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A05550 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5550
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 28, 2013
                                       ___________
 
        Introduced  by  M. of A. MAGNARELLI, LAVINE, ROBERTS, ROBINSON, LUPARDO,
          RIVERA, ZEBROWSKI, JAFFEE, SKARTADOS, WEISENBERG, OTIS, THIELE, SKOUF-
          IS, COOK -- Multi-Sponsored by -- M. of A. BRENNAN, GLICK,  GOLDFEDER,
          GOTTFRIED,  MAGEE, McDONALD, SWEENEY -- (at request of the State Comp-
          troller) -- read once and referred to the Committee on  Local  Govern-

          ments
 
        AN  ACT  authorizing  the  expenditure and temporary transfer of reserve
          funds for expenses related to the storm commonly known as Sandy
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. Notwithstanding any provision of section 6-c or 6-g of the
     2  general municipal law or section  3651  of  the  education  law  to  the
     3  contrary,  the  governing  board of a town, village, county, city, water
     4  improvement district,  sewer  improvement  district,  fire  district  or
     5  school  district, by resolution which shall not be subject to referendum
     6  requirements, may authorize expenditures from capital reserve funds  for
     7  capital costs attributable to the storm commonly known as Sandy.
     8    §  2.  Notwithstanding any provision of the general municipal law, the

     9  town law or the education law to the contrary, the governing board of  a
    10  town,  village, county, city, water improvement district, sewer improve-
    11  ment district, fire district or school  district,  by  resolution  which
    12  shall  not  be subject to referendum requirements, if any, may authorize
    13  the temporary transfer of moneys from reserve funds to pay for operating
    14  costs attributable to the storm commonly known as Sandy, provided,  that
    15  the reserve fund from which the funds were temporarily transferred shall
    16  be reimbursed from the fund to which the transfer was made over a period
    17  of  not  more  than  five  fiscal  years,  starting with the fiscal year
    18  following the transfer.  At least twenty percent of the moneys temporar-
    19  ily transferred shall be reimbursed each fiscal year.   Such  reimburse-
    20  ment  shall  include an additional amount reasonably estimated to be the

    21  amount that would have been earned on the investment of the  transferred
    22  moneys had they been retained in the capital reserve fund.
    23    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05510-01-3
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