New York State Assembly

 
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A07168 Summary:

A07168 Actions:

A07168 Committee Votes:

Committee:LOCAL GOVERNMENTS   Chair:Thiele      
DATE:04/28/2021AYE/NAY:18/0  Action: Favorable refer to committee Ways and Means        
Thiele
Aye
Schmitt
Aye
Ramos
Aye
Friend
Aye
Otis
Aye
Manktelow
Aye
Woerner
Aye
Gallahan
Aye
Wallace
Aye
Simpson
Aye
Jacobson
Aye
Darling
Aye
Clark
Aye
Conrad
Aye
Rivera
Aye
Sillitti
Aye
Kelles
Aye
Lunsford
Aye

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:05/19/2021AYE/NAY:31/1  Action: Favorable refer to committee Rules        
Weinstein
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Nay
Nolan
Excused
Hawley
Aye
Pretlow
Aye
Montesano
Aye
Perry
Aye
Blankenbush
Aye
Colton
Aye
Norris
Aye
Cook
Aye
Brabenec
Aye
Cahill
Aye
Palmesano
Aye
Aubry
Aye
Byrne
Aye
Cusick
Aye
Ashby
Aye
Benedetto
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Excused
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Dinowitz
Aye
Joyner
Excused
Magnarelli
Aye
Zebrowski
Aye
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye

Committee:RULES   Chair:Gottfried      
DATE:05/25/2021AYE/NAY:29/0  Action: Favorable         
Heastie
Excused
Barclay
Aye
Gottfried
Aye
Hawley
Aye
Nolan
Excused
Giglio
Aye
Weinstein
Aye
Blankenbush
Aye
Pretlow
Aye
Norris
Aye
Cook
Aye
Montesano
Aye
Glick
Aye
Ra
Aye
Aubry
Aye
Brabenec
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Paulin
Aye
Peoples-Stokes
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye
Thiele
Aye
Braunstein
Aye
Dickens
Aye
Davila
Aye

A07168 Floor Votes:

A07168 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7168
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 23, 2021
                                       ___________
 
        Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
          tee on Local Governments
 
        AN  ACT  to  amend  the local finance law and chapter 419 of the laws of
          1991, amending the local  finance  law  and  other  laws  relating  to
          providing  relief  to  local governments for certain mandated programs
          and services, in relation to local government borrowing practices  and
          mandate relief
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph b of section 21.00 of the local finance  law,  as
     2  amended  by  chapter  113  of  the  laws  of 2018, is amended to read as
     3  follows:
     4    b. Serial  bonds  shall  mature  in  annual  installments.  The  first
     5  installment  shall  mature not later than eighteen months after the date
     6  of such bonds or two years after the date of the first bond anticipation
     7  note or notes issued in anticipation of such  bonds,  whichever  is  the
     8  earlier,  provided,  however,  that  until  July fifteenth, two thousand
     9  [twenty-one] twenty-four, the first installment shall mature  not  later
    10  than  two years after the date of such bonds or two years after the date
    11  of the first bond anticipation note or notes issued in  anticipation  of
    12  such  bonds,  whichever  is  the  earlier. However, if bond anticipation
    13  notes are issued in anticipation of bonds and if a portion of such notes
    14  or the renewals thereof are  redeemed  from  a  source  other  than  the
    15  proceeds  of such bonds within two years from the date of the first such
    16  note or notes and a further portion thereof shall be so  redeemed  prior
    17  to  the  termination  of  each twelve months' period succeeding the date
    18  such original portion was so redeemed, the  first  installment  of  such
    19  bonds  may,  in  the  alternative, be made to mature not later than five
    20  years from the date of the first such note or notes.
    21    § 2. Paragraph b of section 53.00 of the local finance law, as amended
    22  by chapter 113 of the laws of 2018, is amended to read as follows:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10356-01-1
        A. 7168                             2
 
