Bill
Bill > A09410
NY A09410
NY A09410Permanently 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
12/19/2025
12/19/2025
In Committee
01/07/2026
01/07/2026
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 bond redemption, specifically requiring that the first installment of serial bonds mature no later than two years after the bond's issuance date. The bill allows municipalities, school districts, and corporations more flexibility in calling bonds for redemption before their maturity date, giving these entities discretion to determine the amounts, times, and terms of redemption at the time of bond issuance. By removing previous restrictions and time-limited provisions, the bill provides local government finance boards greater autonomy in managing bond installments and redemption processes. The legislation removes specific historical limitations on bond redemption premiums and repeals section 107.00 of the local finance law, which suggests eliminating previous constraints on bond financing practices. The changes aim to provide more administrative flexibility and potentially more efficient financial management for local government entities when issuing and managing serial bonds.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
referred to local governments (on 01/07/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A9410 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A09410&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A09410 |
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