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S07285 Summary:

S07285 Actions:

S07285 Committee Votes:

S07285 Floor Votes:

S07285 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7285--A
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                      May 19, 2023
                                       ___________
 
        Introduced  by  Sen. SKOUFIS -- 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 enacting the "village of  Washingtonville  deficit
          financing act"

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "village of Washingtonville deficit financing act".
     3    §  2.  Bonds. The village of Washingtonville, Orange county, is hereby
     4  authorized to issue serial bonds, subject to the provisions  of  section
     5  10.10  of  the  local finance law, on or before November 30, 2024, in an
     6  aggregate principal amount not to exceed  $4,500,000  for  the  specific
     7  object or purpose of liquidating the accumulated deficits of the general
     8  fund,  water  fund,  sewer  fund and capital projects fund as of May 31,
     9  2023, including the remaining principal amount of any budget, deficiency
    10  and/or revenue anticipation notes outstanding at the time of said  issu-
    11  ance  of  said serial bonds or notes authorized pursuant to this act. In
    12  anticipation of the issuance and sale of such serial bonds, bond  antic-
    13  ipation notes are hereby authorized to be issued.
    14    §  3.  The village shall be subject to the provisions of section 10.10
    15  of the local finance law except that, notwithstanding  any  inconsistent
    16  provision  in paragraph d of section 10.10 of the local finance law, the
    17  village board of trustees shall make adjustments to the proposed  budget
    18  consistent with any recommendations made by the state comptroller.
    19    §  4.  (a) For each fiscal year occurring during the time bonds and/or
    20  bond anticipation notes issued pursuant to this act are outstanding, the
    21  mayor of the village of Washingtonville shall prepare a quarterly report
    22  of summarized budget data depicting overall trends  of  actual  revenues
    23  and  budget  expenditures  for  the entire budget rather than individual
    24  line items. Such budgetary reports shall compare revenue  estimates  and
    25  appropriations  as set forth in such budget with the actual revenues and
    26  expenditures made to date. All such quarterly budgetary reports shall be
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11571-02-3
        S. 7285--A                          2
 
     1  accompanied by recommendations of the mayor setting forth  any  remedial
     2  action necessary or desirable to resolve any unfavorable budget variance
     3  including  the  over-estimation  of revenues and the under-estimation of
     4  expenditures.  Each  such  quarterly budgetary report shall be completed
     5  within 30 days after the end of each quarter and shall be  submitted  to
     6  each  member of the village board of the village of Washingtonville, the
     7  director of the division of the budget, the state comptroller,  and  the
     8  chairs  of  the senate finance committee and the assembly ways and means
     9  committee.
    10    (b) For each fiscal year occurring during the time bonds  and/or  bond
    11  anticipation  notes  issued  pursuant  to  this act are outstanding, the
    12  mayor of the village of Washingtonville shall also prepare  a  quarterly
    13  trial  balance  of  general and special fund ledger accounts.  Each such
    14  quarterly trial balance shall be prepared in accordance  with  generally
    15  accepted  accounting principles. Each such quarterly trial balance shall
    16  be completed within 30 days after the end of each quarterly  period  and
    17  shall be submitted to each member of the village board of the village of
    18  Washingtonville,  the  director of the division of the budget, the state
    19  comptroller, and the chairs of the  senate  finance  committee  and  the
    20  assembly ways and means committee.
    21    (c)  Within  90  days of the issuance of any debt pursuant to this act
    22  and for each fiscal year thereafter during which such debt or  any  debt
    23  incurred to refund such debt is outstanding, the mayor of the village of
    24  Washingtonville  or other officer or officers responsible for the prepa-
    25  ration of the tentative budget of the village of Washingtonville, within
    26  30 days after the final adoption of the budget for the  next  succeeding
    27  fiscal year, shall prepare a three-year financial plan covering the next
    28  succeeding  fiscal  year and the two fiscal years thereafter. The finan-
    29  cial plan shall, at minimum, contain  the  information  required  to  be
    30  provided  in a three-year financial plan as prescribed by subdivision 10
    31  of section 54 of the state finance law. Copies  of  the  financial  plan
    32  shall  be provided to the mayor and chief fiscal officers of the village
    33  of Washingtonville, the director of the budget, the  state  comptroller,
    34  the  chair of the assembly ways and means committee and the chair of the
    35  senate finance committee. This  financial  plan  requirement  shall  not
    36  apply  to  the  extent  the  village  of Washingtonville is subject to a
    37  different multi-year financial plan requirement under state law.
    38    (d) For each fiscal year occurring during the time bonds  and/or  bond
    39  anticipation  notes  issued  pursuant  to  this act are outstanding, the
    40  mayor or chief fiscal officer of the village  of  Washingtonville  shall
    41  notify  the  state comptroller at least 15 days prior to the issuance of
    42  any bonds or notes or entering into any  installment  purchase  contract
    43  and  the state comptroller may review and make recommendations regarding
    44  the affordability to the village of Washingtonville of any such proposed
    45  issuance or contract. The state comptroller may require  the  submission
    46  by the village of Washingtonville of such information as the state comp-
    47  troller shall deem necessary to complete his or her review.
    48    §  5. Severability clause. If any clause, sentence, paragraph, section
    49  or part of this act shall be adjudged by any court of  competent  juris-
    50  diction to be invalid, such judgment shall not affect, impair or invali-
    51  date  the  remainder  thereof, but shall be confined in its operation to
    52  the clause, sentence, paragraph, section or part involved in the contro-
    53  versy in which such judgment shall have been rendered. The provisions of
    54  this act shall be liberally construed to assist the effectuation of  the
    55  public purposes furthered hereby.
    56    § 6. This act shall take effect immediately.