STATE OF NEW YORK
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5870
2013-2014 Regular Sessions
IN SENATE
June 18, 2013
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Introduced by COMMITTEE ON RULES -- read twice and ordered printed, and
when printed to be committed to the Committee on Rules
AN ACT authorizing the county of Nassau to issue bonds
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Legislative findings and declaration. The legislature here-
2 by finds and declares that a condition of fiscal difficulties continues
3 to exist in the county of Nassau (hereinafter referred to in this act as
4 the "county"), as evidenced by the declaration of a control period by
5 the Nassau county interim finance authority. In accordance with statuto-
6 ry authority, the Nassau county interim finance authority approved the
7 county's 2012-2015 multi-year financial plan which provides for
8 borrowings by the county in the amount of three hundred five million
9 dollars ($305,000,000) to finance the payment of property tax refunds to
10 facilitate the county's transition to a structurally-balanced budget. It
11 is hereby further found and declared that the undertaking of such
12 borrowings is in the public interest of the county and the state. It is
13 in the public interest and is the policy of this state to assist munici-
14 palities such as the county in attempting to provide, without inter-
15 ruption, services essential to their inhabitants while meeting their
16 obligations to the holders of their outstanding securities. The inabili-
17 ty of the county to finance the payment of property tax refunds would
18 interrupt the provision of essential services to its inhabitants and is
19 a matter of substantial state concern. Providing the county with borrow-
20 ing authorization will avoid this undesirable result and will allow the
21 county to continue to fund essential services.
22 § 2. In addition to the powers granted to the county in any other law,
23 the county is hereby authorized to issue bonds in an aggregate principal
24 amount not to exceed three hundred five million dollars ($305,000,000)
25 to finance the payment of tax certiorari settlements, judgments, claims,
26 awards or determinations of any kind to which it is a party.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11568-01-3
S. 5870 2
1 § 3. Notwithstanding any general, special or local law to the contra-
2 ry, the county is hereby authorized to issue bonds authorized by this
3 act upon the adoption of a bond ordinance by at least a majority vote of
4 the voting strength of the county legislature. In anticipation of the
5 issuance and sale of the bonds authorized by this act, bond anticipation
6 notes are hereby authorized to be issued in the same manner. The
7 provisions of the local finance law shall otherwise be applicable to the
8 issuance of the bonds and bond anticipation notes authorized by this act
9 except to the extent provided in this act.
10 § 4. Notwithstanding any general, special or local law to the contra-
11 ry, the bonds authorized by this act may be issued by the county without
12 approval of the Nassau county interim finance authority. The clerk of
13 the county legislature shall provide a copy of any bond ordinance
14 adopted pursuant to this act to the chairperson of the Nassau county
15 interim finance authority.
16 § 5. Severability. If any provision of this act or if any application
17 thereof to any person or circumstances is held invalid, the remainder of
18 this act and the application of the provision to other persons and
19 circumstances shall not be affected thereby.
20 § 6. This act shall take effect immediately.
