New York State Assembly

Bill No.:  

 
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A08313 Summary:

BILL NO	A08313
SAME AS	No Same As
SPONSOR	Lawler
COSPNSR
MLTSPNSR
Add 29.30, Loc Fin L
Allows counties to borrow from a line of credit to finance daily operations and projects.

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A08313 Actions:

BILL NO	A08313
10/20/2021	referred to local governments
01/05/2022	referred to local governments
05/10/2022	held for consideration in local governments

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A08313 Committee Votes:

Committee:LOCAL GOVERNMENTS   Chair:Thiele      
DATE:05/10/2022AYE/NAY:13/5  Action: Held for Consideration         
Thiele
Aye
Schmitt
Nay
Ramos
Aye
Friend
Nay
Otis
Aye
Manktelow
Nay
Woerner
Aye
Gallahan
Nay
Wallace
Aye
Simpson
Nay
Jacobson
Aye
Darling
Aye
Clark
Aye
Conrad
Aye
Rivera
Aye
Sillitti
Aye
Kelles
Aye
Lunsford
Aye

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A08313 Floor Votes:

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A08313 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8313
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    October 20, 2021
                                       ___________
 
        Introduced by M. of A. LAWLER -- read once and referred to the Committee
          on Local Governments
 
        AN  ACT to amend the local finance law, in relation to allowing counties
          to borrow from a line of credit
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The  local finance law is amended by adding a new section
     2  29.30 to read as follows:
     3    § 29.30 Line of credit. Notwithstanding any provision of  law  to  the
     4  contrary,  a  county  may  contract  with  a federally or state licensed
     5  financial institution to establish a line of credit to finance the daily
     6  operations and projects of such county. The chief fiscal officer of such
     7  county shall determine the amount of credit  sought  and  shall  request
     8  approval  of the credit application by the county legislative body prior
     9  to the submission of such application to a federally or  state  licensed
    10  financial  institution.  If  the  county  legislative  body approves the
    11  submission of such application, the county may proceed  with  submission
    12  and  negotiate  the  terms of such line of credit with such federally or
    13  state licensed financial institution. A  line  of  credit  entered  into
    14  pursuant  to  the  provisions  of  this section, that is secured by real
    15  property, shall not be subject to tax pursuant to article eleven of  the
    16  tax law.
    17    §  2.  This  act  shall take effect on the sixtieth day after it shall
    18  have become a law.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11987-01-1

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