senate Bill S7426A

Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 14 / May / 2012
    • REFERRED TO LOCAL GOVERNMENT
  • 21 / May / 2012
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 21 / May / 2012
    • PRINT NUMBER 7426A

Summary

Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits.

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Bill Details

See Assembly Version of this Bill:
A10159A
Versions:
S7426
S7426A
Legislative Cycle:
2011-2012
Current Committee:
Senate Local Government
Law Section:
Bonds and Notes
Versions Introduced in Previous Legislative Cycles:
2011-2012: A10159
2009-2010: A10159, A4286
2007-2008: A2330

Sponsor Memo

BILL NUMBER:S7426A

TITLE OF BILL:
An act
authorizing the city of Long Beach to issue bonds

PURPOSE:
This bill authorizes the City of Long Beach
to issue up to
fifteen million dollars ($15,000,000) in bonds to cover current
deficits.

SUMMARY OF PROVISIONS:
Subject to section 10.10 of the Local Finance
Law, the City of Long Beach is authorized to issue serial bonds, on
or before June 30, 2013, in the aggregate principal amount not to
exceed fifteen million dollars ($15,000,000) for the purposes of
liquidating current deficits in its general fund and highway fund as
of June 30, 2012.

JUSTIFICATION:
As of June 30, 2012 the City of Long Beach (the City)
is facing a $15 million deficit. This legislation would allow the
City to issue bonds, subject to the provisions of section 10.10 of
the Local Finance Law, on or before June 30, 2013 in the amount not
to exceed $15 million. In anticipation of the issuance and sale of
bonds, bond anticipation notes will be authorized to be issued.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7426--A

                            I N  S E N A T E

                              May 14, 2012
                               ___________

Introduced  by  Sen.  SKELOS -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT authorizing the city of Long Beach to issue bonds

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The city of Long Beach (hereinafter referred to in this act
as  the  "city"), in the county of Nassau, is hereby authorized to issue
serial bonds, subject to the provisions of section 10.10  of  the  local
finance  law,  on  or  before  June  30, 2013, in an aggregate principal
amount not to exceed  fifteen  million  dollars  ($15,000,000)  for  the
specific object or purpose of liquidating current deficits in its gener-
al  fund,  sewer  fund,  and  water fund as of June 30, 2012.  In antic-
ipation of the issuance and sale of such serial bonds, bond anticipation
notes are hereby authorized to be issued.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15792-03-2

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