Makes certain findings and determinations with respect to certain bond anticipation notes issued by the city school district of the city of Binghamton, and authorizes the issuance of obligations of such school district with respect thereto; authorizes certain bond anticipation notes to be renewed and the maturity thereof, including the maturity of renewals thereof, to extend for a period not to exceed seven years beyond the respective original date of issue of such bond anticipation notes.
STATE OF NEW YORK
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5483--A
2019-2020 Regular Sessions
IN ASSEMBLY
February 12, 2019
___________
Introduced by M. of A. LUPARDO -- read once and referred to the Commit-
tee on Local Governments -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT making certain findings and determinations with respect to
certain bond anticipation notes issued by the city school district of
the city of Binghamton, and authorizing the issuance of obligations of
such school district with respect thereto
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Legislative findings. It is hereby found and determined
2 that the city school district of the city of Binghamton had duly adopted
3 a bond resolution on February twelfth, two thousand thirteen authorizing
4 the construction of a new Mac Arthur Elementary School at a maximum
5 estimated cost of seventy-nine million five hundred thirty thousand
6 dollars and authorizing the issuance of serial bonds of such school
7 district not exceeding seventy-seven million eight hundred forty-three
8 thousand dollars to pay a portion of the cost thereof and that, pursuant
9 to such bond resolution, such school district has heretofore issued the
10 following obligations:
11 (a) a bond anticipation note in the principal amount of twenty million
12 dollars issued on November twenty-first, two thousand thirteen, which
13 matured on November twenty-first, two thousand fourteen;
14 (b) a bond anticipation note in the principal amount of sixty million
15 dollars issued on November twenty-first, two thousand fourteen, which
16 matured November twentieth, two thousand fifteen, constituting a renewal
17 financing of twenty million dollars and a second series of new money
18 original financing of forty million dollars;
19 (c) a bond anticipation renewal note in the principal amount of
20 fifty-nine million six hundred eighty thousand dollars issued on Novem-
21 ber twentieth, two thousand fifteen, which matured on November eigh-
22 teenth, two thousand sixteen;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06345-02-9
A. 5483--A 2
1 (d) a bond anticipation renewal note in the principal amount of twen-
2 ty-six million dollars issued on November seventeenth, two thousand
3 sixteen, which matured on November seventeenth, two thousand seventeen;
4 (e) a bond anticipation renewal note in the principal amount of twen-
5 ty-five million four hundred ninety thousand dollars issued on November
6 sixteenth, two thousand seventeen, which matured on November sixteenth,
7 two thousand eighteen; and
8 (f) a bond anticipation renewal note in the principal amount of twen-
9 ty-four million nine hundred forty thousand dollars issued on November
10 sixteenth, two thousand eighteen, which matures on November fifteenth,
11 two thousand nineteen.
12 § 2. Notwithstanding the provisions of paragraph b of section 23.00 of
13 the local finance law, the bond anticipation renewal note described in
14 subdivision (f) of section one of this act, hereby authorized to be
15 renewed, and the maturity thereof, including the maturity of renewals
16 thereof, may extend for a period not to exceed seven years beyond the
17 respective original date of issue of such bond anticipation note, with
18 annual redemption of a portion thereof consistent with the amortization
19 requirements of section 21.00 of the local finance law.
20 § 3. This act shall take effect immediately.
