Bill Text: NY S07736 | 2011-2012 | 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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-06-15 - REFERRED TO RULES [S07736 Detail]

Download: New_York-2011-S07736-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7736
                                   I N  S E N A T E
                                     June 15, 2012
                                      ___________
       Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
         printed to be committed to the Committee on Rules
       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, 2013, in an aggregate principal
   19  amount not to  exceed  eighty  million  dollars  ($80,000,000)  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,
   22  2012.  In anticipation of the issuance and sale of  such  serial  bonds,
   23  bond anticipation notes are hereby authorized to be issued.
   24    S  4.  Budget review by state comptroller. During the effective period
   25  of this act, the county executive shall submit the proposed  budget  for
   26  the  next  succeeding fiscal year to the state comptroller no later than
   27  thirty days before the date scheduled for the county legislature's  vote
   28  on the adoption of the final budget or the last date on which the budget
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16283-01-2
       S. 7736                             2
    1  may be finally adopted, whichever is sooner. The state comptroller shall
    2  examine  such  proposed  budget  and make such recommendations as deemed
    3  appropriate thereon to the county prior to the adoption of  the  budget,
    4  but  no  later  than  ten  days before the date scheduled for the county
    5  legislature's vote on the adoption of the final budget or the last  date
    6  on which the budget must be adopted, whichever is sooner. Such recommen-
    7  dations  shall  be made after examination into the estimates of revenues
    8  and expenditures of the county. The county legislature,  no  later  than
    9  five  days  prior  to  the adoption of the budget, shall review any such
   10  recommendations and make adjustments to the proposed  budget  consistent
   11  with any recommendations made by the state comptroller.
   12    S  5. Severability clause. If any clause, sentence, paragraph, section
   13  or part of this act shall be adjudged by any court of  competent  juris-
   14  diction to be invalid, such judgment shall not affect, impair or invali-
   15  date  the  remainder  thereof, but shall be confined in its operation to
   16  the clause, sentence, paragraph, section or part involved in the contro-
   17  versy in which such judgment shall have been rendered. The provisions of
   18  this act shall be liberally construed to assist the effectuation of  the
   19  public purposes furthered hereby.
   20    S  6. This act shall take effect immediately; and shall remain in full
   21  force and effect until the tenth anniversary of the date of second issu-
   22  ance of deficit bonds or deficit notes pursuant to this act,  when  upon
   23  such  date  the  provisions  of  this  act  shall  expire  and be deemed
   24  repealed; and provided, however, that the state comptroller shall notify
   25  the legislative bill drafting commission upon the occurrence of this act
   26  in order that the commission may maintain an accurate and timely  effec-
   27  tive data base of the official text of the laws of the state of New York
   28  in  furtherance  of  effectuating  the  provisions  of section 44 of the
   29  legislative law and section 70-b of the public officers law.