Relates to extending provisions relating to statutory installment bonds

2025 Regular Session Introduced by Michaelle Solages

Extends the statutory framework for local governments to issue and manage statutory installment bonds, ensuring continued financing of capital projects without interruption.

RETURNED TO ASSEMBLY

Summary of Bill A 10419 (2025-2026 Session, New York)

Purpose and Intent

The bill relates to extending provisions governing statutory installment bonds. The core aim is to prolong or renew existing statutory framework that governs the issuance and administration of installment bonds by local governments, addressing timing, procedural, or fiscal aspects to ensure continued ability to finance projects through installment payments.

Key Provisions and Changes

Extension of Provisions: The bill extends the statutory framework that governs statutory installment bonds. While the specific text is not provided here, such extensions typically involve:

Continuing validity of current statutes governing issuance, repayment terms, and security for statutory installment bonds.
Potential adjustments to deadlines, sunset clauses, or transitional provisions to maintain continuity.

Administrative and Procedural Adjustments: May include clarifications or updates to how bonds are issued, how payments are collected, and how bond proceeds are administered.

Local Government Focus: The bill appears to target municipalities or local governments that rely on statutory installment bonds to finance capital projects, infrastructure, or public works.

Who is Affected

Local governments and public authorities that issue statutory installment bonds.

Taxpayers and residents impacted by debt issuance decisions and property tax or user-fee implications associated with bonded projects.

Financial professionals, lenders, and bond counsel involved in the issuance and management of such bonds.

Procedural and Timeline Aspects

Legislative Journey:

Referred to Local Government committee (4/28/2026) and advanced through related committee stages.
Passed the Assembly (4/28/2026).
Delivered to the Senate and referred to Local Government (4/28/2026).
Re-referred and reported through Ways and Means (3/10/2026) and other stages.
Substituted for another bill (S9900) and moved to third reading (6/4/2026).
Passed the Senate (6/4/2026) and returned to the Assembly, indicating ongoing reconciliation between chambers.

Status: As of the latest action, the bill has progressed to conference or final passage steps after being substituted and moving between houses.

Sponsorship

Primary/Co-sponsor: Michaelle Solages (Co-sponsor).

Practical Implications

If enacted, the extension would provide certainty for local governments relying on statutory installment bonds, allowing ongoing financing of capital projects without interruption.

Could influence debt management strategies, debt service schedules, and budgeting for municipalities.

Taxpayers may see long-term implications in terms of local government capital improvements and potential impact on property taxes or user fees, depending on how the bonds are structured and secured.

Note

Specific textual changes, dollar amounts, interest rates, maturities, and detailed transitional provisions are not provided in the summary. For precise effect, the bill’s enacted language or fiscal notes should be consulted.