STATE OF NEW YORK
________________________________________________________________________
5204--A
2011-2012 Regular Sessions
IN SENATE
May 3, 2011
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Introduced by Sen. NOZZOLIO -- 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 to amend the local finance law, in relation to contents of notice
of meeting or election where special tax or tax to be collected in
installments is to be voted on
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 41.10 of the local finance law, as added by chapter
2 582 of the laws of 1951, is amended to read as follows:
3 § 41.10 Contents of notice of meeting or election where special tax or
4 tax to be collected in installments is to be voted. Where the voting of
5 a special tax or a tax to be collected in installments is a condition
6 precedent to the adoption of a bond resolution or capital note resol-
7 ution and the bonds or capital notes are to be issued to finance a
8 specific object or purpose, the notice of the meeting or the election at
9 which such tax is voted must state the estimated maximum cost of each
10 item of such specific object or purpose and the estimated total cost of
11 all of the items, where the estimated total cost of all of the items
12 includes, and lists, the estimated total interest costs associated with
13 the bond resolution or capital note resolution; provided, however, with
14 regard to school districts, the cost of providing such total interest
15 costs shall be minimized to the greatest extent practicable.
16 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11180-02-1
