Bill Text: NY S04726 | 2013-2014 | General Assembly | Introduced

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Bill Title: Authorizes the expenditure and temporary transfer of reserve funds for the expenses related to the storm commonly known as Sandy; authorizes such transfers for both capital costs and operating costs; provides a timetable for reimbursement of funds transferred for operating costs.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2013-06-17 - SUBSTITUTED BY A5550 [S04726 Detail]

Download: New_York-2013-S04726-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4726
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    April 19, 2013
                                      ___________
       Introduced  by  COMMITTEE  ON  RULES  --  (at request of the State Comp-
         troller) -- read twice and ordered printed, and  when  printed  to  be
         committed to the Committee on Rules
       AN  ACT  authorizing  the  expenditure and temporary transfer of reserve
         funds for expenses related to the storm commonly known as Sandy
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Notwithstanding any provision of section 6-c or 6-g of the
    2  general municipal law or section  3651  of  the  education  law  to  the
    3  contrary,  the  governing  board of a town, village, county, city, water
    4  improvement district,  sewer  improvement  district,  fire  district  or
    5  school  district, by resolution which shall not be subject to referendum
    6  requirements, may authorize expenditures from capital reserve funds  for
    7  capital costs attributable to the storm commonly known as Sandy.
    8    S  2.  Notwithstanding any provision of the general municipal law, the
    9  town law or the education law to the contrary, the governing board of  a
   10  town,  village, county, city, water improvement district, sewer improve-
   11  ment district, fire district or school  district,  by  resolution  which
   12  shall  not  be subject to referendum requirements, if any, may authorize
   13  the temporary transfer of moneys from reserve funds to pay for operating
   14  costs attributable to the storm commonly known as Sandy, provided,  that
   15  the reserve fund from which the funds were temporarily transferred shall
   16  be reimbursed from the fund to which the transfer was made over a period
   17  of  not  more  than  five  fiscal  years,  starting with the fiscal year
   18  following the transfer.  At least twenty percent of the moneys temporar-
   19  ily transferred shall be reimbursed each fiscal year.   Such  reimburse-
   20  ment  shall  include an additional amount reasonably estimated to be the
   21  amount that would have been earned on the investment of the  transferred
   22  moneys had they been retained in the capital reserve fund.
   23    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05510-01-3