Bill Text: NY S05213 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to the refunding of bonds and amounts and stated maturity dates of such bonds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO LOCAL GOVERNMENT [S05213 Detail]

Download: New_York-2013-S05213-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5213
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     May 14, 2013
                                      ___________
       Introduced  by  Sen.  FELDER -- 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 the  refunding  of
         bonds
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph b-1 of section 90.00 of the local finance law, as
    2  added by chapter 201 of the laws of 1994, is amended to read as follows:
    3    b-1. Refunding bonds need not comply with paragraph b of this  section
    4  provided that no annual installment of each separate series of refunding
    5  bonds  shall  be  more  than  fifty per centum in excess of the smallest
    6  prior installment or THE  AMOUNTS  AND  STATED  MATURITY  DATES  OF  THE
    7  REFUNDING  BONDS  SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED
    8  OR the finance board of the municipality, school  district  or  district
    9  corporation  issuing  the  bonds shall have determined to use a substan-
   10  tially level or declining annual debt service schedule for the refunding
   11  bonds. The amount of annual installments of the refunding bonds  may  be
   12  determined without reference to the stated maturities of the bonds to be
   13  refunded.
   14    S  2.  Subdivision  3  of  paragraph  c  of section 90.10 of the local
   15  finance law, as amended by chapter 201 of the laws of 1994,  is  amended
   16  to read as follows:
   17    3.  No  annual  installment of each separate series of refunding bonds
   18  shall be more than fifty per centum in  excess  of  the  smallest  prior
   19  installment  unless THE AMOUNTS AND STATED MATURITY DATES OF THE REFUND-
   20  ING BONDS SHALL BE THE SAME AS THOSE OF THE BONDS TO BE REFUNDED OR  the
   21  finance  board  of  the municipality, school district or district corpo-
   22  ration issuing the bonds has determined to use a substantially level  or
   23  declining  annual  debt  service  schedule  for the refunding bonds. The
   24  amounts of annual installments of the refunding bonds may be  determined
   25  without reference to the stated maturities of the bonds to be refunded.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10616-01-3
       S. 5213                             2
    1    S 3. Severability. If any clause, sentence, paragraph, section or part
    2  of  this act shall be adjudged by any court of competent jurisdiction to
    3  be invalid, such judgment shall not affect,  impair  or  invalidate  the
    4  remainder thereof, but shall be confined in its operation to the clause,
    5  sentence,  paragraph,  section  or part thereof directly involved in the
    6  controversy in which such judgment shall have been rendered.
    7    S 4. This act shall take effect immediately.