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A08480 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A8480
 
SPONSOR: Magnarelli
  TITLE OF BILL: An act to amend the local finance law, in relation to the exclusion of indebtedness contracted for sewage facilities   PURPOSE: This legislation will implement the amendment to Article 8, Section 5(E) of the State Constitution, which was approved by the voters on November 5, 2013, extending the authorization for municipalities to exclude from their constitutional debt limits indebtedness related to sewage facilities.   SUMMARY OF SPECIFIC PROVISIONS: This bill will make the necessary statutory changes to implement the amendment to Article 8, Section 5(E) of the State Constitution approved by the voters on November 5, 2013. Sections one and two amend the Local Finance Law to extend, until 2024, the existing authorization for coun- ties, cities, towns and villages to exclude from their constitutional debt limitations indebtedness issued for the construction or recon- struction of facilities for the conveyance, treatment and disposal of sewage. Bill section three makes a conforming amendment to Local Finance Law Section 136.00(4-a), which relates to the calculation of the debt limit.   JUSTIFICATION: Since 1964, counties, cities, towns and villages have been authorized to exclude sewer-related debt from their constitutional debt limits, The constitutional authorization for the exclusion of sewer-related debt was set to expire at the end of 2013. On November 5, 2013, the voters approved an amendment which extended the expiration date of the consti- tutional exclusion to include debt issued prior to January 1, 2024. This legislation makes the necessary statutory changes to provide for the implementation of the constitutional amendment approved by the voters.   PRIOR LEGISLATIVE H STORY: This is new legislation. Similar legislation was enacted in 2003.   FISCAL IMPLICATIONS: None for the State.   EFFECTIVE DATE: This act shall take effect immediately and shall be deemed to have been in full force and effect on and after January 1, 2014.
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