Bill Text: NY A10707 | 2011-2012 | General Assembly | Introduced

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Bill Title: Enacts the "Rockland county deficit financing act" to authorize the county of Rockland to issue bonds.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2012-06-21 - REFERRED TO RULES [A10707 Detail]

Download: New_York-2011-A10707-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10707
                                 I N  A S S E M B L Y
                                     June 15, 2012
                                      ___________
       Introduced  by  COMMITTEE  ON  RULES  -- (at request of M. of A. Jaffee,
         Zebrowski) -- read once and referred to the Committee on Local Govern-
         ments
       AN ACT authorizing the county of Rockland to issue bonds; and  providing
         for the repeal of such provisions upon expiration thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Short title. This act shall be known and may be  cited  as
    2  the "Rockland county deficit financing act".
    3    S  2.  Definitions. (a) "Budget" shall mean a current operating budget
    4  of the county prepared or adopted pursuant to general, special or  local
    5  law,  being  the  annual  budget and estimate of expenditures to be made
    6  during a fiscal year for the general support and current expenses of the
    7  government of the county to be paid from taxes or assessments  or  other
    8  current revenues of the county for such year.
    9    (b) "Comptroller" shall mean the New York state comptroller.
   10    (c) "County" shall mean the county of Rockland.
   11    (d)  "County  executive"  shall  mean the county executive of Rockland
   12  county.
   13    (e) "County legislature" shall mean the legislative body of the county
   14  of Rockland.
   15    (f) "Fiscal year" shall mean the fiscal year of the county.
   16    S 3. Bonds. The county of Rockland is hereby authorized to issue seri-
   17  al bonds, subject to the  provisions  of  section  10.10  of  the  local
   18  finance  law, on or before September 30, 2013, in an aggregate principal
   19  amount not to  exceed  eighty  million  dollars  ($80,000,000)  for  the
   20  specific object or purpose of liquidating current deficits in its gener-
   21  al  fund  as  of  December  31, 2010, December 31, 2011 and December 31,
   22  2012.  In anticipation of the issuance and sale of  such  serial  bonds,
   23  bond anticipation notes are hereby authorized to be issued.
   24    S  4.  Budget review by state comptroller. During the effective period
   25  of this act, the county executive shall submit the proposed  budget  for
   26  the  next  succeeding fiscal year to the state comptroller no later than
   27  thirty days before the date scheduled for the county legislature's  vote
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16283-01-2
       A. 10707                            2
    1  on the adoption of the final budget or the last date on which the budget
    2  may be finally adopted, whichever is sooner. The state comptroller shall
    3  examine  such  proposed  budget  and make such recommendations as deemed
    4  appropriate  thereon  to the county prior to the adoption of the budget,
    5  but no later than ten days before the  date  scheduled  for  the  county
    6  legislature's  vote on the adoption of the final budget or the last date
    7  on which the budget must be adopted, whichever is sooner. Such recommen-
    8  dations shall be made after examination into the estimates  of  revenues
    9  and  expenditures  of  the county. The county legislature, no later than
   10  five days prior to the adoption of the budget,  shall  review  any  such
   11  recommendations  and  make adjustments to the proposed budget consistent
   12  with any recommendations made by the state comptroller.
   13    S 5. Severability clause. If any clause, sentence, paragraph,  section
   14  or  part  of this act shall be adjudged by any court of competent juris-
   15  diction to be invalid, such judgment shall not affect, impair or invali-
   16  date the remainder thereof, but shall be confined in  its  operation  to
   17  the clause, sentence, paragraph, section or part involved in the contro-
   18  versy in which such judgment shall have been rendered. The provisions of
   19  this  act shall be liberally construed to assist the effectuation of the
   20  public purposes furthered hereby.
   21    S 6. This act shall take effect immediately; and shall remain in  full
   22  force and effect until the tenth anniversary of the date of second issu-
   23  ance  of  deficit bonds or deficit notes pursuant to this act, when upon
   24  such date the  provisions  of  this  act  shall  expire  and  be  deemed
   25  repealed; and provided, however, that the state comptroller shall notify
   26  the legislative bill drafting commission upon the occurrence of this act
   27  in  order that the commission may maintain an accurate and timely effec-
   28  tive data base of the official text of the laws of the state of New York
   29  in furtherance of effectuating the  provisions  of  section  44  of  the
   30  legislative law and section 70-b of the public officers law.