     1    b. If such bonds or notes are payable in  installments,  the  install-
     2  ments  remaining  unpaid  may  be  called for redemption only (i) in the
     3  inverse order of their maturity or, (ii) in equal proportionate amounts;
     4  provided, however, that for bonds  issued  during  the  one-year  period
     5  commencing  July  first,  nineteen  hundred  eighty-eight, and for bonds
     6  issued during  the  one-year  period  commencing  July  first,  nineteen
     7  hundred  eighty-nine,  and  for  bonds issued during the one-year period
     8  commencing July first, nineteen hundred ninety,  and  for  bonds  issued
     9  during  the  three-year  period  commencing July first, nineteen hundred
    10  ninety-one, and for bonds issued during  the  period  from  July  first,
    11  nineteen  hundred  ninety-four  up  until  and including July fifteenth,
    12  nineteen hundred ninety-seven and for bonds  issued  during  the  period
    13  from  July fifteenth, nineteen hundred ninety-seven up until and includ-
    14  ing July fifteenth, two thousand, and for bonds issued during the period
    15  from July fifteenth, two thousand up until and including July fifteenth,
    16  two thousand three, and for bonds issued during  the  period  from  July
    17  fifteenth, two thousand three up until and including July fifteenth, two
    18  thousand  six,  and  for  bonds  issued  during  the  period  from  July
    19  fifteenth, two thousand six up until and including July  fifteenth,  two
    20  thousand  nine,  and  for  bonds  issued  during  the  period  from July
    21  fifteenth, two thousand six up until and including July  fifteenth,  two
    22  thousand  twelve,  and  for  bonds  issued  during  the period from July
    23  fifteenth, two thousand nine up until and including July fifteenth,  two
    24  thousand  fifteen,  and  for  bonds  issued  during the period from July
    25  fifteenth, two thousand fifteen up until and including  July  fifteenth,
    26  two  thousand eighteen, and for bonds issued during the period from July
    27  fifteenth, two thousand eighteen up until and including July  fifteenth,
    28  two  thousand  twenty-one,  and  for bonds issued during the period from
    29  July fifteenth, two thousand twenty-one  up  until  and  including  July
    30  fifteenth,  two  thousand  twenty-four, installments remaining unpaid on
    31  such bonds may be called for redemption prior to their date of  maturity
    32  in such amounts, at such times in such manner and pursuant to such terms
    33  as  may  be  determined  by  the finance board of a municipality, school
    34  district or district corporation at the time of  the  issuance  thereof.
    35  Whenever  any bonds or notes are called for redemption prior to the date
    36  of their maturity, interest shall cease to be  paid  thereon  after  the
    37  date for redemption set forth in such call for redemption. The sum to be
    38  paid  to  redeem any unpaid installment prior to its maturity, exclusive
    39  of the interest accruing on such installment to the date of  redemption,
    40  shall  in  no  event be in excess of the lesser amount of either (i) the
    41  par value of such installment plus one-half of one per  centum  of  such
    42  par  value  for  each calendar year or part thereof elapsing between the
    43  date for redemption set forth in such call for redemption and  the  date
    44  of  maturity  of  such  installment, provided, however, that such amount
    45  shall not exceed one hundred five per centum of such par value, or  (ii)
    46  the  par value of such installment plus the total of all unpaid interest
    47  on such installment which would have accrued from the date of redemption
    48  to the date of maturity thereof had such installment not  been  redeemed
    49  prior  to  maturity,  except  that  bonds  sold to the state of New York
    50  municipal bond bank agency, which are subject to  call  as  hereinbefore
    51  authorized,  may  provide for the payment of a redemption premium not to
    52  exceed five per centum of the par value of the bonds to be called, paya-
    53  ble on the date of the redemption thereof; provided, however,  that  for
    54  bonds  issued during the one-year period commencing July first, nineteen
    55  hundred eighty-eight, and for bonds issued during  the  one-year  period
    56  commencing  July  first,  nineteen  hundred  eighty-nine,  and for bonds
        A. 7168                             3
 
