NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9690
SPONSOR: Maher TITLE OF BILL:
An act to amend the village of Washingtonville deficit financing act, in
relation to the issuance of certain bonds
PURPOSE:
Extends the dates allowing the Village of Washingtonville in Orange
County to issue serial bonds and extends the date up to which the
Village can use the funds to address accumulated deficits in the general
fund, water fund, sewer fund, and capital projects fund.
SUMMARY OF PROVISIONS:
Section 1. Amends Section 2 of chapter 206 of the laws of 2023, consti-
tuting the Village of Washingtonville deficit financing act.
Section 2. Sets the effective date
JUSTIFICATION:
In 2023, the legislature passed the 'Village of Washingtonville deficit
financing act," which was signed into law on July, 19, 2023. The law
allowed the Village of Washingtonville to issue serial bonds, subject to
the provisions of section 10.10 of the local finance law, on or before
November 30, 2024, in an aggregate principal amount not to exceed
$4,500,000 for the specific object or purpose of liquidating the accumu-
lated deficits of the general fund, water fund, sewer fund and capital
projects fund.
The Village does not believe it will have the outstanding audits
completed in time to issue bonds by November 30, 2024. As such, in early
2024, they have requested legislation to extend the dates to allow them
to issue serial bonds and extend the date up to which the Village can
use the funds to address accumulated deficits in the general fund, water
fund, sewer fund, and capital projects fund.
LEGISLATIVE HISTORY:
New Bill
FISCAL IMPLICATIONS:
None to the State.
EFFECTIVE DATE:
This act shall take effect immediately.
