
   16  to read as follows:
   17    3. No annual installment of each separate series  of  refunding  bonds
   18  shall  be  more  than  fifty  per centum in excess of the smallest prior
   19  installment unless THE AMOUNTS OF THE REFUNDING BONDS ARE THE SAME AS OR
   20  LESS THAN AND THE STATED MATURITY DATES ARE THE SAME AS OR EARLIER  THAN
   21  THOSE  OF  THE BONDS TO BE REFUNDED, OR the finance board of the munici-
   22  pality, school district or district corporation issuing  the  bonds  has
   23  determined to use a substantially level or declining annual debt service
   24  schedule  for the refunding bonds. The amounts of annual installments of
   25  the refunding bonds may be determined without reference  to  the  stated
   26  maturities of the bonds to be refunded.
   27    S 3. Severability. If any clause, sentence, paragraph, section or part
   28  of  this act shall be adjudged by any court of competent jurisdiction to
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14860-01-4
       S. 7367                             2
    1  be invalid, such judgment shall not affect,  impair  or  invalidate  the
    2  remainder thereof, but shall be confined in its operation to the clause,
    3  sentence,  paragraph,  section  or part thereof directly involved in the
    4  controversy in which such judgment shall have been rendered.
    5    S 4. This act shall take effect immediately.