STATE OF NEW YORK
________________________________________________________________________
8480
IN ASSEMBLY
January 17, 2014
___________
Introduced by M. of A. MAGNARELLI -- (at request of the State Comp-
troller) -- read once and referred to the Committee on Local Govern-
ments
AN ACT to amend the local finance law, in relation to the exclusion of
indebtedness contracted for sewage facilities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraphs a and c of section 124.10 of the local finance
2 law, as amended by chapter 550 of the laws of 2003, are amended to read
3 as follows:
4 a. In ascertaining the power of a municipality to contract indebt-
5 edness, there may be excluded any outstanding indebtedness contracted by
6 such municipality on or after January first, nineteen hundred sixty-two,
7 and prior to January first, two thousand [fourteen] twenty-four, for the
8 construction or reconstruction of facilities for the conveyance, treat-
9 ment and disposal of sewage.
10 c. The term indebtedness, as used in this section, shall include
11 indebtedness evidenced by obligations issued on or after January first,
12 two thousand [fourteen] twenty-four for the purpose of financing any
13 indebtedness contracted for the purposes and within the period specified
14 in paragraph a of this section.
15 § 2. Paragraph 4-a of section 136.00 of the local finance law, as
16 amended by chapter 550 of the laws of 2003, is amended to read as
17 follows:
18 4-a. Indebtedness for sewage facilities. In the case of a munici-
19 pality, the amount of outstanding indebtedness contracted on or after
20 January first, nineteen hundred sixty-two, and prior to January first,
21 two thousand [fourteen] twenty-four, for the construction or recon-
22 struction of facilities for the conveyance, treatment and disposal of
23 sewage. The amount of such indebtedness to be deducted shall be ascer-
24 tained pursuant to section 124.10 of this chapter.
25 § 3. This act shall take effect immediately and shall be deemed to
26 have been in full force and effect on and after January 1, 2014.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13073-01-3
