Bill S7426A-2011

Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits

Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits.

Details

Actions

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

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.


Text

STATE OF NEW YORK ________________________________________________________________________ 7426--A IN 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.

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