Authorizes the town of Fishkill to issue serial bonds in an amount not to exceed $6,500,000 for the purpose of liquidating an actual deficit in the general fund and highway fund, if approved by a majority of the electors of such town at a mandatory referendum.
STATE OF NEW YORK
________________________________________________________________________
8141--B
IN SENATE
June 11, 2010
___________
Introduced by Sen. SALAND -- 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 -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to authorize the town of Fishkill 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 town of Fishkill (hereinafter the "town"), in the
2 county of Dutchess, is hereby authorized to issue serial bonds, subject
3 to the provisions of section 10.10 of the local finance law, on or
4 before December 31, 2011, in an aggregate principal amount not to exceed
5 six million five hundred thousand dollars ($6,500,000) for the specific
6 object or purpose of liquidating an actual deficit (hereinafter the
7 "deficit") in its general fund and highway fund accumulated as of the
8 close of its fiscal year ending December 31, 2010. Any action of the
9 town board authorizing the issuance of such serial bonds shall not take
10 effect until approved by the affirmative vote of a majority of the elec-
11 tors of the town voting thereon. The mandatory referendum shall be on a
12 date to be selected by resolution of the town board, but shall be no
13 later than November 2, 2010. In anticipation of the issuance and sale of
14 such serial bonds, bond anticipation notes are hereby authorized to be
15 issued.
16 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD17716-06-0
