Bill S6234-2011

Authorizes municipalities to finance unanticipated flood-relief expenses incurred during the 2011 fiscal year

Authorizes municipalities to finance, through the issuance of serial bonds during the 2012 fiscal year, unanticipated flood-relief expenses incurred during the 2011 fiscal year; provides the final maturity of such bonds shall be in 2017.

Details

Actions

  • Jan 17, 2012: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S6234

TITLE OF BILL: An act to amend the local finance law, in relation to temporary alternative methods of financing flood relief expenses

PURPOSE: This legislation allows municipalities who were subject to extraordinary flood relief expenses to issue serial bonds to provide for the payment of all or part of extraordinary expenses,

SUMMARY OF PROVISIONS: Sections 1 & 2. Amends paragraph a of section 26,10 of the local finance law, as amended by chapter 157 of the laws of 2006 to enable municipalities to issue serial bonds to be repaid over 5 years, for the extraordinary flood expenses. This bill changes the dates set tenth in 2006 to make the law applicable to the storm and floods which occurred in 2011 and caused damages in cities, towns, villages and school districts.

Section 3. Effective Date.

JUSTIFICATION: Many municipalities throughout New York State were severely impacted by flooding following Hurricane Irene and Tropical Storm Lee in August and September of 2011. The costs of flood relief projects for these municipalities can be great and allowing them to amortize the cost over multiple years through the issuance of serial bonds will help limit the impact to taxpayers in these municipalities.

LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS: None to State.

EFFECTIVE DATE: This act shall take effect immediately and shall be deemed to have been in full force and effect on and after December 1, 2011.


Text

STATE OF NEW YORK ________________________________________________________________________ 6234 IN SENATE January 17, 2012 ___________
Introduced by Sen. BONACIC -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the local finance law, in relation to temporary alterna- tive methods of financing flood relief expenses THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph a of section 26.10 of the local finance law, as amended by chapter 157 of the laws of 2006, is amended to read as follows: a. Definitions. 1. With respect to any municipality which has a calen- dar fiscal year which commenced on the first day of January, two thou- sand [five] ELEVEN, the terms "extraordinary expenses for flood relief" and "such extraordinary expenses", as used in this section, shall mean the expenses incurred for flood relief projects involving the public thoroughfares, public places and projects of such municipality during any or all of the months of such year, in excess of the normal expenses which would have been incurred for such purposes during such periods as determined by the finance board of such municipality and also any inter- est payments on revenue anticipation notes issued in anticipation of the receipt of moneys from the state or federal government pursuant to any state or federal disaster relief act. In making any such determination, the finance board shall not include as a part of such extraordinary expenses the salaries and wages of regular employees, except for over- time work and work on Sundays and holidays. 2. With respect to any municipality or school district which has a fiscal year which commenced in the year two thousand [five] ELEVEN on or after the first day of March in such year, the terms "extraordinary expenses for flood relief projects" and "such 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 such municipality or school district during such fiscal year, in excess of the amounts appropriated for such purposes in the annual budget for such fiscal year, or, if no such appropriations were made, then in excess of the average of all expenditures for such
purposes during each of the five preceding fiscal years prior to the fiscal year commencing in the year two thousand [five] ELEVEN, as deter- mined by the finance board of such municipality or school district. S 2. Subdivisions 1 and 2 of paragraph b of section 26.10 of the local finance law, as amended by chapter 157 of the laws of 2006, are amended to read as follows: 1. The finance board of a municipality which has a fiscal year which commenced on the first day of January, two thousand [five] ELEVEN, may authorize the issuance of serial bonds in the two thousand [six] TWELVE fiscal year to provide for the payment of all or part of the extraor- dinary expenses of flood relief incurred during any or all of the months of two thousand [five] ELEVEN, to reimburse any fund or account of the municipality from which moneys to pay such extraordinary expenses have been advanced or to replenish any fund or account of the municipality from which such extraordinary expenses have been paid, or any combina- tion of such purposes, notwithstanding that there may have been lack of statutory authority for any such advance or payment from such fund or account. The period of probable usefulness of such objects or purposes shall be five years. Any such serial bonds shall have a maximum maturity of over two years, but the date of final maturity of any such issue shall not extend beyond the first day of March in the year two thousand eleven as to counties and towns and shall not extend beyond the thirty- first day of December, two thousand [eleven] SEVENTEEN, as to other municipalities. 2. The finance board of a municipality or school district which has a fiscal year which commenced in the year two thousand [five] ELEVEN on or after the first day of March in such year may authorize the issuance of serial bonds in the two thousand [six] TWELVE fiscal year, or in its next succeeding fiscal year, to provide for the payment of all or part of the extraordinary expenses of flood relief incurred in the two thou- sand [five] ELEVEN fiscal year, to reimburse any fund or account of the municipality or school district from which moneys to pay such extraor- dinary expenses have been advanced or to replenish any fund or account of the municipality or school district from which such extraordinary expenses have been paid, or any combination of such purposes, notwith- standing that there may have been lack of statutory authority for any such advance or payment from such fund or account. The period of proba- ble usefulness of such objects or purposes shall be five years. Any such serial bonds shall have a maximum maturity of over two years, but the date of final maturity of any such issue shall not extend beyond the thirty-first day of December, two thousand [eleven] SEVENTEEN. S 3. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after December 1, 2011.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus