Senate Bill S7776

2011-2012 Legislative Session

Provides that approval by NIFA shall not be required for borrowings by Nassau county to pay certain tax certiorari settlements or judgments

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Sponsored By

There are no sponsors of this bill.

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S7776 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Public Authorities Law
Laws Affected:
Amd §3669, Pub Auth L

2011-S7776 (ACTIVE) - Summary

Provides that approval by NIFA shall not be required for borrowings by Nassau county to pay tax certiorari settlements or judgments of any kind authorized by bond ordinances approved by the county prior to the authority's declaration of a control period on January 26, 2011.

2011-S7776 (ACTIVE) - Sponsor Memo

2011-S7776 (ACTIVE) - Bill Text download pdf

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

                                  7776

                            I N  S E N A T E

                              June 18, 2012
                               ___________

Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT to amend the public authorities law, in relation  to  the  Nassau
  county interim finance authority

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative findings and declaration. The legislature here-
by finds and declares that a condition of fiscal difficulties  continues
to  exist  in the county of Nassau, as evidenced by the declaration of a
control period by the Nassau county interim finance authority (NIFA). In
accordance with statutory authority,  NIFA  has  approved  the  county's
2012-2015 multi-year financial plan which provides for borrowings by the
county  to  finance  the payment of property tax refunds through 2014 to
facilitate the county's transition to a structurally-balanced budget  in
2015.  It  is  hereby further found and declared that the undertaking of
such borrowings is in the public interest of the county and  the  state.
It  is  in the public interest and is the policy of this state to assist
municipalities such as the county of Nassau in  attempting  to  provide,
without  interruption,  services  essential  to  their inhabitants while
meeting their obligations to the holders of  their  outstanding  securi-
ties.  The  inability  of the county of Nassau to finance the payment of
property tax refunds would interrupt the provision of essential services
to its inhabitants and is a matter of substantial state concern. Permit-
ting the county to utilize  pre-existing  borrowing  authorization  will
avoid  this  undesirable result and will allow the county to continue to
fund essential services such as those provided by its youth board.
  S 2. Paragraph (e) of subdivision 2 of  section  3669  of  the  public
authorities  law, as added by chapter 84 of the laws of 2000, is amended
to read as follows:
  (e) The authority shall review the terms of  each  proposed  long-term
and  short-term  borrowing by the county and any covered organization to
be effected during any control period, and no such  borrowing  shall  be
made  during  any control period unless it is approved by the authority,
PROVIDED, HOWEVER THAT APPROVAL BY THE AUTHORITY SHALL NOT  BE  REQUIRED

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

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