Bill Text: NY S05655 | 2023-2024 | General Assembly | Introduced

New York Senate Bill 5655

Introduced

Bill Title: Removes the requirement that where a municipal corporation, school district or district corporation issues indebtedness to finance certain costs of preparation of plans and specifications for a proposed capital improvement there must be a waiting period of at least one year authorizing the undertaking of the capital improvement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2023-10-25 - SIGNED CHAP.592 [S05655 Detail]

Download: New_York-2023-S05655-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                          5655

                               2023-2024 Regular Sessions

                    IN SENATE

                                     March 10, 2023
                                       ___________

        Introduced  by Sen. MARTINEZ -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the general municipal law, in relation to  removing  the
          requirement  that    where a municipal corporation, school district or
          district corporation issues indebtedness to finance the cost of prepa-
          ration of plans and specifications for a proposed capital improvement,
          there must be a waiting period of at least one year before authorizing
          the undertaking of the capital improvement

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

     1    Section  1.  Subdivisions  2,  3  and 4 of section 99-d of the general
     2  municipal law, subdivision 2 as amended by chapter 889 of  the  laws  of
     3  1981,  subdivisions 3 and 4 as added by chapter 735 of the laws of 1960,
     4  are amended to read as follows:
     5    2. [Where the cost of such advance planning of a  capital  improvement
     6  is  financed  by  the  issuance  of bonds or capital notes and where the
     7  period of probable usefulness  specified  by  subdivision  sixty-two  of
     8  paragraph a of section 11.00 of the local finance law is applicable, the
     9  municipal corporation, school district or district corporation shall not
    10  have power to authorize the undertaking of the capital improvement until
    11  at  least  one  year  after  the  original issuance of such obligations;
    12  provided, however, that when bond anticipation  notes  shall  have  been
    13  issued  prior to such bonds, such one year period shall be computed from
    14  the date of such bond anticipation notes.
    15    3.] The total amount of bonds or capital notes which may be authorized
    16  in any fiscal year of the  municipal  corporation,  school  district  or
    17  district  corporation  to finance such advance planning pursuant to this
    18  section shall not exceed the maximum amount of budget notes which it may
    19  issue in such year pursuant to subdivision two or subdivision  three  of
    20  paragraph  a  of section 29.00 of the local finance law, as the case may
    21  be, provided, however,  that  for  the  purposes  of  this  subdivision,

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05685-01-3

        S. 5655                             2

     1  amounts  which  are  to  be  paid in the first instance from improvement
     2  district assessments shall be included in computing "the amount  of  the
     3  annual budget" of a town or a county in accordance with section 29.00 of
     4  such law.
     5    [4.]  3.  If  the advance planning is undertaken for the purpose of an
     6  existing or proposed county or town improvement district, or any  exten-
     7  sion  thereof,  the  existing  district,  or  the proposed district when
     8  created, or the extension thereof, shall reimburse the  county  or  town
     9  for  the  cost  of  such advance planning, including any interest on any
    10  obligations issued to finance such cost. The amount so reimbursed  shall
    11  be applied first to the payment of any outstanding obligations issued to
    12  finance such expenditure.
    13    § 2. This act shall take effect immediately.