Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to local governments |
Jan 07, 2015 |
referred to local governments |
Assembly Bill A525
2015-2016 Legislative Session
Sponsored By
HEVESI
Archive: Last Bill Status - In Assembly 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
2015-A525 (ACTIVE) - Details
2015-A525 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 525 2015-2016 Regular Sessions I N A S S E M B L Y (PREFILED) January 7, 2015 ___________ Introduced by M. of A. HEVESI -- read once and referred to the Committee on Local Governments AN ACT to amend the general municipal law, in relation to installment contracts for the financing of technology THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (b) of subdivision 1, paragraphs (c) and (d) of subdivision 2, paragraph (a) of subdivision 3, paragraph (a) of subdivi- sion 4, paragraphs (a) and (b) of subdivision 5 and paragraphs (a) and (b) of subdivision 6 of section 109-b of the general municipal law, as amended by chapter 258 of the laws of 1994, are amended to read as follows: (b) "Installment purchase contract" shall mean any lease purchase agreement, installment sales agreement or other similar agreement providing for periodic payments between a corporation, person or other entity and a political subdivision which has as its purpose the financ- ing of equipment, machinery, TECHNOLOGY or apparatus. (c) Subject to the provisions of subdivision five of this section, where the financing of equipment, machinery, TECHNOLOGY or apparatus pursuant to an installment purchase contract is to be provided by agency certificates of participation, the governing board of a political subdi- vision shall adopt a resolution authorizing the written contract with the agency setting forth the rights and liabilities of the agency and the political subdivision as provided for in section twenty-four hundred thirty-five-a of the public authorities law. (d) The term of such installment purchase contract, including all renewals thereof, shall not exceed the period of probable usefulness prescribed by section 11.00 of the local finance law for the equipment, machinery, TECHNOLOGY or apparatus being financed under the installment purchase contract. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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