Bill S2374A-2011

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.

Details

Actions

  • 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

Votes

VOTE: COMMITTEE VOTE: - Local Government - Mar 16, 2011
Ayes (8): Martins, Ball, Little, McDonald, Ritchie, Stewart-Cousins, Oppenheimer, Klein

Memo

BILL NUMBER:S2374A

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

PURPOSE OR GENERAL IDEA OF BILL: This bill will allows all municipalities in New York State 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 all municipalities to issue serial bonds in an aggregate principal amount to be determined by 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, by the municipality, of all costs associated with or related to the 2010 Early Retirement Incentive.

Section 2 is the effective date.

JUSTIFICATION: Many municipalities passed local laws in order to opt into the State's retirement incentive program in order to achieve maximum savings for taxpayers.

However, opting into the State's Early Retirement Incentive requires localities to make payments into the New York State Retirement System that are significant.

Because the significant payment in a lump sum will negatively impact localities' budgets, 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.


Text

STATE OF NEW YORK ________________________________________________________________________ 2374--A 2011-2012 Regular Sessions IN 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.

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