NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4836
SPONSOR: Weisenberg TITLE OF BILL: An act authorizing the city of Long Beach to issue
bonds
PURPOSE OR GENERAL IDEA OF BILL: This bill would authorize the City of
Long Beach to issue bonds up to $12 million. It would also allow the
City to issue bonds to finance extraordinary expenses resulting from
Superstorm Sandy.
JUSTIFICATION: The City of Long Beach has requested to be able to
issue serial bonds to pay for all or part of the extraordinary expenses
resulting from Hurricane Sandy. The horrific damage which occurred in
the City as a result of Sandy was astronomical. The City also needs to
close the deficit it had at the end of the fiscal year in 2012. They
need to issue serial bonds not to exceed $12 million for the purpose of
liquidating deficits in the general fund, sewer fund, water and risk
management fund.
PRIOR LEGISLATIVE HISTORY: New Bill
FISCAL IMPLICATIONS: None to the State
EFFECTIVE DATE: Immediately
STATE OF NEW YORK
________________________________________________________________________
4836
2013-2014 Regular Sessions
IN ASSEMBLY
February 11, 2013
___________
Introduced by M. of A. WEISENBERG -- read once and referred to the
Committee on Cities
AN ACT authorizing the city of Long Beach to issue bonds
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The city of Long Beach (hereinafter referred to in this act
2 as the "city"), in the county of Nassau, is hereby authorized to issue
3 serial bonds to finance extraordinary expenses resulting from Superstorm
4 Sandy. Extraordinary expenses as used in this section, shall mean the
5 expense incurred for flood relief projects involving the public
6 thoroughfares, public places and projects of the city during the last
7 two months of 2012 and in 2013 which are not eligible to be reimbursed
8 from state or federal government grants all as determined by the city
9 council of the city. Extraordinary expenses shall also include interest
10 on obligations issued in anticipation of the receipt of state and feder-
11 al government payments pursuant to any state or federal disaster relief
12 act. The city council of the city may authorize the issuance of serial
13 bonds to pay for all or part of extraordinary expenses including to
14 reimburse any fund or account of the city from which such extraordinary
15 expenses have been paid. The period of probable usefulness of such
16 objects or purposes shall be ten years.
17 § 2. The city is hereby authorized to issue serial bonds subject to
18 the provisions of section 10.10 of the local finance law, on or before
19 June 30, 2013, in an aggregate principal amount not to exceed twelve
20 million dollars ($12,000,000) for the specific object or purpose of
21 liquidating accumulated deficits in its general fund, sewer fund, water
22 fund and risk management fund as of the close of the fiscal year ending
23 June 30, 2012.
24 § 3. In anticipation of the issuance and sale of such serial bonds,
25 bond anticipation notes are hereby authorized to be issued.
26 § 4. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08260-01-3
