Authorizes the city of Newburgh to issue deficit bonds and notes until December 31, 2012 pursuant to the city of Newburgh fiscal recovery act.

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A7442-2011 Actions

• Jun 20, 2011: substituted by s4938a
• Jun 20, 2011: rules report cal.485
• Jun 20, 2011: reported
• Jun 17, 2011: reported referred to rules
• Jun 16, 2011: reported referred to ways and means
• May 24, 2011: print number 7442a
• May 24, 2011: amend and recommit to cities
• May 4, 2011: referred to cities

A7442-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    7442

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                                 May 4, 2011
                                 ___________

  Introduced by M. of A. KIRWAN -- read once and referred to the Committee
    on Cities

  AN ACT to amend the city of Newburgh fiscal recovery act, in relation to
    extending  the  final authorized date of issuance of deficit bonds and
    notes by such city

    THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section  1. Section 5 of chapter 223 of the laws of 2010, constituting
  the city of Newburgh fiscal recovery act, is amended to read as follows:

    S 5. Deficit bond and deficit note issuance authorization. The city is
  hereby authorized to issue bonds, subject to the provisions of this act,
  on or before [December 31, 2011] AUGUST 30, 2015, in an aggregate  prin-
  cipal amount not to exceed fifteen million dollars ($15,000,000) (exclu-
  sive  of  the costs and expenses incidental to the issuance of the bonds
  authorized to be issued by this section)  for  the  specific  object  or
  purpose  of liquidating actual deficits in its general fund, the special
  revenue fund, and the capital projects fund existing at the close of its
  2010 fiscal year. In anticipation of the issuance of such bonds, deficit
  notes are hereby authorized to be issued.
    S 2. This act shall take effect immediately, provided that the  amend-
  ments  to  the city of Newburgh fiscal recovery act, made by section one
  of this act, shall not affect the expiration and repeal of such act, and
  shall expire and be deemed repealed therewith.



   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD11048-01-1