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Senate Bill S8220

2009-2010 Legislative Session

Authorizes the issuance of federal tax credit sinking fund bonds for school purposes of the city of New York

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2009-S8220 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
New York City

2009-S8220 (ACTIVE) - Summary

Authorizes 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.

2009-S8220 (ACTIVE) - Sponsor Memo

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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