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S02459 Summary:

S02459 Actions:

S02459 Committee Votes:

S02459 Floor Votes:

S02459 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         2459--A
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    January 25, 2019
                                       ___________
 
        Introduced  by  Sen.  AKSHAR -- read twice and ordered printed, and when
          printed to be committed  to  the  Committee  on  Local  Government  --
          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-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06345-03-9
        S. 2459--A                          2
 
     1  ber  twentieth,  two  thousand  fifteen, which matured on November eigh-
     2  teenth, two thousand sixteen;
     3    (d)  a bond anticipation renewal note in the principal amount of twen-
     4  ty-six million dollars issued  on  November  seventeenth,  two  thousand
     5  sixteen, which matured on November seventeenth, two thousand seventeen;
     6    (e)  a bond anticipation renewal note in the principal amount of twen-
     7  ty-five million four hundred ninety thousand dollars issued on  November
     8  sixteenth,  two thousand seventeen, which matured on November sixteenth,
     9  two thousand eighteen; and
    10    (f) a bond anticipation renewal note in the principal amount of  twen-
    11  ty-four  million  nine hundred forty thousand dollars issued on November
    12  sixteenth, two thousand eighteen, which matures on  November  fifteenth,
    13  two thousand nineteen.
    14    § 2. Notwithstanding the provisions of paragraph b of section 23.00 of
    15  the  local  finance law, the bond anticipation renewal note described in
    16  subdivision (f) of section one of this  act,  hereby  authorized  to  be
    17  renewed,  and  the  maturity thereof, including the maturity of renewals
    18  thereof, may extend for a period not to exceed seven  years  beyond  the
    19  respective  original  date of issue of such bond anticipation note, with
    20  annual redemption of a portion thereof consistent with the  amortization
    21  requirements of section 21.00 of the local finance law.
    22    § 3. This act shall take effect immediately.