EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD16262-03-8
S. 9104 2
their current base proportions, adjusted base proportions for assess-
ment rolls, and the base proportion in approved assessing units in
Nassau county; to amend the local finance law, in relation to the sale
of bonds and notes of the city of Buffalo; to amend the local finance
law, in relation to the sale of bonds and notes of the city of New
York, the issuance of bonds or notes with variable rates of interest,
interest rate exchange agreements of the city of New York, the refund-
ing of bonds, and the down payment for projects financed by bonds; to
amend chapter 868 of the laws of 1975 constituting the New York state
financial emergency act for the city of New York, in relation to a
pledge and agreement of the state; and to amend chapter 142 of the
laws of 2004, amending the local finance law relating to interest rate
exchange agreements of the city of New York and refunding bonds of
such city, in relation to the effectiveness thereof; and to amend the
local finance law, in relation to bonds and notes of the city of Yonk-
ers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 2 of chapter 88 of the laws of 2009 amending the
tax law relating to the imposition of an occupancy tax in the city of
New Rochelle, as amended by chapter 159 of the laws of 2015, is amended
to read as follows:
§ 2. This act shall take effect immediately and shall expire and be
deemed repealed September 1, [2018] 2021.
§ 2. Section 2 of chapter 89 of the laws of 2009 amending the tax law
relating to the imposition of an occupancy tax in the city of Rye, as
amended by chapter 204 of the laws of 2015, is amended to read as
follows:
§ 2. This act shall take effect immediately and shall expire and be
deemed repealed September 1, [2018] 2021.
§ 3. Section 2 of chapter 62 of the laws of 2015 amending the tax
relating to the imposition of an occupancy tax in the city of Yonkers,
is amended to read as follows:
§ 2. This act shall take effect immediately and shall expire and be
deemed repealed September 1, [2018] 2021.
§ 4. Section 3 of chapter 327 of the laws of 2006, amending the tax
law relating to authorizing the county of Essex to impose an additional
mortgage recording tax, as amended by chapter 289 of the laws of 2015,
is amended to read as follows:
§ 3. This act shall take effect immediately; provided, however, that
this act shall expire and be deemed repealed December 1, [2018] 2021.
§ 5. Section 2 of chapter 405 of the laws of 2005 amending the tax law
relating to authorizing the county of Albany to impose a county record-
ing tax on obligations secured by a mortgage on real property, as
amended by chapter 132 of the laws of 2016, is amended to read as
follows:
§ 2. This act shall take effect on the thirtieth day after it shall
have become a law and shall expire and be deemed repealed on the first
of December, [2018] 2020.
§ 6. Section 2 of chapter 368 of the laws of 2008, amending the tax
law relating to authorizing the county of Warren to impose an additional
mortgage recording tax, as amended by chapter 190 of the laws of 2016,
is amended to read as follows:
S. 9104 3
§ 2. This act shall take effect immediately and shall expire and be
deemed repealed December 1, [2018] 2020.
§ 7. Section 2 of chapter 218 of the laws of 2009 amending the tax law
relating to authorizing the county of Greene to impose an additional
mortgage recording tax, as amended by chapter 129 of the laws of 2016,
is amended to read as follows:
§ 2. This act shall take effect on the sixtieth day after it shall
have become a law and shall expire and be deemed repealed December 1,
[2018] 2020.
§ 8. Section 2 of chapter 98 of the laws of 2009, amending the tax law
relating to authorizing the county of Cattaraugus to impose an addi-
tional mortgage recording tax, as amended by chapter 303 of the laws of
2015, is amended to read as follows:
§ 2. This act shall take effect immediately and shall expire and be
deemed repealed December 1, [2018] 2021.