     1  issued during  the  one-year  period  commencing  July  first,  nineteen
     2  hundred  ninety,  and  for  bonds  issued  during  the three-year period
     3  commencing July first, nineteen hundred ninety-one, and for bonds issued
     4  during the period from July first, nineteen hundred ninety-four up until
     5  and  including  July  fifteenth,  nineteen hundred ninety-seven, and for
     6  bonds issued during the period from  July  fifteenth,  nineteen  hundred
     7  ninety-seven  up  until  and including July fifteenth, two thousand, and
     8  for bonds issued during the period from July fifteenth, two thousand  up
     9  until  and  including  July fifteenth, two thousand three, and for bonds
    10  issued during the period from July  fifteenth,  two  thousand  three  up
    11  until  and  including  July  fifteenth,  two thousand six, and for bonds
    12  issued during the period from July fifteenth, two thousand six up  until
    13  and  including  July  fifteenth, two thousand nine, and for bonds issued
    14  during the period from July fifteenth, two thousand nine  up  until  and
    15  including  July  fifteenth,  two  thousand  twelve, and for bonds issued
    16  during the period from July fifteenth, two thousand twelve up until  and
    17  including  July  fifteenth,  two  thousand fifteen, and for bonds issued
    18  during the period from July fifteenth, two thousand fifteen up until and
    19  including July fifteenth, two thousand eighteen, and  for  bonds  issued
    20  during  the  period  from July fifteenth, two thousand eighteen up until
    21  and including July fifteenth, two thousand  twenty-one,  and  for  bonds
    22  issued during the period from July fifteenth, two thousand twenty-one up
    23  until  and including July fifteenth, two thousand twenty-four, a munici-
    24  pality, school district, or district corporation may provide for redemp-
    25  tion of such bonds prior to the date of their maturity  at  a  price  or
    26  prices  as  may be as determined by the issuer of such bonds or notes at
    27  the time of the issuance thereof.
    28    § 3. The opening paragraph of paragraph a  of  section  54.90  of  the
    29  local  finance  law,  as  amended by chapter 113 of the laws of 2018, is
    30  amended to read as follows:
    31    Whenever in the judgment of the finance board the interest of a  muni-
    32  cipality  would  be  served thereby, the municipality may issue bonds or
    33  notes, on or before July fifteenth, two  thousand  [twenty-one]  twenty-
    34  four,  with  interest  rates  that  vary in accordance with a formula or
    35  procedure and are subject to a maximum rate of  interest  set  forth  or
    36  referred  to  in  the bonds or notes and may provide the holders thereof
    37  with such rights  to  require  the  municipality  or  other  persons  to
    38  purchase  such  bonds  or notes or renewals thereof from the proceeds of
    39  the resale thereof or otherwise from time to time  prior  to  the  final
    40  maturity  of  such bonds or notes as the finance board may determine and
    41  the municipality may resell, at any time prior to  final  maturity,  any
    42  such bonds or notes acquired as a result of the exercise of such rights;
    43  provided,  however,  that at no time shall the total principal amount of
    44  bonds and notes issued pursuant to this paragraph (other than bonds  and
    45  notes  bearing interest at rates and for periods of time that are speci-
    46  fied at issuance) exceed ten percent of the limit prescribed by  section
    47  104.00 of this article.
    48    §  4.  Subdivision  9  of  paragraph  d of section 107.00 of the local
    49  finance law, as amended by chapter 113 of the laws of 2018,  is  amended
    50  to read as follows:
    51    9.  Notwithstanding  any  other provision of law, the financing by any
    52  municipality, prior to July fifteenth, two thousand  [twenty-one]  twen-
    53  ty-four, of any object or purpose which has a period of probable useful-
    54  ness  determined by law, by the issuance of any bonds and notes, includ-
    55  ing (i) the issuance of bonds  or  notes,  to  redeem  notes  previously
    56  issued  for the object or purpose for which the bonds or notes are being
        A. 7168                             4

     1  issued or (ii) the issuance of bonds to refund bonds  previously  issued
     2  for the object or purpose for which bonds are being issued.
     3    § 5. Subdivisions (a) and (e) of section 81 of chapter 413 of the laws
     4  of  1991,  amending  the  local  finance  law and other laws relating to
     5  providing relief to local governments for certain mandated programs  and
     6  services,  as amended by chapter 113 of the laws of 2018, are amended to
     7  read as follows:
     8    (a) [section] sections six, sixteen and seventeen of  this  act  shall
     9  expire  and  be  deemed  repealed on and after July 15, [2021] 2024, and
    10  upon such date the amendments  made  to  the  provisions  of  the  local
    11  finance law by such sections shall also expire and such provisions shall
    12  revert  to and be read as set out in law on the date immediately preced-
    13  ing the effective date of such sections six, sixteen  and  seventeen  of
    14  this act;
    15    (e)  subdivision  (b)  of section thirty-five of this act shall expire
    16  and be deemed repealed on and after July 15, [2021] 2024;
    17    § 6. This act shall take effect immediately.