New York State Assembly

 
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A10349 Summary:

A10349 Actions:

A10349 Committee Votes:

Committee:LOCAL GOVERNMENTS   Chair:Magnarelli      
DATE:04/24/2018AYE/NAY:17/0  Action: Favorable refer to committee Ways and Means        
Magnarelli
Aye
Friend
Excused
Gantt
Excused
Stec
Aye
Magee
Aye
Brabenec
Aye
Ramos
Aye
Miller
Aye
Jenne
Aye
Walsh
Aye
Bronson
Aye
Ryan
Aye
Buchwald
Aye
Otis
Aye
Skoufis
Aye
Jean-Pierre
Aye
Woerner
Aye
Wallace
Aye
Thiele
Aye

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:05/08/2018AYE/NAY:33/0  Action: Favorable         
Weinstein
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Aye
Gantt
Excused
Fitzpatrick
Aye
Glick
Aye
Hawley
Aye
Nolan
Excused
Malliotakis
Aye
Pretlow
Aye
Walter
Aye
Perry
Aye
Montesano
Aye
Colton
Aye
Curran
Aye
Cook
Aye
Ra
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Peoples-Stokes
Aye
Simotas
Aye

A10349 Floor Votes:

A10349 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10349
 
                   IN ASSEMBLY
 
                                     April 16, 2018
                                       ___________
 
        Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
          Committee 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 77 of the  laws  of  2015,  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  [eighteen] twenty-one, the first installment shall mature not later than
    10  two  years  after  the date of such bonds or two years after the date of
    11  the first bond anticipation note or notes issued in anticipation of such
    12  bonds, whichever is the earlier. However, if bond anticipation notes are
    13  issued in anticipation of bonds and if a portion of such  notes  or  the
    14  renewals  thereof  are redeemed from a source other than the proceeds of
    15  such bonds within two years from the date of  the  first  such  note  or
    16  notes  and  a  further portion thereof shall be so redeemed prior to the
    17  termination of each twelve  months'  period  succeeding  the  date  such
    18  original  portion  was  so redeemed, the first installment of such bonds
    19  may, in the alternative, be made to mature not  later  than  five  years
    20  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 77 of the laws of 2015, is amended to read as follows:
    23    b.  If  such  bonds or notes are payable in installments, the install-
    24  ments remaining unpaid may be called for  redemption  only  (i)  in  the
    25  inverse order of their maturity or, (ii) in equal proportionate amounts;
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15403-01-8
        A. 10349                            2
 
     1  provided,  however,  that  for  bonds  issued during the one-year period
     2  commencing July first, nineteen  hundred  eighty-eight,  and  for  bonds
     3  issued  during  the  one-year  period  commencing  July  first, nineteen
     4  hundred  eighty-nine,  and  for  bonds issued during the one-year period
     5  commencing July first, nineteen hundred ninety,  and  for  bonds  issued
     6  during  the  three-year  period  commencing July first, nineteen hundred
     7  ninety-one, and for bonds issued during  the  period  from  July  first,
     8  nineteen  hundred  ninety-four  up  until  and including July fifteenth,
     9  nineteen hundred ninety-seven and for bonds  issued  during  the  period
    10  from  July fifteenth, nineteen hundred ninety-seven up until and includ-
    11  ing July fifteenth, two thousand, and for bonds issued during the period
    12  from July fifteenth, two thousand up until and including July fifteenth,
    13  two thousand three, and for bonds issued during  the  period  from  July
    14  fifteenth, two thousand three up until and including July fifteenth, two
    15  thousand  six,  and  for  bonds  issued  during  the  period  from  July
    16  fifteenth, two thousand six up until and including July  fifteenth,  two
    17  thousand  nine,  and  for  bonds  issued  during  the  period  from July
    18  fifteenth, two thousand six up until and including July  fifteenth,  two
    19  thousand  twelve,  and  for  bonds  issued  during  the period from July
    20  fifteenth, two thousand nine up until and including July fifteenth,  two
    21  thousand  fifteen,  and  for  bonds  issued  during the period from July
    22  fifteenth, two thousand fifteen up until and including  July  fifteenth,
    23  two  thousand eighteen, and for bonds issued during the period from July
    24  fifteenth, two thousand eighteen up until and including July  fifteenth,
    25  two thousand twenty-one, installments remaining unpaid on such bonds may
    26  be  called  for  redemption  prior  to  their  date  of maturity in such
    27  amounts, at such times in such manner and pursuant to such terms as  may
    28  be determined by the finance board of a municipality, school district or
    29  district  corporation  at the time of the issuance thereof. Whenever any
    30  bonds or notes are called for redemption prior  to  the  date  of  their
    31  maturity,  interest  shall  cease  to be paid thereon after the date for
    32  redemption set forth in such call for redemption. The sum to be paid  to
    33  redeem  any  unpaid  installment prior to its maturity, exclusive of the
    34  interest accruing on such installment to the date of  redemption,  shall
    35  in  no  event  be  in  excess of the lesser amount of either (i) the par
    36  value of such installment plus one-half of one per centum  of  such  par
    37  value  for  each calendar year or part thereof elapsing between the date
    38  for redemption set forth in such call for redemption  and  the  date  of
    39  maturity  of such installment, provided, however, that such amount shall
    40  not exceed one hundred five per centum of such par value,  or  (ii)  the
    41  par  value  of such installment plus the total of all unpaid interest on
    42  such installment which would have accrued from the date of redemption to
    43  the date of maturity thereof had  such  installment  not  been  redeemed
    44  prior  to  maturity,  except  that  bonds  sold to the state of New York
    45  municipal bond bank agency, which are subject to  call  as  hereinbefore
    46  authorized,  may  provide for the payment of a redemption premium not to
    47  exceed five per centum of the par value of the bonds to be called, paya-
    48  ble on the date of the redemption thereof; provided, however,  that  for
    49  bonds  issued during the one-year period commencing July first, nineteen
    50  hundred eighty-eight, and for bonds issued during  the  one-year  period
    51  commencing  July  first,  nineteen  hundred  eighty-nine,  and for bonds
    52  issued during  the  one-year  period  commencing  July  first,  nineteen
    53  hundred  ninety,  and  for  bonds  issued  during  the three-year period
    54  commencing July first, nineteen hundred ninety-one, and for bonds issued
    55  during the period from July first, nineteen hundred ninety-four up until
    56  and including July fifteenth, nineteen  hundred  ninety-seven,  and  for
        A. 10349                            3
 
