Bill Text: NY A02870 | 2011-2012 | General Assembly | Introduced
Bill Title: Authorizes the town of Blooming Grove, in the county of Orange, to finance the accumulated deficit as of June 30, 2011 of the 4 water and 2 sewer districts within such town by the issuance and sale of serial bonds.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-07-20 - enacting clause stricken [A02870 Detail]
Download: New_York-2011-A02870-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2870
2011-2012 Regular Sessions
I N A S S E M B L Y
January 20, 2011
___________
Introduced by M. of A. CALHOUN -- read once and referred to the Commit-
tee on Local Governments
AN ACT to authorize the town of Blooming Grove, in the county of Orange
to finance the accumulated deficit as of June 30, 2011 by the issuance
and sale of serial bonds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The town of Blooming Grove, in the county of Orange, is
2 hereby authorized to issue serial bonds in the aggregate principal sum
3 not to exceed one million three hundred dollars for the specific object
4 and purpose of providing for the funding of the accumulated deficit as
5 of June 30, 2011 including any revenue anticipation notes which may be a
6 part of the deficit for the four water and two sewer districts within
7 such town. In anticipation of the issuance and sale of such serial
8 bonds, bond anticipation notes are hereby authorized to be issued.
9 S 2. The specific object or purpose referred to in section one of this
10 act is hereby declared to be a public purpose which the town of Blooming
11 Grove is hereby authorized to accomplish and the period of probable
12 usefulness thereof is hereby authorized to be five years.
13 Notwithstanding the provisions of any other law, general, special or
14 local, the town board of the town of Blooming Grove is hereby authorized
15 to levy a tax to be collected in installments sufficient to pay the
16 principal and the interest on said bonds and bond anticipation notes and
17 to adopt a bond resolution authorizing the serial bonds herein author-
18 ized to be issued.
19 S 3. Except as otherwise provided in this act, such serial bonds and
20 any bond anticipation notes, including notes in renewal thereof, issued
21 in anticipation of the sale of such bonds, shall be authorized, sold,
22 executed and issued and shall mature in the manner prescribed by the
23 local finance law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02805-01-1
A. 2870 2
1 S 4. The chief fiscal officer or the individual or individuals respon-
2 sible for the preparation of the tentative budget shall submit in each
3 fiscal year beginning with the fiscal year during which the town is
4 authorized by law to incur such debt, to and including the last fiscal
5 year during which such debt or any debt incurred to refund such debt is
6 outstanding, such tentative budget to the state comptroller within five
7 days after its preparation. The state comptroller shall in each such
8 year examine such proposed budget and make his or her recommendations
9 thereon to the town. Such recommendations shall be made after examina-
10 tion into the estimates of revenues and expenditures of such government
11 and shall be made prior to the adoption of such budget. The action or
12 inaction of the state comptroller under this paragraph shall not be
13 construed to affect the legal validity of any budget of the town nor to
14 affect the powers or duties of the town with respect to the local budget
15 process.
16 The chief fiscal officer of the town shall, within thirty days from
17 the effective date of the law authorizing the incurrence of such debt,
18 prepare a report detailing the dollar amount and cause of the deficit
19 and submit such report to the state comptroller. Within thirty days
20 after receiving the report, the state comptroller shall perform such
21 reviews as may be necessary to confirm the existence of a deficit and
22 the amount thereof. The town shall not authorize the issuance of any
23 such debt unless or until the existence and the amount of the deficit is
24 reviewed and confirmed by the state comptroller, and shall not authorize
25 the issuance of any such debt in an amount in excess of the amount
26 confirmed by the state comptroller.
27 For each fiscal year beginning with the fiscal year during which the
28 town is authorized by law to incur such debt, to and including the last
29 fiscal year during which such debt or any debt incurred to refund such
30 debt is outstanding, the chief fiscal officer shall monitor all budgets
31 and for each such budget, shall prepare a quarterly report of summarized
32 budget data depicting overall trends of actual revenues and budget
33 expenditures for the entire budget rather than individual line items.
34 Such reports shall compare revenue estimates and appropriations as set
35 forth in such budget with the actual revenues and expenditures made to
36 date. All quarterly reports shall be accompanied by a recommendation
37 from the chief executive or chief fiscal officer to the finance board
38 setting forth any remedial action necessary to resolve any unfavorable
39 budget variance including the overestimation of revenues and underesti-
40 mation of appropriations. The chief fiscal officer shall also prepare,
41 as part of such report, a quarterly trial balance of general ledger
42 accounts in accordance with generally accepted accounting principles as
43 prescribed by the state comptroller. All reports shall be completed
44 within sixty days after the end of each quarter and shall be submitted
45 to the chief executive officer of the town, the state division of the
46 budget, the office of the state comptroller, the chairman of the assem-
47 bly ways and means committee and the chairman of the senate finance
48 committee.
49 S 5. This act shall take effect immediately.
