Int 1188-2016
Interest rate charged for the nonpayment of water and sewer charges.
IntroductionFiledCommittee on Financeintroduced 2016-05-25
Filed — closed without being enacted.
Official record · Legistar
Agenda: 2016-05-25Passed: 2017-12-31
Summary
Currently, when the Banking Commission recommends an interest rate for the non-payment of water and sewer rents to the Council, the Banking Commission must propose a rate at least six percent greater than the prevailing interest rate charged for commercial loans extended to prime borrowers by commercial banks operating in the City. This legislation would change that requirement to allow the Banking Commission to propose a rate that is at least equal to such prevailing interest rate.
Committee on Finance — Executive Budget review and Budget modification, Banking Commission, Comptroller's Office, Department of Finance, Independent Budget Office, Office of Administrative Tax Appeal, and fiscal policy and revenue from any source.
How it compares
56% of similar bills passed
28 passed · 22 died
This bill: 584 days in committee
Similar bills: median 159 days · 34 days when passed
Compared against 50 Introduction bills in Committee on Finance.
Ranked by how closely each matches this bill's topic — closest first:
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Sponsors (1)
Lifecycle
IntroducedIntroduced by Council
2016-05-25 · City Council
ActionReferred to Comm by Council
2016-05-25 · City Council
ClosedFiled (End of Session)
2017-12-31 · City Council
Heard at (1)
City Council · 2016-05-25 · 1:30 PM · Council Chambers - City Hall
Attachments (2)
Full text
Be it enacted by the Council as follows:
Section 1. Subdivision c of section 11-312 of the administrative code of the city of New York, as amended by local law 30 of the year 2015, is amended to read as follows:
c. No later than the thirteenth day of May in each year, the banking commission shall transmit a written recommendation to the council of a proposed interest rate to be charged for nonpayment of water rents. In making such recommendations the commission shall consider the prevailing interest rates charged for commercial loans extended to prime borrowers by commercial banks operating in the city and shall propose a rate [of at least six per centum per annum greater than such rates] at least equal to such prevailing interest rate. The council may by resolution adopt an interest rate to be charged for nonpayment of water rents pursuant to section 11-224 of the code and, for nonpayment of water rents that become due and payable on or after July first, two thousand five, pursuant to section 11-224.1 of the code, and may specify in such resolution the date on which such interest rate is to take effect.
�2. Subdivision e of section 11-313 of the administrative code of the city of New York, as amended by local law 30 of the year 2015, is amended to read as follows:
e. No later than the thirteenth day of May in each year, the banking commission shall transmit a written recommendation to the council of a proposed interest rate to be charged for nonpayment of sewer rents. In making such recommendations the commission shall consider the prevailing interest rates charged for commercial loans extended to prime borrowers by commercial banks operating in the city and shall propose a rate [of at least six per centum per annum greater than such rates] at least equal to such prevailing interest rate. The council may by resolution adopt an interest rate to be charged for nonpayment of sewer rents pursuant to section 11-224 of the code and, for nonpayment of sewer rents that become due and payable on or after July first, two thousand five, pursuant to section 11-224.1 of the code, and may specify in such resolution the date on which such interest rate is to take effect.
�3. This local law takes effect immediately.
RC
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