Bill Text: NY S07604 | 2011-2012 | General Assembly | Amended

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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) 2012-06-08 - PRINT NUMBER 7604A [S07604 Detail]

Download: New_York-2011-S07604-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7604--A
                                   I N  S E N A T E
                                     June 6, 2012
                                      ___________
       Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
         when printed to be committed to the Committee on  Rules  --  committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee
       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
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16030-03-2
       S. 7604--A                          2
    1  made during any control period unless it is approved by  the  authority,
    2  PROVIDED,  HOWEVER  THAT APPROVAL BY THE AUTHORITY SHALL NOT BE REQUIRED
    3  FOR BORROWINGS BY THE COUNTY TO PAY TAX CERTIORARI SETTLEMENTS OR  JUDG-
    4  MENTS  OF  ANY KIND AUTHORIZED BY BOND ORDINANCES APPROVED BY THE COUNTY
    5  PRIOR TO THE AUTHORITY'S DECLARATION OF  A  CONTROL  PERIOD  ON  JANUARY
    6  TWENTY-SIXTH,  TWO  THOUSAND ELEVEN.  Neither the county nor any covered
    7  organization shall be prohibited from issuing  bonds  or  notes  to  pay
    8  outstanding bonds or notes.
    9    S  3. Notwithstanding any general, special or local law to the contra-
   10  ry, in the event that the county of Nassau  is  so  authorized,  without
   11  requiring  the  approval of the Nassau county interim finance authority,
   12  to borrow to pay tax certiorari settlements or  judgments  of  any  kind
   13  authorized by bond ordinances approved by the county prior to the decla-
   14  ration by the Nassau county interim finance authority of a control peri-
   15  od  on January 26, 2011, then the county of Nassau shall provide funding
   16  for the Nassau county youth board in an amount not less than six million
   17  six hundred thousand dollars annually.
   18    S 4. Severability. If any provision of this act or if any  application
   19  thereof  to any person or circumstance is held invalid, the remainder of
   20  this act and the application of  the  provision  to  other  persons  and
   21  circumstances shall not be affected thereby.
   22    S  5.  This act shall take effect immediately; provided, however, that
   23  section two of this act shall not take effect until Nassau county imple-
   24  ments budgetary savings initiatives which will result in savings  of  at
   25  least  one  hundred  million dollars during the 2012 county fiscal year,
   26  and upon such amount being certified by the budget director of the state
   27  of New York; and provided further, that the budget director of the state
   28  of New York shall notify the legislative bill drafting  commission  upon
   29  the  certification required by this section in order that the commission
   30  may maintain an accurate and timely effective data base of the  official
   31  text of the laws of the state of New York in furtherance of effectuating
   32  the  provisions of section 44 of the legislative law and section 70-b of
   33  the public officers law.