Bill Text: NY S04669 | 2015-2016 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Enacts the village of Suffern deficit financing act; authorizes the village of Suffern to issue serial bonds, subject to the provisions of section 10.10 of the local finance law, on or before March 31, 2016, in an aggregate principal amount not to exceed five million dollars.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2015-07-30 - SIGNED CHAP.99 [S04669 Detail]

Download: New_York-2015-S04669-Amended.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4669--A
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     April 1, 2015
                                      ___________
       Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
         printed to be committed  to  the  Committee  on  Local  Government  --
         committee  discharged,  bill amended, ordered reprinted as amended and
         recommitted to said committee
       AN ACT in relation to enacting the "village of Suffern deficit financing
         act"
         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 "village of Suffern deficit financing act".
    3    S 2. Bonds. The village of Suffern is hereby authorized to issue seri-
    4  al bonds, subject to the  provisions  of  section  10.10  of  the  local
    5  finance  law,  on  or  before  March 31, 2016, in an aggregate principal
    6  amount not to exceed five million dollars ($5,000,000) for the  specific
    7  object or purpose of liquidating the accumulated deficits of the general
    8  fund,  water  fund,  sewer  fund and capital projects fund as of May 31,
    9  2015, including the remaining principal amount of any budget, deficiency
   10  and/or revenue anticipation notes outstanding at the time of said  issu-
   11  ance  of  said serial bonds or notes authorized pursuant to this act. In
   12  anticipation of the issuance and sale of such serial bonds, bond  antic-
   13  ipation notes are hereby authorized to be issued.
   14    S  3.  The village shall be subject to the provisions of section 10.10
   15  of the local finance law except that, notwithstanding  any  inconsistent
   16  provision  in paragraph d of section 10.10 of the local finance law, the
   17  village board of trustees shall make adjustments to the proposed  budget
   18  consistent with any recommendations made by the state comptroller.
   19    S  4. Severability clause. If any clause, sentence, paragraph, section
   20  or part of this act shall be adjudged by any court of  competent  juris-
   21  diction to be invalid, such judgment shall not affect, impair or invali-
   22  date  the  remainder  thereof, but shall be confined in its operation to
   23  the clause, sentence, paragraph, section or part involved in the contro-
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09955-03-5
       S. 4669--A                          2
    1  versy in which such judgment shall have been rendered. The provisions of
    2  this act shall be liberally construed to assist the effectuation of  the
    3  public purposes furthered hereby.
    4    S 5. This act shall take effect immediately.