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.
