Bill Text: NY A05140 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes the town of Massena to issue bonds to cover the cost of pension contributions due by the town for employees of the former Massena Memorial Hospital.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-01-03 - referred to local governments [A05140 Detail]

Download: New_York-2023-A05140-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5140

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      March 2, 2023
                                       ___________

        Introduced  by  M. of A. GRAY -- read once and referred to the Committee
          on Local Governments

        AN ACT to authorize the town of Massena to issue bonds to cover the cost
          of pension contributions due by the town for employees of  the  former
          Massena Memorial Hospital

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. (a) The town of Massena, county of Saint Lawrence, is here-
     2  by authorized to issue  serial  bonds,  subject  to  the  provisions  of
     3  section 10.10 of the local finance law, in an aggregate principal amount
     4  not to exceed five million dollars ($5,000,000), for the specific object
     5  or  purpose  of  liquidating  actual deficits in its general fund at the
     6  close of the fiscal year as  certified  by  the  state  comptroller.  In
     7  anticipation  of the issuance and sale of such serial bonds, bond antic-
     8  ipation notes are hereby authorized to be issued.
     9    (b) The specific object or purpose of this issuance is hereby declared
    10  to be a public purpose which the town is hereby authorized to accomplish
    11  and the period of probable usefulness thereof is hereby authorized to be
    12  thirty years.
    13    (c) Notwithstanding the provisions of any other law, general,  special
    14  or  local,  the  town  board  is  hereby  authorized to levy a tax to be
    15  collected in annual installments sufficient to pay the principal of  and
    16  interest  on  said bonds and bond anticipation notes and to adopt a bond
    17  resolution authorizing the serial bonds authorized to be issued pursuant
    18  to this section.
    19    (d) Amounts provided from the proceeds of obligations issued  pursuant
    20  to  this  section in excess of the amount of the deficit as confirmed by
    21  the state comptroller shall be accounted  for  in  the  same  manner  as
    22  prescribed by the state comptroller pursuant to section 36 of the gener-
    23  al municipal law.
    24    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07232-01-3