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S04669 Summary:

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S04669 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4669--B
            Cal. No. 329
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      April 1, 2015
                                       ___________
 
        Introduced  by Sen. CARLUCCI -- 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 -- reported favorably from said  commit-
          tee,  ordered  to first and second report, ordered to a third reading,
          amended and ordered reprinted, retaining its place  in  the  order  of
          third reading
 
        AN ACT in relation to enacting the "village of Suffern 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 Suffern deficit financing act".
     3    § 2. Bonds. The village of Suffern is hereby authorized to issue seri-
     4  al  bonds,  subject  to  the  provisions  of  section 10.10 of the local
     5  finance law, on or before March 31,  2016,  in  an  aggregate  principal
     6  amount  not to exceed five million dollars ($5,000,000) 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  2015, 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
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09955-06-5
        S. 4669--B                          2
 
     1  mayor  of  the  village  of  Suffern shall prepare a quarterly report of
     2  summarized budget data depicting overall trends of actual  revenues  and
     3  budget  expenditures  for  the entire budget rather than individual line
     4  items. Such budgetary reports shall compare revenue estimates and appro-
     5  priations  as  set  forth  in  such  budget with the actual revenues and
     6  expenditures made to date. All such quarterly budgetary reports shall be
     7  accompanied by recommendations of the mayor setting forth  any  remedial
     8  action necessary or desirable to resolve any unfavorable budget variance
     9  including  the  over-estimation  of revenues and the under-estimation of
    10  expenditures. Each such quarterly budgetary report  shall  be  completed
    11  within  thirty days after the end of each quarter and shall be submitted
    12  to each member of the village board  of  the  village  of  Suffern,  the
    13  director  of  the division of the budget, the state comptroller, and the
    14  chairs of the senate finance committee and the assembly ways  and  means
    15  committee.
    16    (b)  For  each fiscal year occurring during the time bonds and/or bond
    17  anticipation notes issued pursuant to  this  act  are  outstanding,  the
    18  mayor  of  the  village  of Suffern shall also prepare a quarterly trial
    19  balance of general and special fund ledger accounts. Each such quarterly
    20  trial balance shall be prepared in accordance  with  generally  accepted
    21  accounting  principles.  Each  such  quarterly  trial  balance  shall be
    22  completed within thirty days after the end of each quarterly period  and
    23  shall  be  submitted to each member of the common council of the village
    24  of Suffern, the director of the division of the budget, the state  comp-
    25  troller, and the chairs of the senate finance committee and the assembly
    26  ways and means committee.
    27    (c)  Within  ninety  days of the issuance of any debt pursuant to this
    28  act and for each fiscal year thereafter during which such  debt  or  any
    29  debt  incurred  to  refund  such  debt  is outstanding, the mayor of the
    30  village of Suffern or other officer  or  officers  responsible  for  the
    31  preparation  of  the  tentative budget of the village of Suffern, within
    32  thirty days after the final adoption of the budget for the next succeed-
    33  ing fiscal year, shall prepare a three-year financial plan covering  the
    34  next  succeeding  fiscal  year  and the two fiscal years thereafter. The
    35  financial plan shall, at minimum, contain the information required to be
    36  provided in a three-year financial plan as prescribed by subdivision  10
    37  of  section  54  of  the state finance law. Copies of the financial plan
    38  shall be provided to the mayor and chief fiscal officers of the  village
    39  of Suffern, the director of the budget, the state comptroller, the chair
    40  of  the  assembly  ways  and means committee and the chair of the senate
    41  finance committee. This financial plan requirement shall  not  apply  to
    42  the  extent  the village of Suffern is subject to a different multi-year
    43  financial plan requirement under state law.
    44    (d) For each fiscal year occurring during the time bonds  and/or  bond
    45  anticipation  notes  issued  pursuant  to  this act are outstanding, the
    46  mayor or chief fiscal officer of the village of Suffern shall notify the
    47  state comptroller at least fifteen days prior to  the  issuance  of  any
    48  bonds  or  notes  or entering into any installment purchase contract and
    49  the state comptroller may review and make recommendations regarding  the
    50  affordability to the village of Suffern of any such proposed issuance or
    51  contract.  The  state  comptroller  may  require  the  submission by the
    52  village of Suffern of such information as the  state  comptroller  shall
    53  deem necessary to complete his or her review.
    54    §  5. Severability clause. If any clause, sentence, paragraph, section
    55  or part of this act shall be adjudged by any court of  competent  juris-
    56  diction to be invalid, such judgment shall not affect, impair or invali-
        S. 4669--B                          3
 
     1  date  the  remainder  thereof, but shall be confined in its operation to
     2  the clause, sentence, paragraph, section or part involved in the contro-
     3  versy in which such judgment shall have been rendered. The provisions of
     4  this  act shall be liberally construed to assist the effectuation of the
     5  public purposes furthered hereby.
     6    § 6. This act shall take effect immediately.