S T A T E   O F   N E W   Y O R K
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                                  9211

                          I N  A S S E M B L Y

                            February 6, 2012
                               ___________

Introduced by M. of A. MAGNARELLI, LUPARDO, GUNTHER, BRINDISI, GOLDFEDER
  --  (at request of the State Comptroller) -- read once and referred to
  the Committee on Local Governments

AN ACT to amend the local finance law, in relation to temporary alterna-
  tive methods of financing flood relief expenses

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

  Section  1.  Paragraph a of section 26.10 of the local finance law, as
amended by chapter 157 of the laws  of  2006,  is  amended  to  read  as
follows:
  a. Definitions. 1. With respect to any municipality which has a calen-
dar  fiscal  year which commenced on the first day of January, two thou-
sand [five] ELEVEN, the terms "extraordinary  expenses  [for]  OF  flood
relief"  and  "such  extraordinary  expenses",  as used in this section,
shall mean the expenses incurred BEFORE THE FIRST DAY OF JULY, TWO THOU-
SAND TWELVE for flood relief projects  involving  the  public  thorough-
fares,  public  places  and projects of such municipality [during any or
all of the months of such year]  UNDERTAKEN  AS  A  RESULT  OF  FLOODING
OCCURRING  DURING  TWO THOUSAND ELEVEN, in excess of the normal expenses
which would have been incurred for such purposes during  such  [periods]
PERIOD as determined by the finance board of such municipality [and also
any  interest  payments  on  revenue anticipation notes issued in antic-
ipation of the receipt of moneys from the state  or  federal  government
pursuant  to  any  state  or federal disaster relief act]. In making any
such determination, the finance board shall not include  as  a  part  of
such extraordinary expenses the salaries and wages of regular employees,
except  for  overtime  work  and  work  on  Sundays and holidays.   SUCH
EXTRAORDINARY EXPENSES MAY ALSO INCLUDE ANY INTEREST PAYMENTS ON REVENUE
ANTICIPATION NOTES ISSUED IN ANTICIPATION OF THE RECEIPT OF MONEYS  FROM
THE STATE OR FEDERAL GOVERNMENT AS A RESULT OF SUCH FLOODING PURSUANT TO
ANY STATE OR FEDERAL DISASTER RELIEF ACT.
  2.  With  respect  to  any municipality or school district which has a
fiscal year which commenced in the year two thousand [five] ELEVEN on or
after the first day of March in  such  year,  the  terms  "extraordinary

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

                                                           LBD14102-02-2

A. 9211                             2

expenses  [for]  OF  flood  relief  [projects]"  and "such extraordinary
expenses", as used in this section,  shall  mean  the  expense  incurred
BEFORE  THE  FIRST  DAY  OF  JULY,  TWO THOUSAND TWELVE for flood relief
projects  involving the public thoroughfares, public places and projects
of such municipality or school district [during such fiscal year] UNDER-
TAKEN AS A RESULT OF FLOODING OCCURRING DURING TWO THOUSAND  ELEVEN,  in
excess of the amounts appropriated for such purposes in the annual budg-
et  for  such fiscal year, or, if no such appropriations were made, then
in excess of the average of all expenditures for  such  purposes  during
each  of  the  five  preceding  fiscal  years  prior  to the fiscal year
commencing in the year two thousand [five] ELEVEN, as determined by  the
finance board of such municipality or school district.
  S 2. Subdivisions 1 and 2 of paragraph b of section 26.10 of the local
finance  law, as amended by chapter 157 of the laws of 2006, are amended
to read as follows:
  1. The finance board of a municipality which has a fiscal  year  which
commenced  on  the first day of January, two thousand [five] ELEVEN, may
authorize the issuance of serial bonds [in the] ON  OR  BEFORE  DECEMBER
THIRTY-FIRST  two  thousand  [six fiscal year] TWELVE to provide for the
payment of all or part of the extraordinary  expenses  of  flood  relief
[incurred  during  any  or  all  of the months of two thousand five], to
reimburse any fund or account of the municipality from which  moneys  to
pay  such  extraordinary expenses have been advanced or to replenish any
fund or account  of  the  municipality  from  which  such  extraordinary
expenses  have  been paid, or any combination of such purposes, notwith-
standing that there may have been lack of statutory  authority  for  any
such  advance or payment from such fund or account. The period of proba-
ble usefulness of such objects or purposes shall be five years. Any such
serial bonds shall have a maximum maturity of over two  years,  but  the
date  of  final  maturity of any such issue shall not extend beyond [the
first day of March in the year two thousand eleven as  to  counties  and
towns and shall not extend beyond] the thirty-first day of December, two
thousand [eleven, as to other municipalities] SEVENTEEN.
  2.  The finance board of a municipality or school district which has a
fiscal year which commenced in the year two thousand [five] ELEVEN on or
after the first day of March in such year may authorize the issuance  of
serial bonds [in the] ON OR BEFORE THE THIRTY-FIRST DAY OF DECEMBER, two
thousand  [six  fiscal  year,  or  in  its  next succeeding fiscal year]
TWELVE, to provide for the payment of all or part of  the  extraordinary
expenses  of  flood  relief  [incurred  in  the two thousand five fiscal
year], to reimburse any fund or account of the  municipality  or  school
district  from which moneys to pay such extraordinary expenses have been
advanced or to replenish any fund or  account  of  the  municipality  or
school  district  from which such extraordinary expenses have been paid,
or any combination of such purposes, notwithstanding that there may have
been lack of statutory authority for any such advance  or  payment  from
such  fund or account. The period of probable usefulness of such objects
or purposes shall be five years. Any such  serial  bonds  shall  have  a
maximum  maturity  of  over two years, but the date of final maturity of
any such issue shall not extend beyond the thirty-first day of December,
two thousand [eleven] SEVENTEEN.
  S 3. This act shall take effect immediately.