S2374A-2011 - NY Senate Open Legislation - Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years

Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years for any costs associated with or related to the 2010 Early Retirement Incentive.

Sponsor: STEWART-COUSINS / Co-sponsor(s): OPPENHEIMER, BALL
Law Section: Westchester County

S2374A-2011 Actions

Aug 3, 2011: SIGNED CHAP.387
Jul 22, 2011: DELIVERED TO GOVERNOR
Jun 23, 2011: returned to senate
Jun 23, 2011: passed assembly
Jun 23, 2011: home rule request
Jun 23, 2011: ordered to third reading rules cal.601
Jun 23, 2011: substituted for a3403
Jun 22, 2011: referred to ways and means
Jun 22, 2011: DELIVERED TO ASSEMBLY
Jun 22, 2011: PASSED SENATE
Jun 22, 2011: HOME RULE REQUEST
Jun 22, 2011: AMEND BY RESTORING TO ORIGINAL PRINT 2374
Mar 22, 2011: ADVANCED TO THIRD READING
Mar 21, 2011: 2ND REPORT CAL.
Mar 16, 2011: 1ST REPORT CAL.235
Mar 9, 2011: PRINT NUMBER 2374A
Mar 9, 2011: AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT
Jan 19, 2011: REFERRED TO LOCAL GOVERNMENT

S2374A-2011 Meetings

Local Government: Mar 16, 2011

S2374A-2011 Calendars

S2374A-2011 Votes

VOTE: COMMITTEE VOTE: - Local Government - Mar 16, 2011

Ayes (8): Martins, Ball, Little, McDonald, Ritchie, Stewart-Cousins, Oppenheimer, Klein

VOTE: FLOOR VOTE: - Jun 22, 2011

Ayes (62): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Duane, Espaillat, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Huntley, Johnson, Kennedy, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Valesky, Young, Zeldin

S2374A-2011 Memo

BILL NUMBER:S2374

TITLE OF BILL:
An act
to authorize the county of Westchester to issue serial bonds to finance
certain payments over a period of five years

PURPOSE OR GENERAL IDEA OF BILL:
This bill will allow Westchester County the option to issue bonds to
fund the cost of the 2010 Early Retirement Incentive.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill authorizes the county of Westchester to issue
serial bonds in an aggregate principal amount to be determined by the
Westchester County Board of Legislators, for a period of probable
usefulness not to exceed five years which shall apply to the specific
object or purpose of payment, by the County of Westchester, of all
costs associated with or related to the 2010 Early Retirement
Incentive.

Section 2 is the effective date.

JUSTIFICATION:
On June 25, 2010, the Westchester County Board of Legislators passed
Local Law No. 10 and Local Law 12 of 2010, which authorized
Westchester County and Westchester County Community College to opt
into the State's retirement incentive program in order to achieve
maximum savings for county taxpayers.

However, opting into the State's Early Retirement Incentive requires
Westchester County to make payments into the New York State
Retirement System. Approximately, 400 employees will have taken the
Retirement Incentive and as a result, the payments are significant.

Because the significant payment in a lump sum will negatively impact
the current County budget, Westchester County has requested this
legislation that will allow for the financing of the payments
required by the issuance of bonds payable over a period of time.

FISCAL IMPLICATIONS:
None to the State.

LEGISLATIVE HISTORY:
2010 - S.8513 (Died - Rules)

EFFECTIVE DATE:
This Act shall take effect immediately.

S2374A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 2374--A
 2011-2012 Regular Sessions
 I N  SENATE
 January 19, 2011
 
 Introduced  by  Sens.  STEWART-COUSINS,  OPPENHEIMER  --  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
 

AN ACT to authorize a municipality to  issue  serial  bonds  to  finance
 certain payments over a period of five years
 

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

 

Section 1. All municipalities are hereby authorized  to  issue  serial
 bonds  in  an  aggregate  principal amount to be determined by the local
 governing body of such municipality, for a period of probable usefulness
 not to exceed five years, which shall apply to the  specific  object  or
 purpose  of  payment, of such municipality, of all costs associated with
 or related to the 2010 Early Retirement Incentive.  In  anticipation  of
 the  issuance and sale of such serial bonds, bond anticipation notes are
 hereby authorized to be issued.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07545-04-1

S2374A-2011: Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years