Bill Text: NY S04162 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Relates to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO LOCAL GOVERNMENT [S04162 Detail]

Download: New_York-2015-S04162-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4162
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     March 4, 2015
                                      ___________
       Introduced  by Sen. NOZZOLIO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to amend the local finance law, in relation to contents of notice
         of meeting or election where special tax or tax  to  be  collected  in
         installments is to be voted on
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 41.10 of the local finance law, as added by chapter
    2  582 of the laws of 1951, is amended to read as follows:
    3    S 41.10 Contents of notice of meeting or election where special tax or
    4  tax to be collected in installments is to be voted.  Where the voting of
    5  a special tax or a tax to be collected in installments  is  a  condition
    6  precedent  to  the  adoption of a bond resolution or capital note resol-
    7  ution and the bonds or capital notes are  to  be  issued  to  finance  a
    8  specific object or purpose, the notice of the meeting or the election at
    9  which  such  tax  is voted must state the estimated maximum cost of each
   10  item of such specific object or purpose and the estimated total cost  of
   11  all  of  the  items,  WHERE THE ESTIMATED TOTAL COST OF ALL OF THE ITEMS
   12  INCLUDES, AND LISTS, THE ESTIMATED TOTAL INTEREST COSTS ASSOCIATED  WITH
   13  THE  BOND RESOLUTION OR CAPITAL NOTE RESOLUTION; PROVIDED, HOWEVER, WITH
   14  REGARD TO SCHOOL DISTRICTS, THE COST OF PROVIDING  SUCH  TOTAL  INTEREST
   15  COSTS SHALL BE MINIMIZED TO THE GREATEST EXTENT PRACTICABLE.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07231-01-5