A10707 Summary:

BILL NOA10707
 
SAME ASSAME AS S07736
 
SPONSORRules (Jaffee)
 
COSPNSRZebrowski, Calhoun, Rabbitt
 
MLTSPNSR
 
 
Enacts the "Rockland county deficit financing act" to authorize the county of Rockland to issue bonds.
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A10707 Actions:

BILL NOA10707
 
06/15/2012referred to local governments
06/20/2012reported referred to ways and means
06/20/2012reported referred to rules
06/21/2012reported
06/21/2012rules report cal.559
06/21/2012ordered to third reading rules cal.559
06/21/2012home rule request
06/21/2012passed assembly
06/21/2012delivered to senate
06/21/2012REFERRED TO RULES
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A10707 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A10707
 
SPONSOR: Rules (Jaffee)
  TITLE OF BILL: An act authorizing the county of Rockland to issue bonds; and providing for the repeal of such provisions upon expiration thereof   PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to authorize the county of Rockland (the "County") to issue up to $80 million of bonds to liquidate the projected accumulated deficit in its general fund for the fiscal year ending December 31, 2010, December 31, 2011 and December 31, 2012.   SUMMARY OF SPECIFIC PROVISIONS: The County is authorized to issue bonds on or before December 31, 2013 in an aggregate principal amount not to exceed $80,000,000 for the specific object or purpose of liquidating the projected accumulated deficit in the general fund of such county for the fiscal year ending December 31, 2010, December 31, 2011 and December 31, 2012. In antic- ipation of the issuance of the bonds authorized to be issued by this act, the issuance and sale of bond anticipation notes are authorized. For each fiscal year during the time bonds and/or notes issued pursuant to this act are outstanding, the County Executive shall submit the proposed budget to the State Comptroller thirty days prior to the sched- uled county legislature's vote on the adoption of the final budget. The State Comptroller shall examine the proposed budget, recommendations and the county shall make adjustments to the proposed budget consistent with any recommendations.   JUSTIFICATION: The County needs state legislative approval to finance the projected accumulated $80 million deficit over a ten year period. The County increased property taxes by 30% in the County's adopted 2012 budget, is currently negotiating with its public employee collective bargaining units to control personnel costs, and is otherwise evaluating its policy options to address significant increases in the costs of state retire- ment fund contributions and unfunded state mandated service costs during this very difficult economic environment for all local governments. The County is also evaluating the operations and possible disposition of its nursing home which requires significant annual operating subsidies. By local law, the County has imposed a multi-year financial planning requirement to facilitate understanding of revenue and expenditure trends and support fiscal management over a multi-year time horizon.   PRIOR LEGISLATIVE HISTORY: None   FISCAL IMPLICATIONS: None   EFFECTIVE DATE: Immediately
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