Bill Text: NY S07352 | 2013-2014 | General Assembly | Introduced

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Bill Title: Assists certain municipalities in adopting multi-year financial planning; and provides for the payment of such planning from monies appropriated to the financial restructuring board for local governments.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2014-12-17 - SIGNED CHAP.526 [S07352 Detail]

Download: New_York-2013-S07352-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7352
                                   I N  S E N A T E
                                     May 13, 2014
                                      ___________
       Introduced  by  Sen. MARTINS -- (at request of the State Comptroller) --
         read twice and ordered printed, and when printed to  be  committed  to
         the Committee on Local Government
       AN  ACT  to  amend  the  local  finance  law, in relation to encouraging
         certain municipalities to  adopt  multi-year  financial  planning  and
         providing for the payment of such planning from monies appropriated to
         the financial restructuring board for local governments
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph 3 of section 160.05 of the local finance law,  as
    2  added by chapter 67 of the laws of 2013, is amended to read as follows:
    3    3. (A) Upon the request of a fiscally eligible municipality, by resol-
    4  ution of the governing body of such municipality with the concurrence of
    5  the  chief  executive  of such municipality, the financial restructuring
    6  board for local governments may undertake a comprehensive review of  the
    7  operations,  finances, management practices, economic base and any other
    8  factors that in its sole discretion it deems relevant to be able to make
    9  findings and recommendations on reforming and  restructuring  the  oper-
   10  ations  of the fiscally eligible municipality. As part of such recommen-
   11  dations, the board may propose that such municipality  agree  to  fiscal
   12  accountability  measures, as determined by the board, including, but not
   13  limited to, multi-year financial planning. It may  also  identify  cost-
   14  saving measures, recommend consolidation of functions or agencies within
   15  such municipality or between such municipality and other municipalities,
   16  consistent with existing law, identify and make available, to the extent
   17  otherwise  permitted  by  law, grants and loans on such terms and condi-
   18  tions as it deems appropriate, and make such  other  recommendations  as
   19  the  board may deem just and proper but in no event shall the sum of all
   20  awards made by the board to a single fiscally eligible  municipality  be
   21  greater  than  five million dollars. If such award is a loan, it may not
   22  be for a term longer than ten years. In the event a  grant  or  loan  is
   23  made,  the board may condition such award on the fiscally eligible muni-
   24  cipality submitting a report or reports on such  actions  taken  by  the
   25  fiscally  eligible municipality pursuant to the board's recommendations,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13926-06-4
       S. 7352                             2
    1  and the board shall require that the eligible  municipality  must  adopt
    2  and  implement all the board's recommendations as a condition to receiv-
    3  ing an award or awards. Before making final recommendations,  the  board
    4  shall  consult with the fiscally eligible municipality. Such recommenda-
    5  tions shall not be final and binding on a fiscally eligible municipality
    6  unless it formally agrees to abide by and implement such recommendations
    7  in which event such recommendations and the  terms  provided  thereunder
    8  shall be final and binding on such municipality.
    9    (B)   NOTWITHSTANDING  PARAGRAPH  T  OF  SUBDIVISION  TEN  OF  SECTION
   10  FIFTY-FOUR OF THE STATE FINANCE LAW AND IRRESPECTIVE  OF  WHETHER  THERE
   11  HAS  BEEN  A  DETERMINATION  OR FINDING OF FISCAL ELIGIBILITY UNDER THIS
   12  SECTION, UPON THE REQUEST OF ANY COUNTY, CITY, EXCLUDING A CITY  WITH  A
   13  POPULATION  OF  GREATER THAN ONE MILLION, TOWN, OR VILLAGE WHICH (1) HAS
   14  ELECTED TO ENGAGE IN MULTI-YEAR  PLANNING  WITH  THE  ASSISTANCE  OF  AN
   15  EXTERNAL  FINANCIAL ADVISOR, AND (2) HAS BEEN IDENTIFIED AS EXPERIENCING
   16  FISCAL STRESS, THE FINANCIAL RESTRUCTURING BOARD FOR  LOCAL  GOVERNMENTS
   17  MAY DETERMINE THAT ALL OR PART OF THE COST TO THE COUNTY, CITY, TOWN, OR
   18  VILLAGE FOR SUCH EXTERNAL ADVISOR SHALL BE SUBJECT TO REIMBURSEMENT FROM
   19  MONIES APPROPRIATED TO SUCH BOARD FOR THE MAKING OF GRANTS AND LOANS.
   20    S 2. This act shall take effect immediately.