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