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S07555 Summary:

S07555 Actions:

S07555 Floor Votes:

S07555 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7555
 
                    IN SENATE
 
                                      June 4, 2012
                                       ___________
 
        Introduced  by  Sen. MARTINS -- (at request of the State Comptroller) --
          read twice and ordered printed, and when printed to  be  committed  to
          the Committee on Rules
 
        AN  ACT  to amend the local finance law, in relation to making technical
          amendments to the time frame within which a  governing  board  of  the
          municipality  or school district authorized to incur debt to finance a

          deficit may make adjustments to its proposed budget; updating the list
          of types of obligations which may be issued by municipalities,  school
          districts  or  district  corporations; and to amend chapter 386 of the
          laws of 2010, amending the local finance law relating to  the  private
          sale of bonds, in relation to eliminating the expiration and repeal of
          such provisions
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Paragraph d of section 10.10 of the local finance  law,  as
     2  added by chapter 341 of the laws of 2007, is amended to read as follows:
     3    d.  beginning  with  the  fiscal year during which the municipality or
     4  school district is authorized to incur debt to finance the  deficit,  to
     5  and  including  the  last fiscal year during which such debt or any debt

     6  incurred to refund such debt is outstanding, the chief executive officer
     7  or other individual or individuals responsible for  the  preparation  of
     8  the  tentative budget, or in the case of a town, the preliminary budget,
     9  shall submit the tentative or preliminary budget for the next succeeding
    10  fiscal year to the state comptroller  and,  in  the  case  of  a  school
    11  district,  also  to  the commissioner of education, no later than thirty
    12  days before the date scheduled for the governing  board's  vote  on  the
    13  adoption of the final budget or the last date on which the budget may be
    14  finally  adopted, whichever is sooner. The state comptroller and, in the
    15  case of a school district, the commissioner of education, shall  examine
    16  such proposed budget and make such recommendations as deemed appropriate
    17  thereon  to the municipality or school district prior to the adoption of

    18  the budget, but no later than ten days before the date scheduled for the
    19  governing board's vote on the adoption of the final budget or  the  last
    20  date  on  which  the  budget  must be adopted, whichever is sooner. Such
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14996-01-2
        S. 7555                             2
 
     1  recommendations shall be made after examination into  the  estimates  of
     2  revenues  and  expenditures of such municipality or school district. The
     3  governing board of the municipality or school district,  no  later  than
     4  five  days  prior  to  the adoption of the budget, shall review any such
     5  recommendations and may make adjustments to its proposed budget consist-

     6  ent with any recommendations made by the state comptroller and,  in  the
     7  case  of  a  school  district, by the commissioner of education[, within
     8  fifteen days after receipt of any such recommendations]. Any recommenda-
     9  tions that the board rejects shall be explained in writing to the  state
    10  comptroller and, in the case of recommendations made by the commissioner
    11  of  education,  to the commissioner. The action or inaction of the state
    12  comptroller or the commissioner of education under  this  section  shall
    13  not be construed to affect the legal validity of any budget of the muni-
    14  cipality  or  school  district nor to affect the powers or duties of the
    15  municipality or school district with respect to the local  budget  proc-
    16  ess, provided, however, that the municipality or school district may not
    17  issue  bonds  for  any object or purpose unless and until adjustments to

    18  its proposed budget consistent with  any  recommendations  made  by  the
    19  state  comptroller and, in the case of a school district, by the commis-
    20  sioner of education, are made, or  any  such  recommendations  that  are
    21  rejected have been explained in writing to the state comptroller and, in
    22  the case of school districts, the commissioner of education.
    23    §  2. Paragraph a of section 20.00 of the local finance law is amended
    24  by adding a new subdivision 12 to read as follows:
    25    12. Deficiency notes.
    26    § 3. Section 14 of chapter 386 of the laws of 2010, amending the local
    27  finance law relating to the private sale of bonds, is amended to read as
    28  follows:
    29    § 14. This act shall take effect immediately[; provided, however, that
    30  the provisions of sections two, three, four and five of this  act  shall

    31  expire  June 1, 2012 when upon such date the provisions of such sections
    32  shall be deemed repealed].
    33    § 4. This act shall take effect  immediately;  provided,  however,  if
    34  section  three  of  this act shall become a law on or after June 1, 2012
    35  such section shall take effect immediately and shall be deemed  to  have
    36  been in full force and effect on and after June 1, 2012.