Amd S3-a, Gen Muni L; amd S157, Pub Hous L; amd S16, St Fin L; amd S1, Chap 585 of 1939
Relates to and clarifies the rate of interest to be paid by certain public corporations upon judgments and accrued claims by providing for such rate of interest to be paid to not exceed the lower of nine percentum per annum or a rate equal to the weekly average one year constant maturity treasury yield for the calendar week preceding the date of the entry of the judgment.
STATE OF NEW YORK
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1181
2009-2010 Regular Sessions
IN ASSEMBLY(Prefiled)
January 7, 2009
___________
Introduced by M. of A. SEMINERIO -- read once and referred to the
Committee on Judiciary
AN ACT to amend the general municipal law, the public housing law, the
state finance law and chapter 585 of the laws of 1939, relating to the
rate of interest to be paid by certain public corporations upon judg-
ments and accrued claims, in relation to rates of interest paid by
certain governmental entities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 3-a of the general municipal law,
2 as amended by chapter 4 of the laws of 1991, is amended to read as
3 follows:
4 1. Except as provided in subdivisions two, four and five of this
5 section, the rate of interest to be paid by a municipal corporation upon
6 any judgment or accrued claim against the municipal corporation shall
7 not exceed the lower of nine per centum per annum or a rate equal to the
8 weekly average one-year constant maturity treasury yield, as published
9 by the board of governors of the federal reserve system, for the calen-
10 dar week preceding the date of the entry of the judgment. The chief
11 administrator of the courts shall distribute notice of these rates and
12 any changes in them to all judges and court personnel whom the chief
13 administrator deems appropriate.
14 § 2. Subdivision 5 of section 157 of the public housing law, as
15 amended by chapter 681 of the laws of 1982, is amended to read as
16 follows:
17 5. The rate of interest to be paid by an authority upon any judgment
18 or accrued claim against the authority shall not exceed the lower of
19 nine per centum per annum or a rate equal to the weekly average one-year
20 constant maturity treasury yield, as published by the board of governors
21 of the federal reserve system, for the calendar week preceding the date
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01678-01-9
A. 1181 2
1 of the entry of the judgment. The chief administrator of the courts
2 shall distribute notice of these rates and any changes in them to all
3 judges and court personnel whom the chief administrator deems appropri-
4 ate.
5 § 3. Section 16 of the state finance law, as amended by chapter 681 of
6 the laws of 1982, is amended to read as follows:
7 § 16. Rate of interest on judgments and accrued claims against the
8 state. The rate of interest to be paid by the state upon any judgment
9 or accrued claim against the state shall not exceed the lower of nine
10 per centum per annum or a rate equal to the weekly average one-year
11 constant maturity treasury yield, as published by the board of governors
12 of the federal reserve system, for the calendar week preceding the date
13 of the entry of the judgment. The chief administrator of the courts
14 shall distribute notice of these rates and any changes in them to all
15 judges and court personnel whom the chief administrator deems appropri-
16 ate.
17 § 4. Section 1 of chapter 585 of the laws of 1939, relating to the
18 rate of interest to be paid by certain public corporations upon judg-
19 ments and accrued claims, as amended by chapter 681 of the laws of 1982,
20 is amended to read as follows:
21 1. The rate of interest to be paid by a public corporation upon any
22 judgment or accrued claim against the public corporation shall not
23 exceed the lower of nine per centum per annum or a rate equal to the
24 weekly average one-year constant maturity treasury yield, as published
25 by the board of governors of the federal reserve system, for the calen-
26 dar week preceding the date of the entry of the judgment. The chief
27 administrator of the courts shall distribute notice of these rates and
28 any changes in them to all judges and court personnel whom the chief
29 administrator deems appropriate. The term "public corporation" as used
30 in this act shall mean and include every corporation created for the
31 construction of public improvements, other than a county, city, town,
32 village, school district or fire district or an improvement district
33 established in a town or towns, and possessing both the power to
34 contract indebtedness and the power to collect rentals, charges, rates
35 or fees for services or facilities furnished or supplied.
36 § 5. This act shall take effect immediately and shall apply to all
37 judgments entered and all accrued claims paid on or after such date.
