New York A 9410: Relates to installments of bonds; repealer

Bill Text

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A09410 Summary:

BILL NOA09410 

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SAME ASSAME AS S00273

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SPONSORSolages

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COSPNSR

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MLTSPNSR

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Amd §§21.00 & 53.00, rpld §107.00, Loc Fin L

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Permanently requires that the first installment of serial bonds mature not later than two years after the date of such bonds; provides that principal installments remaining unpaid on 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 corporation at the time of the issuance thereof; repeals provisions that permanently eliminate the requirement that municipalities provide from current funds an amount equal to at least 5% of the estimated cost of each capital improvement (excluding from such cost state or federal grant funding and certain benefited area assessments) prior to the issuance of bonds or bond anticipation notes to finance such capital improvement.

Go to top A09410 Actions:

BILL NOA09410 

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12/19/2025referred to local governments

01/07/2026referred to local governments

Go to topA09410 Committee&nbspVotes:

Go to topA09410 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA09410 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9410

 2025-2026 Regular Sessions

 IN ASSEMBLY

 December 19, 2025
 ___________

 Introduced by M. of A. SOLAGES -- read once and referred to the Commit-
 tee 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:

 1 Section 1. Paragraph b of section 21.00 of the local finance law, as
 2 amended by chapter 167 of the laws of 2024, is amended to read as
 3 follows:
 4 b. Serial bonds shall mature in annual installments. The first
 5 installment shall mature not later than [eighteen months after the date
 6 of such bonds or two years after the date of the first bond anticipation
 7 note or notes issued in anticipation of such bonds, whichever is the
 8 earlier, provided, however, that until July fifteenth, two thousand
 9 twenty-seven, the first installment shall mature not later than] two
 10 years after the date of such bonds or two years after the date of the
 11 first bond anticipation note or notes issued in anticipation of such
 12 bonds, whichever is the earlier. However, if bond anticipation notes are
 13 issued in anticipation of bonds and if a portion of such notes or the
 14 renewals thereof are redeemed from a source other than the proceeds of
 15 such bonds within two years from the date of the first such note or
 16 notes and a further portion thereof shall be so redeemed prior to the
 17 termination of each twelve months' period succeeding the date such
 18 original portion was so redeemed, the first installment of such bonds
 19 may, in the alternative, be made to mature not later than five years
 20 from the date of the first such note or notes.
 21 § 2. Paragraph b of section 53.00 of the local finance law, as amended
 22 by chapter 167 of the laws of 2024, is amended to read as follows:
 23 b. If such bonds or notes are payable in installments, the install-
 24 ments remaining unpaid may be called for redemption [only (i) in the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00872-01-5

 A. 9410 2

 1 inverse order of their maturity or, (ii) in equal proportionate amounts;
 2 provided, however, that for bonds issued during the one-year period
 3 commencing July first, nineteen hundred eighty-eight, and for bonds
 4 issued during the one-year period commencing July first, nineteen
 5 hundred eighty-nine, and for bonds issued during the one-year period
 6 commencing July first, nineteen hundred ninety, and for bonds issued
 7 during the three-year period commencing July first, nineteen hundred
 8 ninety-one, and for bonds issued during the period from July first,
 9 nineteen hundred ninety-four up until and including July fifteenth,
 10 nineteen hundred ninety-seven and for bonds issue