Bill Text: NY S50005 | 2009-2010 | General Assembly | Introduced

---

Bill Title: Amends certain provisions of the New York state financial emergency act for the city of New York and the New York city charter in relation to bond anticipation notes.

Spectrum: Committee Bill

Status: (Engrossed - Dead) 2009-06-23 - PASSED SENATE [S50005 Detail]

Download: New_York-2009-S50005-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                           5
                                 Extraordinary Session
                                   I N  S E N A T E
                                     June 23, 2009
                                      ___________
       Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read
         twice  and  ordered  printed,  and when printed to be committed to the
         Committee on Rules
       AN ACT to amend the New York state financial emergency act for the  city
         of  New York and the New York city charter, in relation to bond antic-
         ipation notes
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph c of subdivision 4 of section 9-b of section 2 of
    2  chapter  868 of the laws of 1975, constituting the New York state finan-
    3  cial emergency act for the city of New York, as added by chapter 201  of
    4  the laws of 1978, is amended to read as follows:
    5    c.  Bond  anticipation  notes shall mature not later than [six months]
    6  ONE YEAR after their date of issuance and may be renewed  for  a  period
    7  not  to  exceed  [six months] TWO YEARS, OR SUCH LONGER PERIOD AS MAY BE
    8  PERMITTED FOR BOND ANTICIPATION NOTES OF THE STATE,  FROM  THE  DATE  OF
    9  ORIGINAL ISSUE.
   10    S  2. Paragraph 3 of subdivision h of section 266 of the New York city
   11  charter, as added by vote of the electors at the general  election  held
   12  in November 2005, is amended to read as follows:
   13    (3)  Bond  anticipation notes shall mature not later than [six months]
   14  ONE YEAR after their date of issuance and may be renewed  for  a  period
   15  not  to  exceed  [six months] TWO YEARS, OR SUCH LONGER PERIOD AS MAY BE
   16  PERMITTED FOR BOND ANTICIPATION NOTES OF THE STATE,  FROM  THE  DATE  OF
   17  ORIGINAL ISSUE.
   18    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD12124-01-9