Source: https://www.nysenate.gov/legislation/bills/2017/s7856/amendment/a
Timestamp: 2019-02-18 11:02:45
Document Index: 696974494

Matched Legal Cases: ['§ 109', '§ 51', '§ 57', '§ 57', '§ 2', '§  3', '§  4', '§ 5', '§ 3', '§ 4']

senate Bill S7856A
Relates to local government borrowing practices and mandate relief
Get Status Alerts for S7856A
Jul 10, 2018 signed chap.113
May 30, 2018 3rd reading cal.685
substituted for s7856a
May 30, 2018 substituted by a10349
Apr 23, 2018 amended on third reading 7856a
Mar 20, 2018 1st report cal.685
S7856 (ACTIVE) - Details
S7856 (ACTIVE) - Summary
S7856 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7856             REVISED MEMO 03/14/2018
TITLE OF BILL:  An act to amend the local finance law and chapter 413
of the laws of 1991, amending the local finance law and other laws
relating to providing relief to local governments for certain mandated
programs and services, in relation to local government borrowing prac-
tices and mandate relief
This bill would provide municipalities with expanded debt issuance and
management options in regard to their borrowing practices.
Section one of the bill would extend, until 2021, provisions authorizing
municipalities to pay the first installment on an issue of serial bonds
two years after the date of issuance of such bonds or two years after
the date of the first bond anticipation note or notes issued in antic-
ipation of such bonds, whichever is sooner.
Section two extends, until 2021, the authorization to redeem bonds prior
to maturity in such amount and manner as may be determined by the
finance board of the municipality.
Section three extends, until 2021, municipal authorization to issue
Section four extends, until 2021, the suspension of the five percent
down payment requirement in the circumstances set forth in LFL §
Section five extends, until 2021, laws originally added by Chapter 413
("COPS") and the lease financing of certain public works (General Munic-
ipal Law § 109-b), variable rate obligations (LFL § 51.00 (5)), original
issue discount bonds (LFL § 57.00 (0), and the promulgation of rules by
the State Comptroller regarding the approval of negotiated sales of
bonds (LFL § 57.10).
The provisions contained within this legislation were enacted to provide
municipalities with expanded debt issuance and management options. The
extension of these provisions will provide mandate relief and ensure
that municipalities continue to realize financial flexibility, while at
the same time reserving the Legislature's opportunity to review the
implementation in light of changing fiscal conditions.
Chapter 77 of the laws of 2015.
S7856 (ACTIVE) - Bill Text download pdf
AN  ACT  to  amend  the local finance law and chapter 413 of the laws of
amended  by  chapter  77  of  the  laws  of  2015, is amended to read as
[eighteen] TWENTY-ONE, the first installment shall mature not later than
§ 2. Paragraph b of section 53.00 of the local finance law, as amended
by chapter 77 of the laws of 2015, is amended to read as follows:
LBD14961-01-8
S. 7856                             2
two  thousand  [eighteen]  TWENTY-ONE,  installments remaining unpaid on
such bonds may be called for redemption prior to their date of  maturity
in such amounts, at such times in such manner and pursuant to such terms
as  may  be  determined  by  the finance board of a municipality, school
district or district corporation at the time of  the  issuance  thereof.
Whenever  any bonds or notes are called for redemption prior to the date
of their maturity, interest shall cease to be  paid  thereon  after  the
date for redemption set forth in such call for redemption. The sum to be
paid  to  redeem any unpaid installment prior to its maturity, exclusive
of the interest accruing on such installment to the date of  redemption,
shall  in  no  event be in excess of the lesser amount of either (i) the
par value of such installment plus one-half of one per  centum  of  such
par  value  for  each calendar year or part thereof elapsing between the
date for redemption set forth in such call for redemption and  the  date
of  maturity  of  such  installment, provided, however, that such amount
shall not exceed one hundred five per centum of such par value, or  (ii)
the  par value of such installment plus the total of all unpaid interest
on such installment which would have accrued from the date of redemption
to the date of maturity thereof had such installment not  been  redeemed
prior  to  maturity,  except  that  bonds  sold to the state of New York
municipal bond bank agency, which are subject to  call  as  hereinbefore
authorized,  may  provide for the payment of a redemption premium not to
ble on the date of the redemption thereof; provided, however,  that  for
bonds  issued during the one-year period commencing July first, nineteen
hundred eighty-eight, and for bonds issued during  the  one-year  period
commencing  July  first,  nineteen  hundred  eighty-nine,  and for bonds
hundred  ninety,  and  for  bonds  issued  during  the three-year period
and including July fifteenth, nineteen  hundred  ninety-seven,  and  for
bonds  issued  during  the  period from July fifteenth, nineteen hundred
ninety-seven up until and including July fifteenth,  two  thousand,  and
S. 7856                             3
until  and  including  July  fifteenth,  two thousand six, and for bonds
issued during the period from July fifteenth, two thousand six up  until
and  including  July  fifteenth, two thousand nine, and for bonds issued
during the period from July fifteenth, two thousand nine  up  until  and
including  July  fifteenth,  two  thousand  twelve, and for bonds issued
during the period from July fifteenth, two thousand twelve up until  and
including  July  fifteenth,  two  thousand fifteen, and for bonds issued
including July fifteenth, two thousand [eighteen] TWENTY-ONE, a  munici-
pality, school district, or district corporation may provide for redemp-
tion  of  such  bonds  prior to the date of their maturity at a price or
prices as may be as determined by the issuer of such bonds or  notes  at
the time of the issuance thereof.
