Bill Text: NY S07555 | 2011-2012 | General Assembly | Introduced
Bill Title: Relates to the time frame in which municipalities and school districts that incur debt can make adjustments to their budget, updating the types of obligations and other technical amendments.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2012-07-18 - SIGNED CHAP.255 [S07555 Detail]
Download: New_York-2011-S07555-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7555 I N S E N A T E June 4, 2012 ___________ 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 Rules AN ACT to amend the local finance law, in relation to making technical amendments to the time frame within which a governing board of the municipality or school district authorized to incur debt to finance a deficit may make adjustments to its proposed budget; updating the list of types of obligations which may be issued by municipalities, school districts or district corporations; and to amend chapter 386 of the laws of 2010, amending the local finance law relating to the private sale of bonds, in relation to eliminating the expiration and repeal of such provisions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Paragraph d of section 10.10 of the local finance law, as 2 added by chapter 341 of the laws of 2007, is amended to read as follows: 3 d. beginning with the fiscal year during which the municipality or 4 school district is authorized to incur debt to finance the deficit, to 5 and including the last fiscal year during which such debt or any debt 6 incurred to refund such debt is outstanding, the chief executive officer 7 or other individual or individuals responsible for the preparation of 8 the tentative budget, or in the case of a town, the preliminary budget, 9 shall submit the tentative or preliminary budget for the next succeeding 10 fiscal year to the state comptroller and, in the case of a school 11 district, also to the commissioner of education, no later than thirty 12 days before the date scheduled for the governing board's vote on the 13 adoption of the final budget or the last date on which the budget may be 14 finally adopted, whichever is sooner. The state comptroller and, in the 15 case of a school district, the commissioner of education, shall examine 16 such proposed budget and make such recommendations as deemed appropriate 17 thereon to the municipality or school district prior to the adoption of 18 the budget, but no later than ten days before the date scheduled for the 19 governing board's vote on the adoption of the final budget or the last 20 date on which the budget must be adopted, whichever is sooner. Such EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14996-01-2 S. 7555 2 1 recommendations shall be made after examination into the estimates of 2 revenues and expenditures of such municipality or school district. The 3 governing board of the municipality or school district, no later than 4 five days prior to the adoption of the budget, shall review any such 5 recommendations and may make adjustments to its proposed budget consist- 6 ent with any recommendations made by the state comptroller and, in the 7 case of a school district, by the commissioner of education[, within 8 fifteen days after receipt of any such recommendations]. Any recommenda- 9 tions that the board rejects shall be explained in writing to the state 10 comptroller and, in the case of recommendations made by the commissioner 11 of education, to the commissioner. The action or inaction of the state 12 comptroller or the commissioner of education under this section shall 13 not be construed to affect the legal validity of any budget of the muni- 14 cipality or school district nor to affect the powers or duties of the 15 municipality or school district with respect to the local budget proc- 16 ess, provided, however, that the municipality or school district may not 17 issue bonds for any object or purpose unless and until adjustments to 18 its proposed budget consistent with any recommendations made by the 19 state comptroller and, in the case of a school district, by the commis- 20 sioner of education, are made, or any such recommendations that are 21 rejected have been explained in writing to the state comptroller and, in 22 the case of school districts, the commissioner of education. 23 S 2. Paragraph a of section 20.00 of the local finance law is amended 24 by adding a new subdivision 12 to read as follows: 25 12. DEFICIENCY NOTES. 26 S 3. Section 14 of chapter 386 of the laws of 2010, amending the local 27 finance law relating to the private sale of bonds, is amended to read as 28 follows: 29 S 14. This act shall take effect immediately[; provided, however, that 30 the provisions of sections two, three, four and five of this act shall 31 expire June 1, 2012 when upon such date the provisions of such sections 32 shall be deemed repealed]. 33 S 4. This act shall take effect immediately; provided, however, if 34 section three of this act shall become a law on or after June 1, 2012 35 such section shall take effect immediately and shall be deemed to have 36 been in full force and effect on and after June 1, 2012.