     1  bonds  issued  during  the  period from July fifteenth, nineteen hundred
     2  ninety-seven up until and including July fifteenth,  two  thousand,  and
     3  for  bonds issued during the period from July fifteenth, two thousand up
     4  until  and  including  July fifteenth, two thousand three, and for bonds
     5  issued during the period from July  fifteenth,  two  thousand  three  up
     6  until  and  including  July  fifteenth,  two thousand six, and for bonds
     7  issued during the period from July fifteenth, two thousand six up  until
     8  and  including  July  fifteenth, two thousand nine, and for bonds issued
     9  during the period from July fifteenth, two thousand nine  up  until  and
    10  including  July  fifteenth,  two  thousand  twelve, and for bonds issued
    11  during the period from July fifteenth, two thousand twelve up until  and
    12  including  July  fifteenth,  two  thousand fifteen, and for bonds issued
    13  during the period from July fifteenth, two thousand fifteen up until and
    14  including July fifteenth, two thousand eighteen, and  for  bonds  issued
    15  during  the  period  from July fifteenth, two thousand eighteen up until
    16  and including July fifteenth, two thousand twenty-one,  a  municipality,
    17  school  district,  or district corporation may provide for redemption of
    18  such bonds prior to the date of their maturity at a price or  prices  as
    19  may be as determined by the issuer of such bonds or notes at the time of
    20  the issuance thereof.
    21    §  3.  The  opening  paragraph  of paragraph a of section 54.90 of the
    22  local finance law, as amended by chapter 77 of  the  laws  of  2015,  is
    23  amended to read as follows:
    24    Whenever  in the judgment of the finance board the interest of a muni-
    25  cipality would be served thereby, the municipality may  issue  bonds  or
    26  notes,  on or before July fifteenth, two thousand [eighteen] twenty-one,
    27  with interest rates that vary in accordance with a formula or  procedure
    28  and  are  subject to a maximum rate of interest set forth or referred to
    29  in the bonds or notes and may provide  the  holders  thereof  with  such
    30  rights  to  require  the  municipality or other persons to purchase such
    31  bonds or notes or renewals thereof from the proceeds of the resale ther-
    32  eof or otherwise from time to time prior to the final maturity  of  such
    33  bonds  or  notes as the finance board may determine and the municipality
    34  may resell, at any time prior to final maturity, any such bonds or notes
    35  acquired as a result of the exercise of such rights; provided,  however,
    36  that  at  no  time  shall  the total principal amount of bonds and notes
    37  issued pursuant to this paragraph (other than bonds  and  notes  bearing
    38  interest  at  rates  and for periods of time that are specified at issu-
    39  ance) exceed ten percent of the limit prescribed by  section  104.00  of
    40  this article.
    41    §  4.  Subdivision  9  of  paragraph  d of section 107.00 of the local
    42  finance law, as amended by chapter 77 of the laws of 2015, is amended to
    43  read as follows:
    44    9. Notwithstanding any other provision of law, the  financing  by  any
    45  municipality,  prior  to July fifteenth, two thousand [eighteen] twenty-
    46  one, of any object or purpose which has a period of probable  usefulness
    47  determined by law, by the issuance of any bonds and notes, including (i)
    48  the  issuance  of  bonds or notes, to redeem notes previously issued for
    49  the object or purpose for which the bonds or notes are being  issued  or
    50  (ii)  the  issuance  of  bonds to refund bonds previously issued for the
    51  object or purpose for which bonds are being issued.
    52    § 5. Subdivisions (a) and (e) of section 81 of chapter 413 of the laws
    53  of 1991, amending the local finance  law  and  other  laws  relating  to
    54  providing  relief to local governments for certain mandated programs and
    55  services, as amended by chapter 77 of the laws of 2015, are  amended  to
    56  read as follows:
        A. 10349                            4
 
     1    (a) section six, sixteen and seventeen of this act shall expire and be
     2  deemed  repealed  on  and after July 15, [2018] 2021, and upon such date
     3  the amendments made to the provisions of the local finance law  by  such
     4  sections  shall  also  expire and such provisions shall revert to and be
     5  read  as  set out in law on the date immediately preceding the effective
     6  date of such sections six, sixteen and seventeen of this act;
     7    (e) subdivision (b) of section thirty-five of this  act  shall  expire
     8  and be deemed repealed on and after July 15, [2018] 2021;
     9    § 6. This act shall take effect immediately.