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Senate bill · S9900 (2025-26)

Relates to extending provisions relating to statutory installment bonds

New York State Senate

Same as A10419, the matching bill in the Assembly.

Latest action Aug 28, 2026

Passed as A10419, the matching Assembly bill.

Sponsor: Monica Martinez (State Senator, District 4, Democratic/Working Families)

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From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 23, 2026. About our data

Summary

Relates to extending provisions relating to statutory installment bonds.

Summary from NY Open Legislation. How we handle summaries

Purpose, from the sponsor's memo

Section 1 of the bill would extend until September 30, 2029 the "sunset" provision of Section 2 of Chapter 581 of the Laws of 2005, thereby extending for an additional three years the provisions of Local Finance Law ("LFL") 62.10(c) which authorizes local governments to issue statu- tory installment bonds in an amount not to exceed $20 million to EFC at a fixed rate or, if issued in serial maturities, at a set rate for each individual maturity. Section 2 of the bill provides for an immediate effective date.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Where it stands

Signed into law.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

Committee

Local Government · New York State Senate

Also referred to Local Governments · New York State Assembly.

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The sponsor's argument

Why Monica Martinez says this is needed

EFC administers the Clean Water State Revolving Fund ("CWSRF") and the Drinking Water State Revolving Fund ("DWSRF"). Under these revolving fund programs, EFC provides low cost financial assistance to munici- palities and other entities for water and wastewater infrastructure and other environmental projects. As of June 1, 2025, EFC has issued approx- imately $23 billion in State Revolving Fund Bonds under the CWSRF program and the DWSRF program for the purpose of providing financial assistance to local governments and public benefit corporations. Before 2005, in accordance with the LFL, a borrower receiving EFC financing was required to issue serial bonds to EFC for each maturity; i.e., for a 20-year financing, EFC would receive 20 separate bonds from the community. The issuance of serial bonds caused EFC, and those providing trustee services, excessive servicing cost and substantial time in handling and processing of multiple bonds. This process also resulted in unnecessary bonding costs for EFC's borrowers. A single debt instrument for financings at or under $20 million, such as a statutory installment bond, reduces the costs associated with print- ing, processing and storage. Reduced paper usage achieves environmental benefits, while also reducing the chance of error associated with multi- ple printed bonds. This simplified approach also benefits borrowers in making the financing process more "user friendly" while enhancing the efficient preparation and execution of the bonds.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Recorded votes

  • Vote: Floor vote

    NY SenateJun 4, 2026Result: passedSenate vote on A10419, the matching Assembly bill.

    (60) (0) (0) (3)

  • Vote: Committee vote · Rules

    Senate RulesMay 28, 2026Result: passed

    (21) (0) (0) (0)

  • Vote: Committee vote · Local Government

    Senate Local GovernmentMay 5, 2026Result: passed

    (7) (0) (0) (0)

Full history

  1. Aug 28, 2026

    Signed

    SIGNED CHAP.271

    NY Assembly

  2. Aug 21, 2026

    Sent to the executive

    DELIVERED TO GOVERNOR

    NY Assembly

  3. Jun 4, 2026

    3RD Reading CAL.1423

    3RD READING CAL.1423

    NY Senate

  4. Jun 4, 2026

    Passed a chamber

    PASSED SENATE

    NY Senate

  5. Jun 4, 2026

    Substituted

    SUBSTITUTED FOR S9900

    NY Senate

Show full history (11 earlier events)
  1. May 28, 2026

    In committee

    COMMITTEE DISCHARGED AND COMMITTED TO RULES

    NY Senate

  2. May 28, 2026

    Ordered to Third Reading CAL.1423

    ORDERED TO THIRD READING CAL.1423

    NY Senate

  3. May 5, 2026

    Reported out of committee

    REPORTED AND COMMITTED TO FINANCE

    NY Senate

  4. Apr 28, 2026

    Sent to the executive

    DELIVERED TO SENATE

    NY Assembly

  5. Apr 28, 2026

    Passed a chamber

    PASSED ASSEMBLY

    NY Assembly

  6. Apr 28, 2026

    Referred to committee

    REFERRED TO LOCAL GOVERNMENT

    NY Senate

  7. Apr 23, 2026

    Advanced to Third Reading CAL.382

    ADVANCED TO THIRD READING CAL.382

    NY Assembly

  8. Apr 21, 2026

    Reported out of committee

    REPORTED

    NY Assembly

  9. Apr 13, 2026

    Referred to committee

    REFERRED TO LOCAL GOVERNMENT

    NY Senate

  10. Mar 10, 2026

    Reported out of committee

    REPORTED REFERRED TO WAYS AND MEANS

    NY Assembly

  11. Mar 4, 2026

    Referred to committee

    REFERRED TO LOCAL GOVERNMENTS

    NY Assembly

Read the record