S06478 Summary:

BILL NOS06478
 
SAME ASSAME AS A09211
 
SPONSORBONACIC
 
COSPNSRFARLEY, LARKIN, OPPENHEIMER, SEWARD
 
MLTSPNSR
 
Amd S26.10, Loc Fin L
 
Relates to temporary alternative methods of financing flood relief expenses.
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S06478 Actions:

BILL NOS06478
 
02/14/2012REFERRED TO LOCAL GOVERNMENT
05/23/2012REPORTED AND COMMITTED TO FINANCE
06/12/2012REPORTED AND COMMITTED TO RULES
06/19/2012ORDERED TO THIRD READING CAL.1306
06/19/2012SUBSTITUTED BY A9211
 A09211 AMEND= Magnarelli (MS)
 02/06/2012referred to local governments
 02/14/2012reported referred to ways and means
 03/06/2012reported
 03/08/2012advanced to third reading cal.395
 03/14/2012passed assembly
 03/14/2012delivered to senate
 03/14/2012REFERRED TO LOCAL GOVERNMENT
 06/19/2012SUBSTITUTED FOR S6478
 06/19/20123RD READING CAL.1306
 06/19/2012PASSED SENATE
 06/19/2012RETURNED TO ASSEMBLY
 08/06/2012delivered to governor
 08/17/2012vetoed memo.151
 08/17/2012tabled
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S06478 Floor Votes:

There are no votes for this bill in this legislative session.
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S06478 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6478
 
                    IN SENATE
 
                                    February 14, 2012
                                       ___________
 
        Introduced  by  Sen. BONACIC -- (at request of the State Comptroller) --
          read twice and ordered printed, and when printed to  be  committed  to
          the Committee on Local Government
 
        AN ACT to amend the local finance law, in relation to temporary alterna-
          tive methods of financing flood relief expenses
 
          The  People of the State of New York, represented in Senate and Assem-

        bly, do enact as follows:
 
     1    Section 1. Paragraph a of section 26.10 of the local finance  law,  as
     2  amended  by  chapter  157  of  the  laws  of 2006, is amended to read as
     3  follows:
     4    a. Definitions. 1. With respect to any municipality which has a calen-
     5  dar fiscal year which commenced on the first day of January,  two  thou-
     6  sand  [five]  eleven,  the  terms "extraordinary expenses [for] of flood
     7  relief" and "such extraordinary expenses",  as  used  in  this  section,
     8  shall mean the expenses incurred before the first day of July, two thou-
     9  sand  twelve  for  flood  relief projects involving the public thorough-
    10  fares, public places and projects of such municipality  [during  any  or

    11  all  of  the  months  of  such  year] undertaken as a result of flooding
    12  occurring during two thousand eleven, in excess of the  normal  expenses
    13  which  would  have been incurred for such purposes during such [periods]
    14  period as determined by the finance board of such municipality [and also
    15  any interest payments on revenue anticipation  notes  issued  in  antic-
    16  ipation  of  the  receipt of moneys from the state or federal government
    17  pursuant to any state or federal disaster relief  act].  In  making  any
    18  such  determination,  the  finance  board shall not include as a part of
    19  such extraordinary expenses the salaries and wages of regular employees,
    20  except for overtime work  and  work  on  Sundays  and  holidays.    Such

    21  extraordinary expenses may also include any interest payments on revenue
    22  anticipation  notes issued in anticipation of the receipt of moneys from
    23  the state or federal government as a result of such flooding pursuant to
    24  any state or federal disaster relief act.
    25    2. With respect to any municipality or school  district  which  has  a
    26  fiscal year which commenced in the year two thousand [five] eleven on or
    27  after  the  first  day  of  March in such year, the terms "extraordinary
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14102-02-2

        S. 6478                             2
 

     1  expenses [for] of  flood  relief  [projects]"  and  "such  extraordinary
     2  expenses",  as  used  in  this  section, shall mean the expense incurred
     3  before the first day of July,  two  thousand  twelve  for  flood  relief
     4  projects  involving the public thoroughfares, public places and projects
     5  of such municipality or school district [during such fiscal year] under-
     6  taken as a result of flooding occurring during two thousand  eleven,  in
     7  excess of the amounts appropriated for such purposes in the annual budg-
     8  et  for  such fiscal year, or, if no such appropriations were made, then
     9  in excess of the average of all expenditures for  such  purposes  during
    10  each  of  the  five  preceding  fiscal  years  prior  to the fiscal year

    11  commencing in the year two thousand [five] eleven, as determined by  the
    12  finance board of such municipality or school district.
    13    § 2. Subdivisions 1 and 2 of paragraph b of section 26.10 of the local
    14  finance  law, as amended by chapter 157 of the laws of 2006, are amended
    15  to read as follows:
    16    1. The finance board of a municipality which has a fiscal  year  which
    17  commenced  on  the first day of January, two thousand [five] eleven, may
    18  authorize the issuance of serial bonds [in the] on  or  before  December
    19  thirty-first  two  thousand  [six fiscal year] twelve to provide for the
    20  payment of all or part of the extraordinary  expenses  of  flood  relief
    21  [incurred  during  any  or  all  of the months of two thousand five], to

    22  reimburse any fund or account of the municipality from which  moneys  to
    23  pay  such  extraordinary expenses have been advanced or to replenish any
    24  fund or account  of  the  municipality  from  which  such  extraordinary
    25  expenses  have  been paid, or any combination of such purposes, notwith-
    26  standing that there may have been lack of statutory  authority  for  any
    27  such  advance or payment from such fund or account. The period of proba-
    28  ble usefulness of such objects or purposes shall be five years. Any such
    29  serial bonds shall have a maximum maturity of over two  years,  but  the
    30  date  of  final  maturity of any such issue shall not extend beyond [the
    31  first day of March in the year two thousand eleven as  to  counties  and
    32  towns and shall not extend beyond] the thirty-first day of December, two

    33  thousand [eleven, as to other municipalities] seventeen.
    34    2.  The finance board of a municipality or school district which has a
    35  fiscal year which commenced in the year two thousand [five] eleven on or
    36  after the first day of March in such year may authorize the issuance  of
    37  serial bonds [in the] on or before the thirty-first day of December, two
    38  thousand  [six  fiscal  year,  or  in  its  next succeeding fiscal year]
    39  twelve, to provide for the payment of all or part of  the  extraordinary
    40  expenses  of  flood  relief  [incurred  in  the two thousand five fiscal
    41  year], to reimburse any fund or account of the  municipality  or  school
    42  district  from which moneys to pay such extraordinary expenses have been

    43  advanced or to replenish any fund or  account  of  the  municipality  or
    44  school  district  from which such extraordinary expenses have been paid,
    45  or any combination of such purposes, notwithstanding that there may have
    46  been lack of statutory authority for any such advance  or  payment  from
    47  such  fund or account. The period of probable usefulness of such objects
    48  or purposes shall be five years. Any such  serial  bonds  shall  have  a
    49  maximum  maturity  of  over two years, but the date of final maturity of
    50  any such issue shall not extend beyond the thirty-first day of December,
    51  two thousand [eleven] seventeen.
    52    § 3. This act shall take effect immediately.
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