Bill Text: NY S07776 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides that approval by NIFA shall not be required for borrowings by Nassau county to pay tax certiorari settlements or judgments of any kind authorized by bond ordinances approved by the county prior to the authority's declaration of a control period on January 26, 2011.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2012-06-18 - REFERRED TO RULES [S07776 Detail]

Download: New_York-2011-S07776-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7776
                                   I N  S E N A T E
                                     June 18, 2012
                                      ___________
       Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
         when printed to be committed to the Committee on Rules
       AN ACT to amend the public authorities law, in relation  to  the  Nassau
         county interim finance authority
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Legislative findings and declaration. The legislature here-
    2  by finds and declares that a condition of fiscal difficulties  continues
    3  to  exist  in the county of Nassau, as evidenced by the declaration of a
    4  control period by the Nassau county interim finance authority (NIFA). In
    5  accordance with statutory authority,  NIFA  has  approved  the  county's
    6  2012-2015 multi-year financial plan which provides for borrowings by the
    7  county  to  finance  the payment of property tax refunds through 2014 to
    8  facilitate the county's transition to a structurally-balanced budget  in
    9  2015.  It  is  hereby further found and declared that the undertaking of
   10  such borrowings is in the public interest of the county and  the  state.
   11  It  is  in the public interest and is the policy of this state to assist
   12  municipalities such as the county of Nassau in  attempting  to  provide,
   13  without  interruption,  services  essential  to  their inhabitants while
   14  meeting their obligations to the holders of  their  outstanding  securi-
   15  ties.  The  inability  of the county of Nassau to finance the payment of
   16  property tax refunds would interrupt the provision of essential services
   17  to its inhabitants and is a matter of substantial state concern. Permit-
   18  ting the county to utilize  pre-existing  borrowing  authorization  will
   19  avoid  this  undesirable result and will allow the county to continue to
   20  fund essential services such as those provided by its youth board.
   21    S 2. Paragraph (e) of subdivision 2 of  section  3669  of  the  public
   22  authorities  law, as added by chapter 84 of the laws of 2000, is amended
   23  to read as follows:
   24    (e) The authority shall review the terms of  each  proposed  long-term
   25  and  short-term  borrowing by the county and any covered organization to
   26  be effected during any control period, and no such  borrowing  shall  be
   27  made  during  any control period unless it is approved by the authority,
   28  PROVIDED, HOWEVER THAT APPROVAL BY THE AUTHORITY SHALL NOT  BE  REQUIRED
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16336-02-2
       S. 7776                             2
    1  FOR ONE HUNDRED TWENTY MILLION DOLLARS IN BORROWING BY THE COUNTY TO PAY
    2  TAX  CERTIORARI  SETTLEMENTS OR JUDGMENTS OF ANY KIND AUTHORIZED BY BOND
    3  ORDINANCES APPROVED BY THE COUNTY PRIOR TO THE  AUTHORITY'S  DECLARATION
    4  OF  A  CONTROL  PERIOD  ON  JANUARY  TWENTY-SIXTH,  TWO THOUSAND ELEVEN.
    5  Neither the county nor any covered organization shall be prohibited from
    6  issuing bonds or notes to pay outstanding bonds or notes.
    7    S 3. Severability. If any provision of this act or if any  application
    8  thereof  to any person or circumstance is held invalid, the remainder of
    9  this act and the application of  the  provision  to  other  persons  and
   10  circumstances shall not be affected thereby.
   11    S  4.  This act shall take effect immediately; provided, however, that
   12  section two of this act shall not take effect until Nassau county imple-
   13  ments budgetary savings initiatives which will result in savings  of  at
   14  least  one  hundred  million dollars during the 2012 county fiscal year,
   15  and upon such amount being certified by the budget director of the state
   16  of New York; and provided further, that the budget director of the state
   17  of New York shall notify the legislative bill drafting  commission  upon
   18  the  certification required by this section in order that the commission
   19  may maintain an accurate and timely effective data base of the  official
   20  text of the laws of the state of New York in furtherance of effectuating
   21  the  provisions of section 44 of the legislative law and section 70-b of
   22  the public officers law.