§ 9. Section 3 of chapter 105 of the laws of 2009 amending chapter 693
of the laws of 1980 enabling the county of Albany to impose and collect
taxes on occupancy of hotel or motel rooms in Albany county relating to
revenues received from the collection of hotel or motel occupancy taxes,
as amended by chapter 452 of the laws of 2016, is amended to read as
follows:
§ 3. This act shall take effect upon the adoption by the county of
Albany of a local law imposing in such county the additional occupancy
tax authorized by this act and shall expire and be deemed repealed
December 31, [2018] 2020; provided that Albany county shall notify the
legislative bill drafting commission upon the occurrence of the enact-
ment of such local law in order that the commission may maintain an
accurate and timely effective data base of the official text of the laws
of the state of New York in furtherance of effecting the provisions of
section 44 of the legislative law and section 70-b of the public offi-
cers law.
§ 10. Subparagraph (iv) of paragraph (a) of subdivision 3 of section
1903 of the real property tax law, as amended by chapter 152 of the laws
of 2017, is amended to read as follows:
(iv) Notwithstanding any other provision of law, in an approved
assessing unit in the county of Suffolk and for current base proportions
to be determined by taxes based on such approved assessing unit's two
thousand three - two thousand four, two thousand four - two thousand
five and two thousand five - two thousand six assessment rolls, the
current base proportion of any class shall not exceed the adjusted base
proportion or adjusted proportion, whichever is appropriate, of the
immediately preceding year by more than two percent, or in the case of
the two thousand five--two thousand six, two thousand six--two thousand
seven, two thousand seven--two thousand eight, two thousand eight--two
thousand nine, two thousand twelve--two thousand thirteen, two thousand
thirteen--two thousand fourteen, two thousand fourteen--two thousand
fifteen, two thousand fifteen--two thousand sixteen, two thousand
sixteen--two thousand seventeen, [and] two thousand seventeen--two thou-
sand eighteen, AND TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN assess-
ment rolls, one percent. Where the computation of current base
proportions would otherwise produce such result, the current base
proportion of such class or classes shall be limited to such two percent
or one percent increase whichever is applicable, and the legislative
body of such approved assessing unit shall alter the current base
proportion of either class so that the sum of the current base
proportions equals one.
S. 9104 4
§ 11. Subdivision 1 of section 1803-a of the real property tax law is
amended by adding a new paragraph (dd) to read as follows:
(DD) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (C) OF THIS SUBDIVI-
SION TO THE CONTRARY, IN A SPECIAL ASSESSING UNIT WHICH IS A CITY AND
FOR CURRENT BASE PROPORTIONS TO BE DETERMINED IN SUCH SPECIAL ASSESSING
UNIT'S FISCAL YEAR TWO THOUSAND NINETEEN, THE CURRENT BASE PROPORTION OF
ANY CLASS SHALL NOT EXCEED THE ADJUSTED BASE PROPORTION OR ADJUSTED
PROPORTION, WHICHEVER IS APPROPRIATE, OF THE IMMEDIATELY PRECEDING YEAR
BY MORE THAN ONE-HALF OF ONE PERCENT. WHERE THE COMPUTATION PERFORMED
PURSUANT TO PARAGRAPH (B) OF THIS SUBDIVISION WOULD OTHERWISE PRODUCE
SUCH RESULT, THE CURRENT BASE PROPORTION OF SUCH CLASS OR CLASSES SHALL
BE LIMITED TO A ONE-HALF OF ONE PERCENT INCREASE AND THE LEGISLATIVE
BODY OF SUCH SPECIAL ASSESSING UNIT SHALL ALTER THE CURRENT BASE PROPOR-
TION OF ANY OR ALL REMAINING CLASSES SO THAT THE SUM OF THE CURRENT BASE
PROPORTIONS EQUALS ONE.
§ 12. In the event the special assessing unit which is a city has sent
out real property tax bills for its fiscal year 2019 before this act
shall have become a law, the city shall take such actions as are neces-
sary, consistent with applicable state and local law, to effect the
provisions of section eleven of this act, including, but not limited to,
revising the current base proportions and adjusted base proportions,
resetting the real property tax rates and sending amended real property
tax bills. Provided, however, that nothing herein shall be deemed to
affect the obligation of any taxpayer with respect to the payment of any
installment of real property tax for such fiscal year which was due and
payable prior to the date such amended real property tax bills are sent;
for this purpose, such obligations shall be determined in accordance
with the applicable provisions of law that were in effect immediately
prior to the effective date of this act, and such city shall be author-
ized to determine the date on which amended bills are to be sent and the
installments of real property tax which are to be reflected therein.
