Amd Title, 2-4, Chap of 2020 (as proposed in S. 8417 & A. 10492)
 
Relates to expenses related to the state disaster emergency declared pursuant to executive order 202 of 2020; authorizes the extension of repayment of inter-fund advances made for expenses related to the state disaster emergency declared pursuant to executive order 202 of 2020.
STATE OF NEW YORK
________________________________________________________________________
8422
IN SENATE
May 26, 2020
___________
Introduced by Sen. KRUEGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend a chapter of the laws of 2020 amending the local finance
law relating to bond anticipation notes issued in calendar years 2015
through 2021, as proposed in legislative bills numbers S. 8417 and A.
10492, in relation to expenditures and temporary transfer of reserve
funds for expenses related to state disaster emergency declared pursu-
ant to executive order 202 of 2020 and authorizing the extension of
repayment of inter-fund advances made for expenses related to state
disaster emergency declared pursuant to executive order 202 of 2020
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The title of a chapter of the laws of 2020 amending the
2 local finance law relating to bond anticipation notes issued in calendar
3 years 2015 through 2021, as proposed in legislative bills number S. 8417
4 and A. 10492, is amended to read as follows:
5 to amend the local finance law, in relation to bond anticipation notes
6 issued in calendar years 2015 through 2021; to authorize the expenditure
7 and temporary transfer of reserve funds for expenses related to [COVID-
8 19] the state disaster emergency declared pursuant to executive order
9 202 of 2020; and to authorize the extension of repayment of inter-fund
10 advances made for expenses related to [COVID-19] the state disaster
11 emergency declared pursuant to executive order 202 of 2020
12 § 2. Section 2 of a chapter of the laws of 2020 amending the local
13 finance law relating to bond anticipation notes issued in calendar years
14 2015 through 2021, as proposed in legislative bills numbers S. 8417 and
15 A. 10492, is amended to read as follows:
16 § 2. Notwithstanding any provision of sections 6-c or 6-g of the
17 general municipal law or section 3651 of the education law to the
18 contrary, the governing board of a town, village, county, city, water
19 improvement district, sewer improvement district, fire district or
20 school district, by resolution which shall not be subject to referendum
21 requirements, may authorize expenditures from capital reserve funds for
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16492-05-0
S. 8422 2
1 capital costs attributable to the [COVID-19 pandemic] state disaster
2 emergency declared pursuant to executive order 202 of 2020.
3 § 3. Section 3 of a chapter of the laws of 2020 amending the local
4 finance law relating to bond anticipation notes issued in calendar years
5 2015 through 2021, as proposed in legislative bills numbers S. 8417 and
6 A. 10492, is amended to read as follows:
7 § 3. Notwithstanding any provision of the general municipal law, the
8 town law or the education law to the contrary, the governing board of a
9 town, village, county, city, water improvement district, sewer improve-
10 ment district, fire district or school district, by resolution which
11 shall not be subject to referendum requirements, if any, may authorize
12 the temporary transfer of moneys from reserve funds to pay for operating
13 costs attributable to the state disaster emergency declared pursuant to
14 executive order 202 of 2020 or other costs attributable to the [COVID-19
15 pandemic] state disaster emergency declared pursuant to executive order
16 202 of 2020, provided, that the reserve fund from which the funds were
17 temporarily transferred shall be reimbursed from the fund to which the
18 transfer was made over a period of not more than five fiscal years,
19 starting with the fiscal year following the transfer. At least twenty
20 percent of the moneys temporarily transferred shall be reimbursed each
21 fiscal year. Such reimbursement shall include an additional amount
22 reasonably estimated to be the amount that would have been earned on the
23 investment of the transferred moneys had they been retained in the capi-
24 tal reserve fund.
25 § 4. Section 4 of a chapter of the laws of 2020 amending the local
26 finance law relating to bond anticipation notes issued in calendar years
27 2015 through 2021, as proposed in legislative bills numbers S. 8417 and
28 A. 10492, is amended to read as follows:
29 § 4. Notwithstanding the provisions of subdivision 3 of section 9-a of
30 the general municipal law, for inter-fund advances made pursuant to such
31 subdivision for costs attributable to the [COVID-19 pandemic] state
32 disaster emergency declared pursuant to executive order 202 of 2020,
33 repayment of moneys to the fund from which they were advanced shall be
34 made by close of the fiscal year next succeeding the fiscal year in
35 which such advance was made.
36 § 5. This act shall take effect on the same date and in the same
37 manner as a chapter of the laws of 2020 amending the local finance law
38 relating to bond anticipation notes issued in calendar years 2015
39 through 2021, as proposed in legislative bills numbers S. 8417 and A.
40 10492, takes effect.