Bill
Bill > A04709
NY A04709
NY A04709Permanently 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 th
summary
Introduced
02/04/2025
02/04/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
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
AI Summary
This bill permanently modifies local finance law regarding serial bonds and their redemption provisions. It requires that the first installment of serial bonds must mature no later than two years after the bond's issuance date or two years after the first bond anticipation note (a temporary financing mechanism) is issued, whichever is earlier. The bill gives municipalities, school districts, and corporations more flexibility in calling bond installments for redemption prior to their maturity, allowing them to determine the amounts, times, manner, and terms of redemption at the time of bond issuance. This change removes previous complex and time-limited restrictions on bond redemption, which previously included specific provisions for bonds issued during certain periods and limitations on redemption premiums. By repealing Section 107.00 of the local finance law, the bill streamlines the legal framework for bond issuance and redemption, potentially providing local government entities with greater financial management flexibility.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
enacting clause stricken (on 09/08/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A4709 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A04709&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A04709 |
Loading...