Bill Text: NY S03917 | 2011-2012 | General Assembly | Introduced

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Bill Title: Extends, until September 30, 2014, certain provisions of the Local Finance Law which provides for issuance of a single statutory installment bond by a borrower for the full principal amount, not to exceed one million dollars, if the issue is sold at private sale or in any amount if the bonds are issued and sold to the United States or any agency thereof; provides such bonds be issued utilizing a fixed interest; continues EFC's existing exemption from the one million dollar principal cap limitation and permits municipal or public benefit corporation borrowers to continue to issue and sell statutory installment bonds in an amount not to exceed twenty million dollars to EFC.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-06-08 - SIGNED CHAP.69 [S03917 Detail]

Download: New_York-2011-S03917-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3917
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     March 9, 2011
                                      ___________
       Introduced  by Sen. GRISANTI -- (at request of the Environmental Facili-
         ties Corporation) -- read twice and ordered printed, and when  printed
         to be committed to the Committee on Local Government
       AN  ACT  to  amend  chapter  581 of the laws of 2005, amending the local
         finance law relating to statutory installment bonds,  in  relation  to
         extending the effectiveness thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 2 of chapter 581 of the laws of 2005, amending  the
    2  local finance law relating to statutory installment bonds, as amended by
    3  chapter 213 of the laws of 2008, is amended to read as follows:
    4    S  2.  This act shall take effect immediately and shall remain in full
    5  force and effect until September 30, [2011] 2014, at which time it shall
    6  expire and be deemed repealed.
    7    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09221-01-1