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S07773 Summary:

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S07773 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 7773                                                 A. 10148
 
                SENATE - ASSEMBLY
 
                                      May 12, 2016
                                       ___________
 
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Local Govern-
          ment
 
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE, PALUMBO -- read once and
          referred to the Committee on Local Governments
 
        AN ACT to amend part FF of chapter 54 of the laws  of  2016  authorizing
          the  town  of  Riverhead, county of Suffolk to refund bonds previously
          issued for the acquisition of land for permanent rights  on  land,  in
          relation  to  the period of probable usefulness for the acquisition of
          land or permanent rights on land
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section  3  of part FF of chapter 54 of the laws of 2016,
     2  authorizing the town of Riverhead, county of  Suffolk  to  refund  bonds
     3  previously  issued  for  the acquisition of land for permanent rights on
     4  land, is amended to read as follows:
     5    § 3. Notwithstanding the thirty year  period  of  probable  usefulness
     6  contained in subdivision 21 of paragraph a of section 11.00 of the local
     7  finance  law,  the  period of probable usefulness for the acquisition of
     8  land or permanent rights on land and the financing of  such  acquisition
     9  pursuant  to section 64-e of the town law prior to the effective date of
    10  this act shall be [fifty] forty years provided that  the  resolution  is
    11  adopted  in  compliance  with  this  act, and provided further that such
    12  [fifty] forty year term shall only apply to bonds referenced in  section
    13  one of this act.
    14    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14925-01-6