Bill Text: NY A07647 | 2011-2012 | General Assembly | Introduced
Bill Title: Allows the city of New York to establish, as a separate unit of appropriation in the expense budget of such city, a revenue stabilization fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A07647 Detail]
Download: New_York-2011-A07647-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7647
2011-2012 Regular Sessions
I N A S S E M B L Y
May 12, 2011
___________
Introduced by M. of A. FARRELL -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the New York state financial emergency act for the city
of New York, in relation to providing for a revenue stabilization fund
and the termination of such act
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivision 1 of section 8 of section 2 of chapter 868 of
2 the laws of 1975, constituting the New York state financial emergency
3 act for the city of New York, is amended by adding a new paragraph g to
4 read as follows:
5 G. (1) NOTWITHSTANDING ANY PROVISION IN THIS ACT OR ANY PROVISION OF
6 THE NEW YORK CITY CHARTER TO THE CONTRARY, THE CITY COUNCIL OF THE CITY
7 OF NEW YORK MAY ADOPT, IN THE MANNER PRESCRIBED IN SECTIONS 32 THROUGH
8 37 OF THE NEW YORK CITY CHARTER FOR ADOPTION OF LOCAL LAWS NOT SUBJECT
9 TO MANDATORY REFERENDUM, A LOCAL LAW AMENDING THE NEW YORK CITY CHARTER
10 TO PROVIDE FOR A REVENUE STABILIZATION FUND TO PROVIDE FISCAL RESERVES
11 TO THE CITY BEYOND THE CURRENT FISCAL YEAR. THE NEW YORK CITY CHARTER
12 PROVISIONS SHALL PROVIDE THAT PAYMENTS TO SUCH REVENUE STABILIZATION
13 FUND MAY BE MADE AT THE TIME OF BUDGET ADOPTION OR AT ANY OTHER TIME IN
14 ACCORDANCE WITH THE PROVISIONS OF SECTION 107 OF SUCH CHARTER.
15 (2) THE REVENUE STABILIZATION FUND CREATED PURSUANT TO THIS PARAGRAPH
16 SHALL BE CREATED AS A SEPARATE UNIT OF APPROPRIATION IN THE CITY'S
17 EXPENSE BUDGET, AND PAYMENTS INTO AND FROM SUCH FUND SHALL BE MADE AT
18 THE TIME OF ADOPTION OF THE CITY'S BUDGET IN ACCORDANCE WITH THE
19 PROVISIONS OF SECTION 254 OF SUCH CHARTER AND AT THE TIME OF MODIFICA-
20 TION OF SUCH BUDGET IN ACCORDANCE WITH THE PROVISIONS OF SECTION 107 OF
21 SUCH CHARTER; PROVIDED, HOWEVER, THAT FOR PURPOSES OF THIS ACT, SUCH
22 REVENUE STABILIZATION FUND SHALL NOT BE CONSIDERED AN EXPENDITURE IN THE
23 CITY'S EXPENSE BUDGET.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11544-01-1
A. 7647 2
1 S 2. Section 13 of section 2 of chapter 868 of the laws of 1975,
2 constituting the New York state financial emergency act for the city of
3 New York, as amended by section 2 of part K of chapter 686 of the laws
4 of 2003, is amended to read as follows:
5 S 13. Termination. This act shall terminate on the later of (a) July
6 first, two thousand eight or (b) the date (i) when all bonds and notes
7 containing the pledge and agreement authorized by subdivision one of
8 section ten-a of this act are refunded, redeemed, discharged or other-
9 wise defeased, or (ii) when there shall no longer be outstanding any
10 guarantee by the United States of America or any agency or instrumental-
11 ity thereof as to payment of principal of or interest on any note or
12 bond issued by the city or a state financing agency, whichever of (i) or
13 (ii) shall occur later; PROVIDED, HOWEVER, THAT THE PROVISIONS OF PARA-
14 GRAPH G OF SUBDIVISION ONE OF SECTION EIGHT OF THIS ACT SHALL REMAIN IN
15 FULL FORCE AND EFFECT UPON TERMINATION OF THIS ACT.
16 S 3. This act shall take effect immediately.
