Bill Text: NY S08422 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to expenses related to the state disaster emergency declared pursuant to executive order 202 of 2020; authorizes the extension of repayment of inter-fund advances made for expenses related to the state disaster emergency declared pursuant to executive order 202 of 2020.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-05-26 - REFERRED TO RULES [S08422 Detail]
Download: New_York-2019-S08422-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8422 IN SENATE May 26, 2020 ___________ Introduced by Sen. KRUEGER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend a chapter of the laws of 2020 amending the local finance law relating to bond anticipation notes issued in calendar years 2015 through 2021, as proposed in legislative bills numbers S. 8417 and A. 10492, in relation to expenditures and temporary transfer of reserve funds for expenses related to state disaster emergency declared pursu- ant to executive order 202 of 2020 and authorizing the extension of repayment of inter-fund advances made for expenses related to state disaster emergency declared pursuant to executive order 202 of 2020 The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The title of a chapter of the laws of 2020 amending the 2 local finance law relating to bond anticipation notes issued in calendar 3 years 2015 through 2021, as proposed in legislative bills number S. 8417 4 and A. 10492, is amended to read as follows: 5 to amend the local finance law, in relation to bond anticipation notes 6 issued in calendar years 2015 through 2021; to authorize the expenditure 7 and temporary transfer of reserve funds for expenses related to [COVID-819] the state disaster emergency declared pursuant to executive order 9 202 of 2020; and to authorize the extension of repayment of inter-fund 10 advances made for expenses related to [COVID-19] the state disaster 11 emergency declared pursuant to executive order 202 of 2020 12 § 2. Section 2 of a chapter of the laws of 2020 amending the local 13 finance law relating to bond anticipation notes issued in calendar years 14 2015 through 2021, as proposed in legislative bills numbers S. 8417 and 15 A. 10492, is amended to read as follows: 16 § 2. Notwithstanding any provision of sections 6-c or 6-g of the 17 general municipal law or section 3651 of the education law to the 18 contrary, the governing board of a town, village, county, city, water 19 improvement district, sewer improvement district, fire district or 20 school district, by resolution which shall not be subject to referendum 21 requirements, may authorize expenditures from capital reserve funds for EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16492-05-0S. 8422 2 1 capital costs attributable to the [COVID-19 pandemic] state disaster 2 emergency declared pursuant to executive order 202 of 2020. 3 § 3. Section 3 of a chapter of the laws of 2020 amending the local 4 finance law relating to bond anticipation notes issued in calendar years 5 2015 through 2021, as proposed in legislative bills numbers S. 8417 and 6 A. 10492, is amended to read as follows: 7 § 3. Notwithstanding any provision of the general municipal law, the 8 town law or the education law to the contrary, the governing board of a 9 town, village, county, city, water improvement district, sewer improve- 10 ment district, fire district or school district, by resolution which 11 shall not be subject to referendum requirements, if any, may authorize 12 the temporary transfer of moneys from reserve funds to pay for operating 13 costs attributable to the state disaster emergency declared pursuant to 14 executive order 202 of 2020 or other costs attributable to the [COVID-1915pandemic] state disaster emergency declared pursuant to executive order 16 202 of 2020, provided, that the reserve fund from which the funds were 17 temporarily transferred shall be reimbursed from the fund to which the 18 transfer was made over a period of not more than five fiscal years, 19 starting with the fiscal year following the transfer. At least twenty 20 percent of the moneys temporarily transferred shall be reimbursed each 21 fiscal year. Such reimbursement shall include an additional amount 22 reasonably estimated to be the amount that would have been earned on the 23 investment of the transferred moneys had they been retained in the capi- 24 tal reserve fund. 25 § 4. Section 4 of a chapter of the laws of 2020 amending the local 26 finance law relating to bond anticipation notes issued in calendar years 27 2015 through 2021, as proposed in legislative bills numbers S. 8417 and 28 A. 10492, is amended to read as follows: 29 § 4. Notwithstanding the provisions of subdivision 3 of section 9-a of 30 the general municipal law, for inter-fund advances made pursuant to such 31 subdivision for costs attributable to the [COVID-19 pandemic] state 32 disaster emergency declared pursuant to executive order 202 of 2020, 33 repayment of moneys to the fund from which they were advanced shall be 34 made by close of the fiscal year next succeeding the fiscal year in 35 which such advance was made. 36 § 5. This act shall take effect on the same date and in the same 37 manner as a chapter of the laws of 2020 amending the local finance law 38 relating to bond anticipation notes issued in calendar years 2015 39 through 2021, as proposed in legislative bills numbers S. 8417 and A. 40 10492, takes effect.
