S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9915
 
                           I N  A S S E M B L Y
 
                              April 19, 2022
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on Local Governments
 
 AN  ACT  to  amend the local finance law, in relation to installments of
   certain bonds; and to repeal certain provisions of such  law  relating
   thereto
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph b of section 21.00 of the local finance  law,  as
 amended  by  chapter  121  of  the  laws  of 2021, is amended to read as
 follows:
   b. Serial  bonds  shall  mature  in  annual  installments.  The  first
 installment  shall mature not later than [eighteen months after the date
 of such bonds or two years after the date of the first bond anticipation
 note or notes issued in anticipation of such  bonds,  whichever  is  the
 earlier,  provided,  however,  that  until  July fifteenth, two thousand
 twenty-four, the first installment shall  mature  not  later  than]  two
 years  after  the  date of such bonds or two years after the date of the
 first bond anticipation note or notes issued  in  anticipation  of  such
 bonds, whichever is the earlier. However, if bond anticipation notes are
 issued  in  anticipation  of bonds and if a portion of such notes or the
 renewals thereof are redeemed from a source other than the  proceeds  of
 such  bonds  within  two  years  from the date of the first such note or
 notes and a further portion thereof shall be so redeemed  prior  to  the
 termination  of  each  twelve  months'  period  succeeding the date such
 original portion was so redeemed, the first installment  of  such  bonds
 may,  in  the  alternative,  be made to mature not later than five years
 from the date of the first such note or notes.
   § 2. Paragraph b of section 53.00 of the local finance law, as amended
 by chapter 121 of the laws of 2021, is amended to read as follows:
   b. If such bonds or notes are payable in  installments,  the  install-
 ments  remaining  unpaid  may  be called for redemption [only (i) in the
 inverse order of their maturity or, (ii) in equal proportionate amounts;
 provided, however, that for bonds  issued  during  the  one-year  period
 commencing  July  first,  nineteen  hundred  eighty-eight, and for bonds

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14837-01-2
 A. 9915                             2

 issued during  the  one-year  period  commencing  July  first,  nineteen
 hundred  eighty-nine,  and  for  bonds issued during the one-year period
 commencing July first, nineteen hundred ninety,  and  for  bonds  issued
 during  the  three-year  period  commencing July first, nineteen hundred
 ninety-one, and for bonds issued during  the  period  from  July  first,
 nineteen  hundred  ninety-four  up  until  and including July fifteenth,
 nineteen hundred ninety-seven and for bonds  issued  during  the  period
 from  July fifteenth, nineteen hundred ninety-seven up until and includ-
 ing July fifteenth, two thousand, and for bonds issued during the period
 from July fifteenth, two thousand up until and including July fifteenth,
 two thousand three, and for bonds issued during  the  period  from  July
 fifteenth, two thousand three up until and including July fifteenth, two
 thousand  six,  and  for  bonds  issued  during  the  period  from  July
 fifteenth, two thousand six up until and including July  fifteenth,  two
 thousand  nine,  and  for  bonds  issued  during  the  period  from July
 fifteenth, two thousand six up until and including July  fifteenth,  two
 thousand  twelve,  and  for  bonds  issued  during  the period from July
 fifteenth, two thousand nine up until and including July fifteenth,  two
 thousand  fifteen,  and  for  bonds  issued  during the period from July
 fifteenth, two thousand fifteen up until and including  July  fifteenth,
 two  thousand eighteen, and for bonds issued during the period from July
 fifteenth, two thousand eighteen up until and including July  fifteenth,
 two  thousand  twenty-one,  and  for bonds issued during the period from
 July fifteenth, two thousand twenty-one  up  until  and  including  July
 fifteenth,  two  thousand  twenty-four, installments remaining unpaid on
 such bonds may be called for redemption] prior to their date of maturity
 in such amounts, at such times in such manner and pursuant to such terms
 as may be determined by the finance  board  of  a  municipality,  school
 district  or  district  corporation at the time of the issuance thereof.
 Whenever any bonds or notes are called for redemption prior to the  date
 of  their  maturity,  interest  shall cease to be paid thereon after the
 date for redemption set forth in such call for redemption. [The  sum  to
 be  paid  to redeem any unpaid installment prior to its maturity, exclu-
 sive of the interest accruing on such installment to the date of redemp-
 tion, shall in no event be in excess of the lesser amount of either  (i)
 the  par  value  of  such installment plus one-half of one per centum of
 such par value for each calendar year or part thereof  elapsing  between
 the  date  for  redemption set forth in such call for redemption and the
 date of maturity of  such  installment,  provided,  however,  that  such
 amount  shall  not exceed one hundred five per centum of such par value,
 or (ii) the par value of such installment plus the total of  all  unpaid
 interest  on  such installment which would have accrued from the date of
 redemption to the date of maturity thereof had such installment not been
 redeemed prior to maturity, except that bonds sold to the state  of  New
 York  municipal bond bank agency, which are subject to call as hereinbe-
 fore authorized, may provide for the payment of a redemption premium not
 to exceed five per centum of the par value of the bonds  to  be  called,
 payable  on  the date of the redemption thereof; provided, however, that
 for bonds issued during the one-year period commencing July first, nine-
 teen hundred eighty-eight, and for  bonds  issued  during  the  one-year
 period  commencing  July  first,  nineteen  hundred eighty-nine, and for
 bonds issued during the one-year period commencing July first,  nineteen
 hundred  ninety,  and  for  bonds  issued  during  the three-year period
 commencing July first, nineteen hundred ninety-one, and for bonds issued
 during the period from July first, nineteen hundred ninety-four up until
 and including July fifteenth, nineteen  hundred  ninety-seven,  and  for
 A. 9915                             3

 bonds  issued  during  the  period from July fifteenth, nineteen hundred
 ninety-seven up until and including July fifteenth,  two  thousand,  and
 for  bonds issued during the period from July fifteenth, two thousand up
 until  and  including  July fifteenth, two thousand three, and for bonds
 issued during the period from July  fifteenth,  two  thousand  three  up
 until  and  including  July  fifteenth,  two thousand six, and for bonds
 issued during the period from July fifteenth, two thousand six up  until
 and  including  July  fifteenth, two thousand nine, and for bonds issued
 during the period from July fifteenth, two thousand nine  up  until  and
 including  July  fifteenth,  two  thousand  twelve, and for bonds issued
 during the period from July fifteenth, two thousand twelve up until  and
 including  July  fifteenth,  two  thousand fifteen, and for bonds issued
 during the period from July fifteenth, two thousand fifteen up until and
 including July fifteenth, two thousand eighteen, and  for  bonds  issued
 during  the  period  from July fifteenth, two thousand eighteen up until
 and including July fifteenth, two thousand  twenty-one,  and  for  bonds
 issued during the period from July fifteenth, two thousand twenty-one up
 until and including July fifteenth, two thousand twenty-four, a] A muni-
 cipality,  school  district,  or  district  corporation  may provide for
 redemption of such bonds prior to the date of their maturity at a  price
 or  prices  as may be as determined by the issuer of such bonds or notes
 at the time of the issuance thereof.
   § 3. Section 107.00 of the local finance law is REPEALED.
   § 4. This act shall take effect immediately.