Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 16, 2010 |
referred to rules |
Senate Bill S8220
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S8220 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- New York City
2009-S8220 (ACTIVE) - Sponsor Memo
BILL NUMBER:S8220 TITLE OF BILL: An act to authorize the issuance of federal tax credit sinking fund bonds for school purposes of the city of New York providing for substantially level or declining debt service SUMMARY OF PROVISIONS: Section one of this bill would ensure that the City possesses authority to issue federal tax credit sinking fund bonds for school purposes that provide for substantially level or declining debt service. Section two would make this bill take effect immediately. REASONS FOR SUPPORT: The enactment of the federal American Recovery and Reinvestment Act (the "Stimulus Law") permits tax-exempt issuers to issue taxable bonds with a federal subsidy of the interest costs that is paid directly to the issuer. This bill would ensure that the City has the authority to issue Qualified School Construction Bonds ("QSCBs") and Qualified Zone Academy Bonds ("QZABs") as sinking fund bonds, providing for substantially level or declining debt service, to take advantage of the substantial federal subsidy provided under the Stimulus Law. In general, properly managed sinking fund
2009-S8220 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8220 I N S E N A T E June 16, 2010 ___________ Introduced by Sen. KRUGER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to authorize the issuance of federal tax credit sinking fund bonds for school purposes of the city of New York providing for substantially level or declining debt service THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any other provisions of law to the contrary and without limiting any authority elsewhere conferred, the city of New York is hereby authorized, if the finance board authorized to act under the charter of such city determines to issue specified tax credit bonds for school purposes and receive payments from the federal government pursuant to section 6431(f) of the internal revenue code of 1986, as amended, and provide for substantially level or declining debt service, to issue federal tax credit sinking fund bonds under the authority of this act with a stated maturity and a schedule of contributions to such city's general sinking fund, providing (with other bonds of the same issue, if any) for substantially level or declining debt service as defined in the local finance law. S 2. Severability. If any clause, sentence, paragraph, section, or part of this act shall be adjudged by any court of competent jurisdic- tion to be invalid, such judgment shall not affect, impair or invalidate the remainder hereof, but shall be confined in its operation to the clause, sentence, paragraph, section, or part hereof involved in the controversy in which judgment shall have been rendered. S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD17789-01-0
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