§ 13. Subdivision 1 of section 1803-a of the real property tax law is
amended by adding a new paragraph (ee) to read as follows:
(EE) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (C) OF THIS SUBDIVI-
SION TO THE CONTRARY, IN A SPECIAL ASSESSING UNIT THAT IS NOT A CITY AND
FOR CURRENT BASE PROPORTIONS TO BE DETERMINED BY TAXES BASED ON SUCH
SPECIAL ASSESSING UNIT'S TWO THOUSAND EIGHTEEN ASSESSMENT ROLL, THE
CURRENT BASE PROPORTION OF ANY CLASS SHALL NOT EXCEED THE ADJUSTED BASE
PROPORTION OR ADJUSTED PROPORTION, WHICHEVER IS APPROPRIATE, OF THE
IMMEDIATELY PRECEDING YEAR BY MORE THAN ONE PERCENT. WHERE THE COMPUTA-
TION PERFORMED PURSUANT TO PARAGRAPH (B) OF THIS SUBDIVISION WOULD
OTHERWISE PRODUCE SUCH RESULT, THE CURRENT BASE PROPORTION OF SUCH CLASS
OR CLASSES SHALL BE LIMITED TO SUCH ONE PERCENT INCREASE AND THE LEGIS-
LATIVE BODY OF SUCH SPECIAL ASSESSING UNIT SHALL ALTER THE CURRENT BASE
PROPORTION OF ANY OR ALL REMAINING CLASSES SO THAT THE SUM OF THE
CURRENT BASE PROPORTIONS EQUALS ONE.
§ 13-a. Paragraph (a) of subdivision 3 of section 1903 of the real
property tax law is amended by adding a new subparagraph (xix) to read
as follows:
(XIX) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, IN AN APPROVED
ASSESSING UNIT IN THE COUNTY OF NASSAU AND FOR CURRENT BASE PROPORTIONS
TO BE DETERMINED BY TAXES BASED ON SUCH APPROVED ASSESSING UNIT'S TWO
THOUSAND EIGHTEEN ROLL, THE CURRENT BASE PROPORTION OF ANY CLASS SHALL
NOT EXCEED THE ADJUSTED BASE PROPORTION OR ADJUSTED PROPORTION, WHICHEV-
ER IS APPROPRIATE, OF THE IMMEDIATELY PRECEDING YEAR, BY MORE THAN ONE
PERCENT, PROVIDED THAT SUCH APPROVED ASSESSING UNIT HAS PASSED A LOCAL
S. 9104 5
LAW, ORDINANCE OR RESOLUTION PROVIDING THEREFOR. WHERE THE COMPUTATION
OF CURRENT BASE PROPORTIONS WOULD OTHERWISE PRODUCE SUCH RESULT, THE
CURRENT BASE PROPORTION OF SUCH CLASS OR CLASSES SHALL BE LIMITED TO
SUCH ONE PERCENT INCREASE AND THE LEGISLATIVE BODY OF SUCH APPROVED
ASSESSING UNIT SHALL ALTER THE CURRENT BASE PROPORTION OF EITHER CLASS
SO THAT THE SUM OF THE CURRENT BASE PROPORTIONS EQUALS ONE.
§ 14. Section 54.30 of the local finance law, as amended by chapter 62
of the laws of 2017, is amended to read as follows:
§ 54.30 Costs of sales; bonds and notes of the city of Buffalo.
Subject to the provisions of chapter one hundred twenty-two of the laws
of two thousand three creating the Buffalo fiscal stability authority,
to facilitate the marketing of any issue of serial bonds or notes of the
city of Buffalo issued on or before June thirtieth, two thousand [eigh-
teen] NINETEEN, such city may, notwithstanding any limitations on
private sales of bonds provided by law, and subject to approval by the
state comptroller of the terms and conditions of such sale: (a) arrange
for the underwriting of its bonds or notes at private sale through nego-
tiated agreement, compensation for such underwriting to be provided by
negotiated fee or by sale of such bonds or notes to an underwriter at a
price of less than the sum of par value of, and the accrued interest on,
such obligations; or (b) arrange for the private sale of its bonds or
notes through negotiated agreement, compensation for such sales to be
provided by negotiated fee, if required. The cost of such underwriting
or private placement shall be deemed a preliminary cost for purposes of
section 11.00 of this article.
