Bill Text: NY S04669 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Enacts the village of Suffern deficit financing act; authorizes the village of Suffern to issue serial bonds, subject to the provisions of section 10.10 of the local finance law, on or before March 31, 2016, in an aggregate principal amount not to exceed five million dollars.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2015-07-30 - SIGNED CHAP.99 [S04669 Detail]

Download: New_York-2015-S04669-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4669
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     April 1, 2015
                                      ___________
       Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT in relation to enacting the "village of Suffern deficit financing
         act"
         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 "village of Suffern deficit financing act".
    3    S 2. Bonds. The village of Suffern is hereby authorized to issue seri-
    4  al bonds, subject to the  provisions  of  section  10.10  of  the  local
    5  finance  law,  on  or  before  March 31, 2016, in an aggregate principal
    6  amount not to exceed five million dollars ($5,000,000) for the  specific
    7  object or purpose of liquidating the accumulated deficits in its general
    8  fund as of May 31, 2015, including the remaining principal amount of any
    9  budget,  deficiency and/or revenue anticipation notes outstanding at the
   10  time of said issuance of said serial bonds or notes authorized  pursuant
   11  to  this  act.  In  anticipation of the issuance and sale of such serial
   12  bonds, bond anticipation notes are hereby authorized to be issued.
   13    S 3. The village shall be subject to the provisions of  section  10.10
   14  of  the  local finance law except that, notwithstanding any inconsistent
   15  provision in paragraph d of section 10.10 of the local finance law,  the
   16  village  board of trustees shall make adjustments to the proposed budget
   17  consistent with any recommendations made by the state comptroller.
   18    S 4. Severability clause. If any clause, sentence, paragraph,  section
   19  or  part  of this act shall be adjudged by any court of competent juris-
   20  diction to be invalid, such judgment shall not affect, impair or invali-
   21  date the remainder thereof, but shall be confined in  its  operation  to
   22  the clause, sentence, paragraph, section or part involved in the contro-
   23  versy in which such judgment shall have been rendered. The provisions of
   24  this  act shall be liberally construed to assist the effectuation of the
   25  public purposes furthered hereby.
   26    S 5. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09955-02-5