Authorizes the city of Long Beach to issue bonds for the purpose of recovering from the destruction caused by Hurricane Sandy.
Ayes (57): Addabbo, Avella, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Farley, Felder, Flanagan, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Little, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousins, Tkaczyk, Valesky, Young, Zeldin
Absent (2): Espaillat, Sampson
Excused (2): Ball, Parker
TITLE OF BILL: An act authorizing the city of Long Beach to issue bonds
PURPOSE OR GENERAL IDEA OF BILL:
To authorize the City of Long Beach to issue bonds for the purpose of recovering from the destruction caused by Superstorm Sandy.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. The City of Long Beach, in the county of Nassau, is authorized to issue serial bonds to finance extraordinary expenses incurred as a result of Superstorm Sandy that are not eligible to be reimbursed from state and federal government grants. These bonds will be amortized over a period of ten (10) years.
Section 2. Subject to section 10.10 of the Local Finance Law, the City of Long Beach is authorized to issue serial bonds, or on before June 30, 2015, in the aggregate principal amount not to exceed twelve million dollars ($12,000,000) for the purposes of liquidating current deficits in its general fund, sewer fund, water fund and risk management fund as of June 30, 2012.
The city of Long Beach was one of the most devastated areas affected by Superstorm Sandy. As a result of the storm's destruction, the City of Long Beach has been left with extraordinary expenses for projects which are not eligible to be reimbursed from the state or federal government grants. This bill will allow the City of Long Beach to issue serial bonds for all or, part of these expenses incurred.
Additionally; as of June 30, 2012 the City of Long Beach was facing a $12 million deficit, this legislation would allow the City to issue bonds, subject to the provisions of Section 10.10 of the Local Finance Law, on or before June 30, 2015 in the amount not to exceed $12 million. In anticipation of the issuance and sale of bonds, bond anticipation notes with be authorized to be issued.
PRIOR LEGISLATIVE HISTORY:
This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 5922 2013-2014 Regular Sessions IN SENATE August 2, 2013 ___________Introduced by Sen. SKELOS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT authorizing the city of Long Beach to issue bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The city of Long Beach (hereinafter referred to in this act as the "city"), in the county of Nassau, is hereby authorized to issue serial bonds to finance extraordinary expenses resulting from Superstorm Sandy. Extraordinary expenses as used in this section, shall mean the expense incurred for flood relief projects involving the public thoroughfares, public places and projects of the city during the last two months of 2012 and in 2013 which are not eligible to be reimbursed from state or federal government grants all as determined by the city council of the city. Extraordinary expenses shall also include interest on obligations issued in anticipation of the receipt of state and feder- al government payments pursuant to any state or federal disaster relief act. The city council of the city may authorize the issuance of serial bonds to pay for all or part of extraordinary expenses including to reimburse any fund or account of the city from which such extraordinary expenses have been paid. The period of probable usefulness of such objects or purposes shall be ten years. S 2. The city is hereby authorized to issue serial bonds subject to the provisions of section 10.10 of the local finance law, on or before June 30, 2015, in an aggregate principal amount not to exceed twelve million dollars ($12,000,000) for the specific object or purpose of liquidating accumulated deficits in its general fund, sewer fund, water fund and risk management fund as of the close of the fiscal year ending June 30, 2012. S 3. In anticipation of the issuance and sale of such serial bonds, bond anticipation notes are hereby authorized to be issued. S 4. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11646-01-3