STATE OF NEW YORK ________________________________________________________________________ 5056 2023-2024 Regular Sessions IN ASSEMBLY March 1, 2023 ___________ Introduced by M. of A. CONRAD, THIELE -- (at request of the State Comp- troller) -- read once and referred to the Committee on Local Govern- ments AN ACT to amend the local finance law, in relation to extending the exclusion of indebtedness contracted for sewage facilities The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraphs a and c of section 124.10 of the local finance 2 law, as amended by chapter 150 of the laws of 2014, are amended to read 3 as follows: 4 a. In ascertaining the power of a municipality to contract indebt- 5 edness, there may be excluded any outstanding indebtedness contracted by 6 such municipality on or after January first, nineteen hundred sixty-two, 7 and prior to January first, two thousand [twenty-four] thirty-four, for 8 the construction or reconstruction of facilities for the conveyance, 9 treatment and disposal of sewage. 10 c. The term indebtedness, as used in this section, shall include 11 indebtedness evidenced by obligations issued on or after January first, 12 two thousand [twenty-four] thirty-four for the purpose of financing any 13 indebtedness contracted for the purposes and within the period specified 14 in paragraph a of this section. 15 § 2. Paragraph 4-a of section 136.00 of the local finance law, as 16 amended by chapter 150 of the laws of 2014, is amended to read as 17 follows: 18 4-a. Indebtedness for sewage facilities. In the case of a munici- 19 pality, the amount of outstanding indebtedness contracted on or after 20 January first, nineteen hundred sixty-two, and prior to January first, 21 two thousand [twenty-four] thirty-four, for the construction or recon- 22 struction of facilities for the conveyance, treatment and disposal of 23 sewage. The amount of such indebtedness to be deducted shall be ascer- 24 tained pursuant to section 124.10 of this chapter. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09517-01-3
A. 5056 2 1 § 3. This act shall take effect on the effective date of the amend- 2 ments to the constitution contained in the concurrent resolution enti- 3 tled "CONCURRENT RESOLUTION OF THE SENATE AND THE ASSEMBLY proposing an 4 amendment to section 5 of article 8 of the constitution, in relation to 5 the exclusion of indebtedness contracted for sewage facilities" as 6 proposed in legislative bills numbers S. 4597 and A. 3776 takes effect, 7 in accordance with article 19 of the constitution.