S7426A-2011 Actions

• May 21, 2012: PRINT NUMBER 7426A
• May 21, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• May 14, 2012: REFERRED TO LOCAL GOVERNMENT

S7426A-2011 Memo

BILL NUMBER:S7426A

TITLE OF BILL:
An act
authorizing the city of Long Beach to issue bonds

PURPOSE:
This bill authorizes the City of Long Beach
to issue up to
fifteen million dollars ($15,000,000) in bonds to cover current
deficits.

SUMMARY OF PROVISIONS:
Subject to section 10.10 of the Local Finance
Law, the City of Long Beach is authorized to issue serial bonds, on
or before June 30, 2013, in the aggregate principal amount not to
exceed fifteen million dollars ($15,000,000) for the purposes of
liquidating current deficits in its general fund and highway fund as
of June 30, 2012.

JUSTIFICATION:
As of June 30, 2012 the City of Long Beach (the City)
is facing a $15 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, 2013 in the amount not
to exceed $15 million. In anticipation of the issuance and sale of
bonds, bond anticipation notes will be authorized to be issued.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

S7426A-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                   7426--A

                              I N  SENATE

                                May 14, 2012
                                 ___________

  Introduced  by  Sen.  SKELOS -- 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 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, subject to the provisions of section 10.10  of  the  local
  finance  law,  on  or  before  June  30, 2013, in an aggregate principal
  amount not to exceed  fifteen  million  dollars  ($15,000,000)  for  the
  specific object or purpose of liquidating current deficits in its gener-
  al  fund,  sewer  fund,  and  water fund as of June 30, 2012.  In antic-
  ipation 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.






   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD15792-03-2