STATE OF NEW YORK
________________________________________________________________________
5213
2013-2014 Regular Sessions
IN SENATE
May 14, 2013
___________
Introduced by Sen. FELDER -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the local finance law, in relation to the refunding of
bonds
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph b-1 of section 90.00 of the local finance law, as
2 added by chapter 201 of the laws of 1994, is amended to read as follows:
3 b-1. Refunding bonds need not comply with paragraph b of this section
4 provided that no annual installment of each separate series of refunding
5 bonds shall be more than fifty per centum in excess of the smallest
6 prior installment or the amounts and stated maturity dates of the
7 refunding bonds shall be the same as those of the bonds to be refunded
8 or the finance board of the municipality, school district or district
9 corporation issuing the bonds shall have determined to use a substan-
10 tially level or declining annual debt service schedule for the refunding
11 bonds. The amount of annual installments of the refunding bonds may be
12 determined without reference to the stated maturities of the bonds to be
13 refunded.
14 § 2. Subdivision 3 of paragraph c of section 90.10 of the local
15 finance law, as amended by chapter 201 of the laws of 1994, is amended
16 to read as follows:
17 3. No annual installment of each separate series of refunding bonds
18 shall be more than fifty per centum in excess of the smallest prior
19 installment unless the amounts and stated maturity dates of the refund-
20 ing bonds shall be the same as those of the bonds to be refunded or the
21 finance board of the municipality, school district or district corpo-
22 ration issuing the bonds has determined to use a substantially level or
23 declining annual debt service schedule for the refunding bonds. The
24 amounts of annual installments of the refunding bonds may be determined
25 without reference to the stated maturities of the bonds to be refunded.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10616-01-3
S. 5213 2
1 § 3. Severability. If any clause, sentence, paragraph, section or part
2 of this act shall be adjudged by any court of competent jurisdiction to
3 be invalid, such judgment shall not affect, impair or invalidate the
4 remainder thereof, but shall be confined in its operation to the clause,
5 sentence, paragraph, section or part thereof directly involved in the
6 controversy in which such judgment shall have been rendered.
7 § 4. This act shall take effect immediately.