Authorizes the extension of repayment of inter-fund advances made for expenses related to the storm commonly known as Sandy; provides repayment shall be made by close of the fiscal year next succeeding fiscal year in which advances were made.
TITLE OF BILL: An act in relation to authorizing the extension of repayment of inter-fund advances made for expenses related to the storm commonly known as Sandy
Permits repayment of inter-fund advances made for Sandy-related expenses by the end of the next succeeding fiscal year or later, rather than the end of the current fiscal year as currently required.
SUMMARY OF PROVISIONS:
The bill provides for an exception to subdivision 3 of Section 9-a of the General Municipal Law.
It has been projected that the costs for damage from Storm Sandy could exceed $18 billion for New York State. Infrastructure, including highways, airports, seaports, sewer and water systems, was severely impacted. While much of the cost ultimately may be covered by insurance or federal assistance, the affected municipalities need additional flexibility in advancing funds for the payment of these costs prior to reimbursement. This bill would help provide that flexibility by extending the maximum time for repayment of an advance made from one fund of a municipal corporation to another fund when the advance is made for costs attributable to Sandy. Currently, GML 9-a(3) requires repayment by the close of the fiscal year in which the advance was made. Under this bill, repayment could be extended until the close of the next succeeding fiscal year.
None to the State.
The bill would take effect immediately.
The Comptroller urges passage of this legislation.
STATE OF NEW YORK ________________________________________________________________________ 4725 2013-2014 Regular Sessions IN SENATE April 19, 2013 ___________Introduced by COMMITTEE ON RULES -- (at request of the State Comp- troller) -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT in relation to authorizing the extension of repayment of inter- fund advances made for expenses related to the storm commonly known as Sandy THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding the provisions of subdivision 3 of section 9-a of the general municipal law, for inter-fund advances made pursuant to such subdivision for costs attributable to the storm commonly known as Sandy, repayment of moneys to the fund from which they were advanced shall be made by close of the fiscal year next succeeding the fiscal year in which such advance was made. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05511-01-3