Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jun 18, 2012 |
referred to rules |
Senate Bill S7776
2011-2012 Legislative Session
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
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- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
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
BILL NUMBER:S7776 TITLE OF BILL: An act to amend the public authorities law, in relation to the Nassau county interim finance authority PURPOSE: This bill would amend the Nassau County Interim Finance Authority ("NIFA") act to expand the remedies available to NIFA and to Nassau County to address the County's current fiscal crisis. SUMMARY OF PROVISIONS: Section 1. Legislative Intent Section 2. Relates to NIFA oversight over certain county borrowing. section 3. Severability clause. section 4. Effective Date. JUSTIFICATION: This bill is necessary to enable the County to work with NIFA to manage the County's present fiscal crisis in a rational and effective manner to restore the County's fiscal health. This bill ensures transitional financing by the County of property tax refunds to
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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