A00047 Summary:
| BILL NO | A00047 |
| SAME AS | SAME AS S00692 |
| SPONSOR | Gray |
| COSPNSR | |
| MLTSPNSR | |
| Authorizes the town of Massena to issue bonds to cover the cost of pension contributions due by the town for employees of the former Massena Memorial Hospital. | |
A00047 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
TITLE OF BILL: An act to authorize the town of Massena to issue bonds to cover the cost of pension contributions due by the town for employees of the former Massena Memorial Hospital PURPOSE: Allows the Town of Massena to issue bonds not to exceed $5 million to cover the cost of the pension contributions due by the town for employ- ees of the former Massena Memorial Hospital. SUMMARY OF PROVISIONS: Section 1 details the amount and provisions related to the bonding authority of the Town of Massena. Section 2 marks the effective date. JUSTIFICATION: The Town of Massena recently transferred its municipal hospital to St. Lawrence Health Systems with the help of the New York State Department of Health. Unfortunately, there was not sufficient funding to cover all of the outstanding liabilities, including the town's obligations to St. Lawrence County for its workers' compensation insurance and pension liabilities. Though the town used assets and reserves to satisfy the county, the pension liability remains too large for the town to pay from reserves and current revenues. This bill would provide Massena with the ability to bond the liability detailed above and pay the pension system. This would allow the town to pay the bonds over time in an effort to minimize the overall impact on taxpayers. LEGISLATIVE HISTORY: A10409 of 2021-2022; referred to local governments 2023-2024 - Referred to Local Governments EFFECTIVE DATE: This act shall take effect immediately