Bill Text: NY S04674 | 2013-2014 | 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: (Introduced - Dead) 2013-06-20 - SUBSTITUTED BY A6758 [S04674 Detail]

Download: New_York-2013-S04674-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4674                                                  A. 6758
                              2013-2014 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                    April 17, 2013
                                      ___________
       IN  SENATE  --  Introduced  by  Sens. CARLUCCI, LARKIN -- read twice and
         ordered printed, and when printed to be committed to the Committee  on
         Local Government
       IN ASSEMBLY -- Introduced by M. of A. JAFFEE, ZEBROWSKI, RABBITT -- read
         once and referred to the Committee on Local Governments
       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, 2014, in an aggregate  principal
   19  amount  not  to  exceed ninety-six million dollars ($96,000,000) 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,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02733-02-3
       S. 4674                             2                            A. 6758
    1  2012.    In  anticipation of the issuance and sale of such serial bonds,
    2  bond anticipation notes are hereby authorized to be issued.
    3    S  4.  Budget review by state comptroller. During the effective period
    4  of this act, the county executive shall submit the proposed  budget  for
    5  the  next  succeeding fiscal year to the state comptroller no later than
    6  thirty days before the date scheduled for the county legislature's  vote
    7  on the adoption of the final budget or the last date on which the budget
    8  may be finally adopted, whichever is sooner. The state comptroller shall
    9  examine  such  proposed  budget  and make such recommendations as deemed
   10  appropriate thereon to the county prior to the adoption of  the  budget,
   11  but  no  later  than  ten  days before the date scheduled for the county
   12  legislature's vote on the adoption of the final budget or the last  date
   13  on which the budget must be adopted, whichever is sooner. Such recommen-
   14  dations  shall  be made after examination into the estimates of revenues
   15  and expenditures of the county. The county legislature,  no  later  than
   16  five  days  prior  to  the adoption of the budget, shall review any such
   17  recommendations and make adjustments to the proposed  budget  consistent
   18  with any recommendations made by the state comptroller.
   19    S  5. 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-
   24  versy in which such judgment shall have been rendered. The provisions of
   25  this act shall be liberally construed to assist the effectuation of  the
   26  public purposes furthered hereby.
   27    S  6. This act shall take effect immediately; and shall remain in full
   28  force and effect until the tenth anniversary of the date of second issu-
   29  ance of deficit bonds or deficit notes pursuant to this act,  when  upon
   30  such  date  the  provisions  of  this  act  shall  expire  and be deemed
   31  repealed; and provided, however, that the state comptroller shall notify
   32  the legislative bill drafting commission upon the occurrence of this act
   33  in order that the commission may maintain an accurate and timely  effec-
   34  tive data base of the official text of the laws of the state of New York
   35  in  furtherance  of  effectuating  the  provisions  of section 44 of the
   36  legislative law and section 70-b of the public officers law.