§  3.  The  opening  paragraph  of paragraph a of section 54.90 of the
local finance law, as amended by chapter 77 of  the  laws  of  2015,  is
Whenever  in the judgment of the finance board the interest of a muni-
cipality would be served thereby, the municipality may  issue  bonds  or
notes,  on or before July fifteenth, two thousand [eighteen] TWENTY-ONE,
rights  to  require  the  municipality or other persons to purchase such
eof or otherwise from time to time prior to the final maturity  of  such
bonds  or  notes as the finance board may determine and the municipality
acquired as a result of the exercise of such rights; provided,  however,
that  at  no  time  shall  the total principal amount of bonds and notes
issued pursuant to this paragraph (other than bonds  and  notes  bearing
interest  at  rates  and for periods of time that are specified at issu-
ance) exceed ten percent of the limit prescribed by  section  104.00  of
§  4.  Subdivision  9  of  paragraph  d of section 107.00 of the local
finance law, as amended by chapter 77 of the laws of 2015, is amended to
9. Notwithstanding any other provision of law, the  financing  by  any
municipality,  prior  to July fifteenth, two thousand [eighteen] TWENTY-
ONE, of any object or purpose which has a period of probable  usefulness
the  issuance  of  bonds or notes, to redeem notes previously issued for
the object or purpose for which the bonds or notes are being  issued  or
(ii)  the  issuance  of  bonds to refund bonds previously issued for the
§ 5. Subdivisions (a) and (e) of section 81 of chapter 413 of the laws
services, as amended by chapter 77 of the laws of 2015, are  amended  to
deemed  repealed  on  and after July 15, [2018] 2021, and upon such date
S. 7856                             4
read as set out in law on the date immediately preceding  the  effective
(e)  subdivision  (b)  of section thirty-five of this act shall expire
and be deemed repealed on and after July 15, [2018] 2021;
S7856A (ACTIVE) - Details
S7856A (ACTIVE) - Summary
S7856A (ACTIVE) - Sponsor Memo
BILL NUMBER: S7856A
An act to amend the local finance law and chapter 413 of the laws of
1991, amending the local finance law and other laws relating to provid-
ing relief to local governments for certain mandated programs and
services, in relation to local government borrowing practices and
S7856A (ACTIVE) - Bill Text download pdf
7856--A
Cal. No. 685
AN ACT to amend the local finance law and chapter 413  of  the  laws  of
amended by chapter 77 of the  laws  of  2015,  is  amended  to  read  as
LBD14961-02-8
S. 7856--A                          2
two  thousand eighteen, AND FOR BONDS ISSUED DURING THE PERIOD FROM JULY
FIFTEENTH, TWO THOUSAND EIGHTEEN UP UNTIL AND INCLUDING JULY  FIFTEENTH,
TWO THOUSAND TWENTY-ONE, installments remaining unpaid on such bonds may
be  called  for  redemption  prior  to  their  date  of maturity in such
amounts, at such times in such manner and pursuant to such terms as  may
district  corporation  at the time of the issuance thereof. Whenever any
bonds or notes are called for redemption prior  to  the  date  of  their
maturity,  interest  shall  cease  to be paid thereon after the date for
redemption set forth in such call for redemption. The sum to be paid  to
redeem  any  unpaid  installment prior to its maturity, exclusive of the
interest accruing on such installment to the date of  redemption,  shall
in  no  event  be  in  excess of the lesser amount of either (i) the par
value of such installment plus one-half of one per centum  of  such  par
value  for  each calendar year or part thereof elapsing between the date
for redemption set forth in such call for redemption  and  the  date  of
maturity  of such installment, provided, however, that such amount shall
not exceed one hundred five per centum of such par value,  or  (ii)  the
par  value  of such installment plus the total of all unpaid interest on
the date of maturity thereof had  such  installment  not  been  redeemed
S. 7856--A                          3
including  July  fifteenth,  two thousand eighteen, AND FOR BONDS ISSUED
DURING THE PERIOD FROM JULY FIFTEENTH, TWO THOUSAND  EIGHTEEN  UP  UNTIL
AND  INCLUDING  JULY FIFTEENTH, TWO THOUSAND TWENTY-ONE, a municipality,
school district, or district corporation may provide for  redemption  of
such  bonds  prior to the date of their maturity at a price or prices as
may be as determined by the issuer of such bonds or notes at the time of
§ 3. The opening paragraph of paragraph a  of  section  54.90  of  the
local  finance  law,  as  amended  by chapter 77 of the laws of 2015, is
notes, on or before July fifteenth, two thousand [eighteen]  TWENTY-ONE,
§ 4. Subdivision 9 of paragraph d  of  section  107.00  of  the  local
municipality, prior to July fifteenth, two thousand  [eighteen]  TWENTY-
ONE,  of any object or purpose which has a period of probable usefulness
of  1991,  amending  the  local  finance  law and other laws relating to
S. 7856--A                          4
providing relief to local governments for certain mandated programs  and
services,  as  amended by chapter 77 of the laws of 2015, are amended to