§ 15. The opening paragraph of paragraph (a) of section 54.10 of the
local finance law, as amended by chapter 64 of the laws of 2017, is
amended to read as follows:
To facilitate the marketing of any issue of bonds or notes of the city
of New York issued on or before June thirtieth, two thousand [eighteen]
NINETEEN, the mayor and comptroller of such city may, subject to the
approval of the state comptroller and the limitations on private sales
of bonds and notes, respectively, provided by law:
§ 16. The closing paragraph of paragraph a of section 54.90 of the
local finance law, as amended by chapter 64 of the laws of 2017, is
amended to read as follows:
Notwithstanding the foregoing, whenever in the judgment of the finance
board of the city of New York the interest of such city would be served
thereby, the city of New York may without further approval issue bonds
or notes, on or before July fifteenth, two thousand [eighteen] NINETEEN,
with interest rates that vary in accordance with a formula or procedure
and are subject to a maximum rate of interest set forth or referred to
in the bonds or notes and may provide the holders thereof with such
rights to require the city or other persons to purchase such bonds or
notes or renewals thereof from the proceeds of the resale thereof or
otherwise from time to time prior to the final maturity of such bonds or
notes as the finance board of the city of New York may determine and the
city may resell, at any time prior to final maturity, any such bonds or
notes 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 by the city of New York pursuant to this paragraph (other
than bonds and notes (1) bearing interest at rates and for periods of
time that are specified without reference to future events or contingen-
cies, or (2) described in section 136.00 of this article) exceed twen-
ty-five percent of the limit prescribed by section 104.00 of this arti-
cle.
S. 9104 6
§ 17. The opening paragraph of subdivision 1 of paragraph d of section
54.90 of the local finance law, as amended by chapter 64 of the laws of
2017, is amended to read as follows:
On or before July fifteenth, two thousand [eighteen] NINETEEN the
mayor and comptroller of the city of New York may:
§ 18. The opening paragraph of paragraph a of section 57.00 of the
local finance law, as amended by chapter 64 of the laws of 2017, is
amended to read as follows:
Bonds shall be sold only at public sale and in accordance with the
procedure set forth in this section and sections 58.00 and 59.00 of this
title, except as otherwise provided in this paragraph. Bonds may be sold
at private sale to the United States government or any agency or instru-
mentality thereof, the state of New York municipal bond bank agency, to
any sinking fund or pension fund of the municipality, school district or
district corporation selling such bonds, or, in the case of sales by the
city of New York prior to July first, two thousand [eighteen] NINETEEN,
also to the municipal assistance corporation for the city of New York or
to any other purchaser with the consent of the mayor and the comptroller
of such city and approval of the state comptroller, or, in the case of
sales by the county of Nassau prior to December thirty-first, two thou-
sand seven, also to the Nassau county interim finance authority with the
approval of the state comptroller, or, in the case of sales by the city
of Buffalo prior to June thirtieth, two thousand thirty-seven, also to
the Buffalo fiscal stability authority with the approval of the state
comptroller, or, in the case of bonds or other obligations of a munici-
pality issued for the construction of any sewage treatment works, sewage
collecting system, storm water collecting system, water management
facility, air pollution control facility or solid waste disposal facili-
ty, also to the New York state environmental facilities corporation, or,
in the case of bonds or other obligations of a school district or a city
acting on behalf of a city school district in a city having a population
in excess of one hundred twenty-five thousand but less than one million
inhabitants according to the latest federal census, issued to finance or
refinance the cost of school district capital facilities or school
district capital equipment, as defined in section sixteen hundred seven-
ty-six of the public authorities law, also to the dormitory authority of
the state of New York. Bonds of a river improvement or drainage district
established by or under the supervision of the department of environ-
mental conservation may be sold at private sale to the state of New York
as investments for any funds of the state which by law may be invested,
provided, however, that the rate of interest on any such bonds so sold
shall be approved by the water power and control commission and the
