S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10492
 
                           I N  A S S E M B L Y
 
                               May 22, 2020
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Thiele) --
   (at request of the State Comptroller) -- read once and referred to the
   Committee on Local Governments
 
 AN ACT to amend the local finance law, in relation to bond  anticipation
   notes  issued  in  calendar  years 2015 through 2021; to authorize the
   expenditure and temporary  transfer  of  reserve  funds  for  expenses
   related  to  COVID-19;  and to authorize the extension of repayment of
   inter-fund advances made for expenses related to COVID-19
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph 2 of paragraph b of section 23.00 of the local
 finance  law,  as amended by chapter 264 of the laws of 2012, is amended
 to read as follows:
   2. renewals of bond anticipation notes issued originally during calen-
 dar [year two thousand seven or two thousand eight] YEARS  TWO  THOUSAND
 FIFTEEN  THROUGH  TWO THOUSAND TWENTY-ONE, INCLUSIVE may not extend more
 than seven years beyond the original date of issue of such  bond  antic-
 ipation notes.
   §  2.  Notwithstanding  any  provision  of  sections 6-c or 6-g of the
 general municipal law or section  3651  of  the  education  law  to  the
 contrary,  the  governing  board of a town, village, county, city, water
 improvement district,  sewer  improvement  district,  fire  district  or
 school  district, by resolution which shall not be subject to referendum
 requirements, may authorize expenditures from capital reserve funds  for
 capital costs attributable to the COVID-19 pandemic.
   §  3.  Notwithstanding any provision of the general municipal law, the
 town law or the education law to the contrary, the governing board of  a
 town,  village, county, city, water improvement district, sewer improve-
 ment district, fire district or school  district,  by  resolution  which
 shall  not  be subject to referendum requirements, if any, may authorize
 the temporary transfer of moneys from reserve funds to pay for operating
 costs or other costs attributable to the  COVID-19  pandemic,  provided,
 that  the reserve fund from which the funds were temporarily transferred
 shall be reimbursed from the fund to which the transfer was made over  a
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD16492-01-0

 A. 10492                            2
 
 period of not more than five fiscal years, starting with the fiscal year
 following  the transfer. At least twenty percent of the moneys temporar-
 ily transferred shall be reimbursed each fiscal year. Such reimbursement
 shall include an additional amount reasonably estimated to be the amount
 that  would have been earned on the investment of the transferred moneys
 had they been retained in the capital reserve fund.
   § 4. Notwithstanding the provisions of subdivision 3 of section 9-a of
 the general municipal law, for inter-fund advances made pursuant to such
 subdivision for costs attributable to the COVID-19  pandemic,  repayment
 of  moneys  to  the  fund from which they were advanced shall be made by
 close of the fiscal year next succeeding the fiscal year in  which  such
 advance was made.
   § 5. This act shall take effect immediately.