Removes the requirement that where a municipal corporation, school district or district corporation issues indebtedness to finance certain costs of preparation of plans and specifications for a proposed capital improvement there must be a waiting period of at least one year authorizing the undertaking of the capital improvement.
STATE OF NEW YORK
________________________________________________________________________
8525
IN SENATE
March 9, 2022
___________
Introduced by Sen. GAUGHRAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the general municipal law, in relation to removing the
requirement that where a municipal corporation, school district or
district corporation issues indebtedness to finance the cost of prepa-
ration of plans and specifications for a proposed capital improvement,
there must be a waiting period of at least one year before authorizing
the undertaking of the capital improvement
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivisions 2, 3 and 4 of section 99-d of the general
2 municipal law, subdivision 2 as amended by chapter 889 of the laws of
3 1981, subdivisions 3 and 4 as added by chapter 735 of the laws of 1960,
4 are amended to read as follows:
5 2. [Where the cost of such advance planning of a capital improvement
6 is financed by the issuance of bonds or capital notes and where the
7 period of probable usefulness specified by subdivision sixty-two of
8 paragraph a of section 11.00 of the local finance law is applicable, the
9 municipal corporation, school district or district corporation shall not
10 have power to authorize the undertaking of the capital improvement until
11 at least one year after the original issuance of such obligations;
12 provided, however, that when bond anticipation notes shall have been
13 issued prior to such bonds, such one year period shall be computed from
14 the date of such bond anticipation notes.
15 3.] The total amount of bonds or capital notes which may be authorized
16 in any fiscal year of the municipal corporation, school district or
17 district corporation to finance such advance planning pursuant to this
18 section shall not exceed the maximum amount of budget notes which it may
19 issue in such year pursuant to subdivision two or subdivision three of
20 paragraph a of section 29.00 of the local finance law, as the case may
21 be, provided, however, that for the purposes of this subdivision,
22 amounts which are to be paid in the first instance from improvement
23 district assessments shall be included in computing "the amount of the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14835-01-2
S. 8525 2
1 annual budget" of a town or a county in accordance with section 29.00 of
2 such law.
3 [4.] 3. If the advance planning is undertaken for the purpose of an
4 existing or proposed county or town improvement district, or any exten-
5 sion thereof, the existing district, or the proposed district when
6 created, or the extension thereof, shall reimburse the county or town
7 for the cost of such advance planning, including any interest on any
8 obligations issued to finance such cost. The amount so reimbursed shall
9 be applied first to the payment of any outstanding obligations issued to
10 finance such expenditure.
11 § 2. This act shall take effect immediately.
