BILL NUMBER: S9417
SPONSOR: MARTINEZ
 
TITLE OF BILL:
An act to amend the local finance law and chapter 419 of the laws of
1991, amending the local finance law and other laws relating to provid-
ing relief to local governments for certain mandated programs and
services, in relation to local government borrowing practices and
mandate relief
 
SUMMARY OF PROVISIONS::
Section one of the bill would amend paragraph b of section 21.00 of the
Local Finance Law to extend, until July 15, 2027, a provision authoriz-
ing municipalities, school districts, and district corporations to pay
the first installment on an issue of serial bonds two years after the
date of issuance 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 earlier.
Section two of this bill would amend paragraph b of section 53.00 of the
Local Finance Law to extend, until July 15, 2027, the authorization to
redeem bonds prior to maturity in such amount. in such manner, at such
times, and upon such terms as may be determined by the finance board of
the municipality, school district, or district corporation at the time
of issuance of such bonds, and at such prices as may be determined by
the issuer at the time of issuance.
Section three of this bill would amend paragraph a of section 54.90 of
the Local Finance Law to extend, until July 15, 2027, municipal authori-
zation to issue variable rate bonds and notes.
Section four of this bill would amend subdivision 9 of paragraph d of
section 107.00 of the Local Finance Law to extend, until July 15, 2027,
the suspension of the five percent down payment requirement applicable
to bonds or notes in certain circumstances.
Section five of this bill would amend subdivisions a and e of section 81
of chapter 413 of the laws of 1991, to extend, until July 15, 2027,
several provisions of chapter 413 relating to the use of installment
contracts, as currently authorized by section 109-b of the General
Municipal Law; variable rate obligations, pursuant to paragraph 5 of
section 51.00 of the Local Finance Law; original issue discount bonds,
pursuant to paragraph f of section 57.00 of the Local Finance Law: and
the promulgation of rules by the State Comptroller regarding the
approval of negotiated sales of bonds and notes, as provided for in
section 57.10 of the Local Finance Law.
 
REASONS FOR SUPPORT::
The provisions that this legislation seeks to extend were enacted to
provide municipalities with expanded debt issuance and management
options. The extension of these provisions will ensure that munici-
palities continue to realize financial flexibility. By extending these
provisions until July 15, 2027, this legislation also reserves the
Legislature's ability to review the continued implementation of these
provisions in light of changing fiscal conditions.
Accordingly, the Mayor urges the earliest possible favorable consider-
ation of this proposal by the Legislature.

Statutes affected:
S9417: 21.00 local finance law, 53.00 local finance law