state comptroller. Bonds may also be sold at private sale as provided in
section 63.00 of this title. No bonds shall be sold on option or on a
deferred payment plan, except that options to purchase, effective for a
period not exceeding one year, may be given:
§ 19. Subdivision 3 of paragraph g of section 90.00 of the local
finance law, as amended by chapter 64 of the laws of 2017, is amended to
read as follows:
3. Outstanding bonds may, pursuant to a power to recall and redeem or
with the consent of the holders thereof, be exchanged for refunding
bonds (i) if the refunding bonds are to bear interest at a rate equal to
or lower than that borne by the bonds to be refunded or (ii) if, in the
case of the city of New York prior to July first, two thousand [eigh-
teen] NINETEEN, the annual payment required for principal and interest
on the refunding bond is less than the annual payment required for prin-
S. 9104 7
cipal and interest on the bond to be refunded, in each case such annual
payments to be determined by dividing the total principal and interest
payments due over the remaining life of the bond by the number of years
to maturity of the bond or (iii) if the bonds to be refunded were issued
by the city of New York after June thirtieth, nineteen hundred seventy-
eight and prior to July first, two thousand [eighteen] NINETEEN and
contain covenants referring to the existence of the New York state
financial control board for the city of New York or any other covenants
relating to matters other than the prompt payment of principal and
interest on the obligations when due and the refunding bond omits or
modifies any such covenant.
§ 20. Subdivision 8 of paragraph d of section 107.00 of the local
finance law, as amended by chapter 64 of the laws of 2017, is amended to
read as follows:
8. Notwithstanding any other provision of law, the financing by the
city of New York prior to July first, two thousand [eighteen] NINETEEN
of any object or purpose which has a period of probable usefulness
determined by law by the issuance of any bonds or notes, including (i)
the issuance of bonds or notes to obtain reimbursement for funds hereto-
fore advanced for the object or purpose for which the bonds or notes are
being issued, (ii) the issuance of bonds or notes to redeem notes previ-
ously issued for the object or purpose for which the bonds or notes are
being issued or (iii) the issuance of bonds to refund bonds previously
issued for the object or purpose for which bonds are being issued.
§ 21. Subdivision 1 of section 10-a of section 2 of chapter 868 of the
laws of 1975, constituting the New York state financial emergency act
for the city of New York, as amended by chapter 64 of the laws of 2017,
is amended to read as follows:
1. In the event that after the date on which the provisions of this
act become operative, any notes or bonds are issued by the city prior to
July 1, [2018] 2019, or any bonds are issued by a state financing agen-
cy, the state of New York hereby authorizes the city and authorizes and
requires such state financing agency to include a pledge and agreement
of the state of New York in any agreement made by the city or such state
financing agency with holders or guarantors of such notes or bonds that
the state will not take any action which will (a) substantially impair
the authority of the board during a control period, as defined in subdi-
vision twelve of section two of this act as in effect on the date such
notes or bonds are issued (i) to approve, disapprove, or modify any
financial plan or financial plan modification, including the revenue
projections (or any item thereof) contained therein, subject to the
standards set forth in paragraphs a, c, d, e and f of subdivision one of
section eight of this act as in effect on the date such notes or bonds
are issued and paragraph b of such subdivision as in effect from time to
time, (ii) to disapprove a contract of the city or a covered organiza-
tion if the performance of such contract would be inconsistent with the
financial plan or to approve or disapprove proposed short-term or long-
term borrowing of the city or a covered organization or any agreement or
other arrangement referred to in subdivision four of section seven of
this act, or (iii) to establish and adopt procedures with respect to the
deposit in and disbursement from the board fund of city revenues; (b)
substantially impair the authority of the board to review financial
plans, financial plan modifications, contracts of the city or the
covered organizations and proposed short-term or long-term borrowings of
the city and the covered organizations; (c) substantially impair the
independent maintenance of a separate fund for the payment of debt
S. 9104 8
service on bonds and notes of the city; (d) alter the composition of the
