Bill Text: NY S02459 | 2019-2020 | General Assembly | Amended
Bill Title: Makes certain findings and determinations with respect to certain bond anticipation notes issued by the city school district of the city of Binghamton, and authorizes the issuance of obligations of such school district with respect thereto; authorizes certain bond anticipation notes to be renewed and the maturity thereof, including the maturity of renewals thereof, to extend for a period not to exceed seven years beyond the respective original date of issue of such bond anticipation notes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2019-10-01 - SIGNED CHAP.317 [S02459 Detail]
Download: New_York-2019-S02459-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2459--A 2019-2020 Regular Sessions IN SENATE January 25, 2019 ___________ Introduced by Sen. AKSHAR -- 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 making certain findings and determinations with respect to certain bond anticipation notes issued by the city school district of the city of Binghamton, and authorizing the issuance of obligations of such school district with respect thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Legislative findings. It is hereby found and determined 2 that the city school district of the city of Binghamton had duly adopted 3 a bond resolution on February twelfth, two thousand thirteen authorizing 4 the construction of a new Mac Arthur Elementary School at a maximum 5 estimated cost of seventy-nine million five hundred thirty thousand 6 dollars and authorizing the issuance of serial bonds of such school 7 district not exceeding seventy-seven million eight hundred forty-three 8 thousand dollars to pay a portion of the cost thereof and that, pursuant 9 to such bond resolution, such school district has heretofore issued the 10 following obligations: 11 (a) a bond anticipation note in the principal amount of twenty million 12 dollars issued on November twenty-first, two thousand thirteen, which 13 matured on November twenty-first, two thousand fourteen; 14 (b) a bond anticipation note in the principal amount of sixty million 15 dollars issued on November twenty-first, two thousand fourteen, which 16 matured November twentieth, two thousand fifteen, constituting a renewal 17 financing of twenty million dollars and a second series of new money 18 original financing of forty million dollars; 19 (c) a bond anticipation renewal note in the principal amount of 20 fifty-nine million six hundred eighty thousand dollars issued on Novem- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06345-03-9S. 2459--A 2 1 ber twentieth, two thousand fifteen, which matured on November eigh- 2 teenth, two thousand sixteen; 3 (d) a bond anticipation renewal note in the principal amount of twen- 4 ty-six million dollars issued on November seventeenth, two thousand 5 sixteen, which matured on November seventeenth, two thousand seventeen; 6 (e) a bond anticipation renewal note in the principal amount of twen- 7 ty-five million four hundred ninety thousand dollars issued on November 8 sixteenth, two thousand seventeen, which matured on November sixteenth, 9 two thousand eighteen; and 10 (f) a bond anticipation renewal note in the principal amount of twen- 11 ty-four million nine hundred forty thousand dollars issued on November 12 sixteenth, two thousand eighteen, which matures on November fifteenth, 13 two thousand nineteen. 14 § 2. Notwithstanding the provisions of paragraph b of section 23.00 of 15 the local finance law, the bond anticipation renewal note described in 16 subdivision (f) of section one of this act, hereby authorized to be 17 renewed, and the maturity thereof, including the maturity of renewals 18 thereof, may extend for a period not to exceed seven years beyond the 19 respective original date of issue of such bond anticipation note, with 20 annual redemption of a portion thereof consistent with the amortization 21 requirements of section 21.00 of the local finance law. 22 § 3. This act shall take effect immediately.