Bill Text: NY A09408 | 2021-2022 | General Assembly | Introduced

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Bill Title: Removes the requirement that where a municipal corporation, school district or district corporation issues indebtedness to finance certain costs of preparation of plans and specifications for a proposed capital improvement there must be a waiting period of at least one year authorizing the undertaking of the capital improvement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-03-08 - reported referred to ways and means [A09408 Detail]

Download: New_York-2021-A09408-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9408

                   IN ASSEMBLY

                                      March 2, 2022
                                       ___________

        Introduced by M. of A. THIELE -- read once and referred to the Committee
          on Local Governments

        AN  ACT  to amend the general municipal law, in relation to removing the
          requirement that  where a municipal corporation,  school  district  or
          district corporation issues indebtedness to finance the cost of prepa-
          ration of plans and specifications for a proposed capital improvement,
          there must be a waiting period of at least one year before authorizing
          the undertaking of the capital improvement

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivisions 2, 3 and 4 of  section  99-d  of  the  general
     2  municipal  law,  subdivision  2 as amended by chapter 889 of the laws of
     3  1981, subdivisions 3 and 4 as added by chapter 735 of the laws of  1960,
     4  are amended to read as follows:
     5    2.  [Where  the cost of such advance planning of a capital improvement
     6  is financed by the issuance of bonds or  capital  notes  and  where  the
     7  period  of  probable  usefulness  specified  by subdivision sixty-two of
     8  paragraph a of section 11.00 of the local finance law is applicable, the
     9  municipal corporation, school district or district corporation shall not
    10  have power to authorize the undertaking of the capital improvement until
    11  at least one year after  the  original  issuance  of  such  obligations;
    12  provided,  however,  that  when  bond anticipation notes shall have been
    13  issued prior to such bonds, such one year period shall be computed  from
    14  the date of such bond anticipation notes.
    15    3.] The total amount of bonds or capital notes which may be authorized
    16  in  any  fiscal  year  of  the municipal corporation, school district or
    17  district corporation to finance such advance planning pursuant  to  this
    18  section shall not exceed the maximum amount of budget notes which it may
    19  issue  in  such year pursuant to subdivision two or subdivision three of
    20  paragraph a of section 29.00 of the local finance law, as the  case  may
    21  be,  provided,  however,  that  for  the  purposes  of this subdivision,
    22  amounts which are to be paid in  the  first  instance  from  improvement
    23  district  assessments  shall be included in computing "the amount of the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14835-01-2
        A. 9408                             2

     1  annual budget" of a town or a county in accordance with section 29.00 of
     2  such law.
     3    [4.]  3.  If  the advance planning is undertaken for the purpose of an
     4  existing or proposed county or town improvement district, or any  exten-
     5  sion  thereof,  the  existing  district,  or  the proposed district when
     6  created, or the extension thereof, shall reimburse the  county  or  town
     7  for  the  cost  of  such advance planning, including any interest on any
     8  obligations issued to finance such cost. The amount so reimbursed  shall
     9  be applied first to the payment of any outstanding obligations issued to
    10  finance such expenditure.
    11    § 2. This act shall take effect immediately.