board so that the majority of the voting members of the board are not
officials of the state of New York elected in a state-wide election or
appointees of the governor; (e) terminate the existence of the board
prior to the time to be determined in accordance with section thirteen
of this act as in effect on the date such notes or bonds are issued; (f)
substantially modify the requirement that the city's financial state-
ments be audited by a nationally recognized independent certified public
accounting firm or consortium of firms and that a report on such audit
be furnished to the board; or (g) alter the definition of a control
period set forth in subdivision twelve of section two of this act, as in
effect on the date such notes or bonds are issued, or substantially
alter the authority of the board, as set forth in said subdivision to
reimpose or terminate a control period; provided, however, that the
foregoing pledge and agreement shall be of no further force and effect
if at any time (i) there is on deposit in a separate trust account with
a bank, trust company or other fiduciary sufficient moneys or direct
obligations of the United States or obligations guaranteed by the United
States, the principal of and/or interest on which will provide moneys to
pay punctually when due at maturity or prior to maturity by redemption,
in accordance with their terms, all principal of and interest on all
outstanding notes and bonds of the city or such state financing agency
containing this pledge and agreement and irrevocable instructions from
the city or such state financing agency to such bank, trust company or
other fiduciary for such payment of such principal and interest with
such moneys shall have been given, or (ii) such notes and bonds, togeth-
er with interest thereon, have been paid in full at maturity or have
otherwise been refunded, redeemed, defeased, or discharged; and provided
further that the foregoing pledge and agreement shall be of full force
and effect upon its inclusion in any agreement made by the city or state
financing agency with holders or guarantors of such notes or bonds.
Upon payment for such obligations issued pursuant to this act by the
original and all subsequent holders inclusion of the foregoing covenant
shall be deemed conclusive evidence of valuable consideration received
by the state and city for such covenant and of reliance upon such pledge
and agreement by any such holder. The state hereby grants any such bene-
fited holder the right to sue the state in a court of competent juris-
diction and enforce this covenant and agreement and waives all rights of
defense based on sovereign immunity in such an action or suit.
§ 22. Section 5 of chapter 142 of the laws of 2004, amending the local
finance law relating to interest rate exchange agreements of the city of
New York and refunding bonds of such city, as amended by chapter 64 of
the laws of 2017, is amended to read as follows:
§ 5. This act shall take effect immediately, provided, that section
three of this act shall expire and be deemed repealed July 15, [2018]
2019.
§ 23. Section 54.40 of the local finance law, as amended by chapter 44
of the laws of 2017, is amended to read as follows:
§ 54.40 Bonds and notes of the city of Yonkers. Subject to the
provisions of the New York state financial emergency act of nineteen
hundred eighty-four for the city of Yonkers, to facilitate the marketing
of any issue of serial bonds or notes of the city of Yonkers issued on
or before June thirtieth, two thousand [eighteen] NINETEEN, such city
may, notwithstanding any limitations on private sales of bonds provided
by law, and subject to approval by the state comptroller of the terms
and conditions of such sale: (a) arrange for the underwriting of its
S. 9104 9
bonds or notes at private sale through negotiated agreement, compen-
sation for such underwriting to be provided by negotiated fee or by sale
of such bonds or notes to an underwriter at a price of less than the sum
of par value of, and the accrued interest on, such obligations; or (b)
arrange for the private sale of its bonds or notes through negotiated
agreement, compensation for such sales to be provided by negotiated fee,
if required. The cost of such underwriting or private placement shall be
deemed a preliminary cost for purposes of section 11.00 of this article.
§ 24. This act shall take effect immediately; provided, however, that
section thirteen of this act shall apply to the levy of taxes based on
the 2018 assessment roll in a special assessing unit that is not a city
and that section thirteen-a of this act shall apply to the levy of taxes
based on the 2018 assessment roll in approved assessing units in the
county of Nassau that pass a local law, ordinance or resolution to adopt
these provisions.