Bill Text: NY A10492 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to bond anticipation notes issued in calendar years 2015 through 2021; authorizes the expenditure and temporary transfer of reserve funds for expenses related to COVID-19; authorizes the extension of repayment of inter-fund advances made for expenses related to COVID-19.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Passed) 2020-08-24 - signed chap.157 [A10492 Detail]

Download: New_York-2019-A10492-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10492

                   IN ASSEMBLY

                                      May 22, 2020
                                       ___________

        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Thiele) --
          (at request of the State Comptroller) -- read once and referred to the
          Committee on Local Governments

        AN ACT to amend the local finance law, in relation to bond  anticipation
          notes  issued  in  calendar  years 2015 through 2021; to authorize the
          expenditure and temporary  transfer  of  reserve  funds  for  expenses
          related  to  COVID-19;  and to authorize the extension of repayment of
          inter-fund advances made for expenses related to COVID-19

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

     1    Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local
     2  finance  law,  as amended by chapter 264 of the laws of 2012, is amended
     3  to read as follows:
     4    2. renewals of bond anticipation notes issued originally during calen-
     5  dar [year two thousand seven or two thousand eight] years  two  thousand
     6  fifteen  through  two thousand twenty-one, inclusive may not extend more
     7  than seven years beyond the original date of issue of such  bond  antic-
     8  ipation notes.
     9    §  2.  Notwithstanding  any  provision  of  sections 6-c or 6-g of the
    10  general municipal law or section  3651  of  the  education  law  to  the
    11  contrary,  the  governing  board of a town, village, county, city, water
    12  improvement district,  sewer  improvement  district,  fire  district  or
    13  school  district, by resolution which shall not be subject to referendum
    14  requirements, may authorize expenditures from capital reserve funds  for
    15  capital costs attributable to the COVID-19 pandemic.
    16    §  3.  Notwithstanding any provision of the general municipal law, the
    17  town law or the education law to the contrary, the governing board of  a
    18  town,  village, county, city, water improvement district, sewer improve-
    19  ment district, fire district or school  district,  by  resolution  which
    20  shall  not  be subject to referendum requirements, if any, may authorize
    21  the temporary transfer of moneys from reserve funds to pay for operating
    22  costs or other costs attributable to the  COVID-19  pandemic,  provided,
    23  that  the reserve fund from which the funds were temporarily transferred
    24  shall be reimbursed from the fund to which the transfer was made over  a

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16492-01-0
        A. 10492                            2

     1  period of not more than five fiscal years, starting with the fiscal year
     2  following  the transfer. At least twenty percent of the moneys temporar-
     3  ily transferred shall be reimbursed each fiscal year. Such reimbursement
     4  shall include an additional amount reasonably estimated to be the amount
     5  that  would have been earned on the investment of the transferred moneys
     6  had they been retained in the capital reserve fund.
     7    § 4. Notwithstanding the provisions of subdivision 3 of section 9-a of
     8  the general municipal law, for inter-fund advances made pursuant to such
     9  subdivision for costs attributable to the COVID-19  pandemic,  repayment
    10  of  moneys  to  the  fund from which they were advanced shall be made by
    11  close of the fiscal year next succeeding the fiscal year in  which  such
    12  advance was made.
    13    § 5. This act shall take effect immediately.