Bill Text: NY S05922 | 2013-2014 | General Assembly | Introduced

New York Senate Bill 5922 (Prior Session Legislation)

Introduced

Bill Title: Authorizes the city of Long Beach to issue bonds for the purpose of recovering from the destruction caused by Hurricane Sandy.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2014-02-21 - SIGNED CHAP.3 [S05922 Detail]

Download: New_York-2013-S05922-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5922
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    August 2, 2013
                                      ___________
       Introduced  by  Sen.  SKELOS -- read twice and ordered printed, and when
         printed to be committed to the Committee on Rules
       AN ACT authorizing the city of Long Beach to issue bonds
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The city of Long Beach (hereinafter referred to in this act
    2  as  the  "city"), in the county of Nassau, is hereby authorized to issue
    3  serial bonds to finance extraordinary expenses resulting from Superstorm
    4  Sandy. Extraordinary expenses as used in this section,  shall  mean  the
    5  expense   incurred  for  flood  relief  projects  involving  the  public
    6  thoroughfares, public places and projects of the city  during  the  last
    7  two  months  of 2012 and in 2013 which are not eligible to be reimbursed
    8  from state or federal government grants all as determined  by  the  city
    9  council  of the city. Extraordinary expenses shall also include interest
   10  on obligations issued in anticipation of the receipt of state and feder-
   11  al government payments pursuant to any state or federal disaster  relief
   12  act.  The  city council of the city may authorize the issuance of serial
   13  bonds to pay for all or part  of  extraordinary  expenses  including  to
   14  reimburse  any fund or account of the city from which such extraordinary
   15  expenses have been paid. The  period  of  probable  usefulness  of  such
   16  objects or purposes shall be ten years.
   17    S  2.  The  city is hereby authorized to issue serial bonds subject to
   18  the provisions of section 10.10 of the local finance law, on  or  before
   19  June  30,  2015,  in  an aggregate principal amount not to exceed twelve
   20  million dollars ($12,000,000) for the  specific  object  or  purpose  of
   21  liquidating  accumulated deficits in its general fund, sewer fund, water
   22  fund and risk management fund as of the close of the fiscal year  ending
   23  June 30, 2012.
   24    S  3.  In  anticipation of the issuance and sale of such serial bonds,
   25  bond anticipation notes are hereby authorized to be issued.
   26    S 4. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11646-01-3