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S05922 Summary:

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S05922 Floor Votes:

S05922 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5922
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                     August 2, 2013
                                       ___________
 
        Introduced  by  Sen.  SKELOS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT authorizing the city of Long Beach to issue bonds
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 

     1    Section 1. The city of Long Beach (hereinafter referred to in this act
     2  as  the  "city"), in the county of Nassau, is hereby authorized to issue
     3  serial bonds to finance extraordinary expenses resulting from Superstorm
     4  Sandy. Extraordinary expenses as used in this section,  shall  mean  the
     5  expense   incurred  for  flood  relief  projects  involving  the  public
     6  thoroughfares, public places and projects of the city  during  the  last
     7  two  months  of 2012 and in 2013 which are not eligible to be reimbursed
     8  from state or federal government grants all as determined  by  the  city
     9  council  of the city. Extraordinary expenses shall also include interest
    10  on obligations issued in anticipation of the receipt of state and feder-
    11  al government payments pursuant to any state or federal disaster  relief
    12  act.  The  city council of the city may authorize the issuance of serial

    13  bonds to pay for all or part  of  extraordinary  expenses  including  to
    14  reimburse  any fund or account of the city from which such extraordinary
    15  expenses have been paid. The  period  of  probable  usefulness  of  such
    16  objects or purposes shall be ten years.
    17    §  2.  The  city is hereby authorized to issue serial bonds subject to
    18  the provisions of section 10.10 of the local finance law, on  or  before
    19  June  30,  2015,  in  an aggregate principal amount not to exceed twelve
    20  million dollars ($12,000,000) for the  specific  object  or  purpose  of
    21  liquidating  accumulated deficits in its general fund, sewer fund, water
    22  fund and risk management fund as of the close of the fiscal year  ending
    23  June 30, 2012.
    24    §  3.  In  anticipation of the issuance and sale of such serial bonds,
    25  bond anticipation notes are hereby authorized to be issued.

    26    § 4. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11646-01-3