This bill has been amended

Bill S4450-2013

Authorizes the town of Stockport to transfer reserve funds to the Water Fund for repayment of a loan from the Town Sewer #1 Fund

Authorizes the town of Stockport to transfer reserve funds to the Water Fund for repayment of a loan from the Town Sewer No. 1 Fund.

Details

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  • Apr 1, 2013: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S4450

TITLE OF BILL: An act authorizing the town of Stockport to transfer reserve funds to the Water Fund for repayment of a loan from the Town Sewer 1 Fund

PURPOSE: To authorize the Town of Stockport to transfer capital reserve funds to the Water Fund for repayment of a loan.

SUMMARY OF PROVISIONS: The bill, notwithstanding Section 6-c or 6-g of the General Municipal Law or any other provision to the contrary, authorizes the governing board of the Town of Stockport to transfer $100,000 from the Town's Capital Reserve Fund to the Water Fund for repayment of a loan.

JUSTIFICATION: As of December 31, 2012, the Town of Stockport's Water fund faced an unreserved cash shortage of nearly $100,000. Consequently, water rates were adjusted dramatically in the 2013 budget and are anticipated to increase a typical user's annual water bill from $58.56 annually to $241.92 annually.

If this special legislation is granted, thereby allowing the Town to transfer $100,000 from its Capital Reserve Fund to the Water Fund, the Town estimates that the user charges could be stabilized at a lower rate sparing users as much as $80 per quarter, thus providing some relief to struggling home owners and businesses.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE: Immediately


Text

STATE OF NEW YORK ________________________________________________________________________ 4450 2013-2014 Regular Sessions IN SENATE April 1, 2013 ___________
Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT authorizing the town of Stockport to transfer reserve funds to the Water Fund for repayment of a loan from the Town Sewer #1 Fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding section 6-c or 6-g of the general municipal law or any other provision to the contrary, the governing board of the town of Stockport may authorize by resolution the transfer of $100,000 from the Capital Reserve Fund to the Water Fund for repayment of the loan from the Town Sewer #1 Fund. The resolution authorized pursuant to this section shall not be subject to referendum requirements of the municipal home rule law. S 2. This act shall take effect immediately.

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