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S07050 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                        7050--A

                                   I N  S E N A T E

                                    April 21, 2014
                                      ___________

       Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
         printed to be committed  to  the  Committee  on  Local  Government  --
         committee  discharged,  bill amended, ordered reprinted as amended and
         recommitted to said committee

       AN ACT in relation to the town of Eagle, county of Wyoming wind project

         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section  1.  Legislative  findings  and intent. The legislature hereby
    2  finds that when the town of Eagle  wind  project  PILOT  ends,  it  will
    3  create  a sudden gap in the town's tax revenues. As the current revenues
    4  from this project completely cover all of the town's taxes, the  end  of
    5  this  project will create a serious financial burden on the town's prop-
    6  erty taxpayers. To ameliorate this  burden,  the  legislature  finds  it
    7  necessary to exempt the town of Eagle from certain provisions of section
    8  6-e  of  the general municipal law for a limited period of time to allow
    9  the town to phase in the new property tax burden.
   10    S 2. 1. It is hereby found and determined  that  the  town  of  Eagle,
   11  county  of  Wyoming, exceeded its maximum appropriation for payment into
   12  the contingency and tax stabilization reserve fund pursuant to  subdivi-
   13  sion  3 of section 6-e of the general municipal law where the balance of
   14  the fund exceeded ten percent of the  eligible  portion  of  the  annual
   15  budget for fiscal year 2013-2014.
   16    2. Notwithstanding the defects described in subdivision one of section
   17  two  of  this  act,  to the extent that the town of Eagle exceeded their
   18  maximum appropriation, such amounts are hereby legalized, validated, and
   19  ratified.
   20    S 3. Notwithstanding subdivision 3 and paragraph e of subdivision 4 of
   21  section 6-e of the general municipal law, the town of  Eagle  is  hereby
   22  authorized  to appropriate an amount up to fifteen percent of the eligi-
   23  ble portion of the annual budget for  the  fiscal  year  for  which  the
   24  appropriation  would  be made into the contingency and tax stabilization
   25  reserve fund.
   26    S 4. Notwithstanding paragraph d of subdivision 4 of  section  6-e  of
   27  the  general  municipal  law,  the town of Eagle is hereby authorized to

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14737-02-4
       S. 7050--A                          2

    1  utilize an amount up to fifty percent of any fiscal year's annual budget
    2  from the contingency and tax stabilization reserve  fund  to  lessen  or
    3  prevent  any  projected real property tax increase needed to finance the
    4  eligible  portion  of  the  annual budget for the next succeeding fiscal
    5  year. This amount may be expended from such  fund  until  such  fund  is
    6  wholly  depleted  or  ten  years  after  the effective date of this act,
    7  whichever occurs first.
    8    S 5. This act shall take effect immediately provided that  once  PILOT
    9  payments  are  no  longer  received  pursuant  to the town of Eagle wind
   10  project PILOT, the authority of the town of Eagle under section three of
   11  this act shall terminate; and, provided, further that  section  four  of
   12  this  act shall take effect upon the final PILOT payment received by the
   13  town of Eagle under the town of Eagle wind project PILOT.
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