Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2016 |
referred to local government |
Mar 04, 2015 |
referred to local government |
Senate Bill S4162
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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-S4162 (ACTIVE) - Details
2015-S4162 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4162 TITLE OF BILL: An act to amend the local finance law, in relation to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on PURPOSE: To require that the estimated total interest costs associated with a bond resolution or capital note resolution be added to the contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on. SUMMARY OF PROVISIONS: Section 1 amends Section 41.10 of the local finance law by adding "where the estimated total cost of all of the items includes, and lists, the estimated total interest costs associated with the bond resolution or capital note resolution; provided, however, with regard to school districts, the cost of providing such total interest costs shall be minimized to the greatest extent possible." Section 2 of this bill provides for an immediate effective date.
2015-S4162 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4162 2015-2016 Regular Sessions I N S E N A T E March 4, 2015 ___________ Introduced by Sen. NOZZOLIO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the local finance law, in relation to contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted on THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 41.10 of the local finance law, as added by chapter 582 of the laws of 1951, is amended to read as follows: S 41.10 Contents of notice of meeting or election where special tax or tax to be collected in installments is to be voted. Where the voting of a special tax or a tax to be collected in installments is a condition precedent to the adoption of a bond resolution or capital note resol- ution and the bonds or capital notes are to be issued to finance a specific object or purpose, the notice of the meeting or the election at which such tax is voted must state the estimated maximum cost of each item of such specific object or purpose and the estimated total cost of all of the items, WHERE THE ESTIMATED TOTAL COST OF ALL OF THE ITEMS INCLUDES, AND LISTS, THE ESTIMATED TOTAL INTEREST COSTS ASSOCIATED WITH THE BOND RESOLUTION OR CAPITAL NOTE RESOLUTION; PROVIDED, HOWEVER, WITH REGARD TO SCHOOL DISTRICTS, THE COST OF PROVIDING SUCH TOTAL INTEREST COSTS SHALL BE MINIMIZED TO THE GREATEST EXTENT PRACTICABLE. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07231-01-5
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