senate Bill S4674

Enacts the "Rockland county financing act" to authorize the county of Rockland to issue bonds

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Bill Status


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

  • 17 / Apr / 2013
    • REFERRED TO LOCAL GOVERNMENT
  • 20 / Jun / 2013
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 20 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1571
  • 20 / Jun / 2013
    • SUBSTITUTED BY A6758

Summary

Enacts the "Rockland county deficit financing act" to authorize the county of Rockland to issue bonds.

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Bill Details

See Assembly Version of this Bill:
A6758
Versions:
S4674
Legislative Cycle:
2013-2014
Law Section:
Rockland County
Versions Introduced in 2011-2012 Legislative Cycle:
S7736, A10707

Sponsor Memo

BILL NUMBER:S4674 REVISED 5/6/13

TITLE OF BILL: An act authorizing the county of Rockland to issue
bonds; and providing for the repeal of such provisions upon expiration
thereof

PURPOSE: To authorize the county of Rockland (the "County") to issue
up to $96 million in bonds to liquidate the projected accumulated
deficit in its general fund for the fiscal years ending December 31,
2010, December 31, 2011 and December 31, 2012.

SUMMARY OF PROVISIONS: The County is authorized to issue bonds on or
before September 30, 2014 in an aggregate principal amount not to
exceed $96,000,000 for the specific object or purpose of liquidating
the projected accumulated deficit in the general fund of such county
for the fiscal years ending December 31, 2010, December 31, 2011 and
December 31, 2012. In anticipation of the issuance of the bonds
authorized to be issued by this act, the issuance and sale of bond
anticipation notes is authorized.

For each fiscal year during the time bonds and/or notes issued
pursuant to this act are outstanding, the County Executive shall
submit the proposed budget to the State Comptroller thirty days prior
to the county legislature's scheduled vote on the adoption of the
final budget. The State Comptroller shall examine the proposed budget
and make recommendations and the county shall make adjustments to the
proposed budget consistent with any such recommendations.

JUSTIFICATION: The County needs state legislative approval to finance
the projected accumulated $96 million deficit over a ten year period.
The County increased property taxes by 30% in the County's adopted
2012 budget, is currently negotiating with its public employee
collective bargaining units to control personnel costs, and is
otherwise evaluating its policy options to address significant
increases in the costs of state retirement fund contributions and
unfunded state mandated service costs during this very difficult
economic environment for all local governments. The County is also
evaluating the operations and possible disposition of its nursing home
which requires significant annual operating subsidies. By local law,
the County has imposed a multi-year financial planning requirement to
facilitate understanding of revenue and expenditure trends and support
fiscal management over a multi-year time horizon.

LEGISLATIVE HISTORY: New bill; similar to S.7736/A.10707 of 2012.

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately; and shall
remain in full force and effect until the tenth anniversary of the
date of second issuance of deficit bonds or deficit notes pursuant to
this act.

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

    S. 4674                                                  A. 6758

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                             April 17, 2013
                               ___________

IN  SENATE  --  Introduced  by  Sens. CARLUCCI, LARKIN -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Local Government

IN ASSEMBLY -- Introduced by M. of A. JAFFEE, ZEBROWSKI, RABBITT -- read
  once and referred to the Committee on Local Governments

AN  ACT authorizing the county of Rockland to issue bonds; and providing
  for the repeal of such provisions upon expiration thereof

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

  Section  1.   Short title. This act shall be known and may be cited as
the "Rockland county deficit financing act".
  S 2. Definitions. (a) "Budget" shall mean a current  operating  budget
of  the county prepared or adopted pursuant to general, special or local
law, being the annual budget and estimate of  expenditures  to  be  made
during a fiscal year for the general support and current expenses of the
government  of  the county to be paid from taxes or assessments or other
current revenues of the county for such year.
  (b) "Comptroller" shall mean the New York state comptroller.
  (c) "County" shall mean the county of Rockland.
  (d) "County executive" shall mean the  county  executive  of  Rockland
county.
  (e) "County legislature" shall mean the legislative body of the county
of Rockland.
  (f) "Fiscal year" shall mean the fiscal year of the county.
  S 3. Bonds. The county of Rockland is hereby authorized to issue seri-
al  bonds,  subject  to  the  provisions  of  section 10.10 of the local
finance law, on or before September 30, 2014, in an aggregate  principal
amount  not  to  exceed ninety-six million dollars ($96,000,000) for the
specific object or purpose of liquidating current deficits in its gener-
al fund as of December 31, 2010, December  31,  2011  and  December  31,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02733-02-3

S. 4674                             2                            A. 6758

2012.    In  anticipation of the issuance and sale of such serial bonds,
bond anticipation notes are hereby authorized to be issued.
  S  4.  Budget review by state comptroller. During the effective period
of this act, the county executive shall submit the proposed  budget  for
the  next  succeeding fiscal year to the state comptroller no later than
thirty days before the date scheduled for the county legislature's  vote
on the adoption of the final budget or the last date on which the budget
may be finally adopted, whichever is sooner. The state comptroller shall
examine  such  proposed  budget  and make such recommendations as deemed
appropriate thereon to the county prior to the adoption of  the  budget,
but  no  later  than  ten  days before the date scheduled for the county
legislature's vote on the adoption of the final budget or the last  date
on which the budget must be adopted, whichever is sooner. Such recommen-
dations  shall  be made after examination into the estimates of revenues
and expenditures of the county. The county legislature,  no  later  than
five  days  prior  to  the adoption of the budget, shall review any such
recommendations and make adjustments to the proposed  budget  consistent
with any recommendations made by the state comptroller.
  S  5. Severability clause. If any clause, sentence, paragraph, section
or part of this act shall be adjudged by any court of  competent  juris-
diction to be invalid, such judgment shall not affect, impair or invali-
date  the  remainder  thereof, but shall be confined in its operation to
the clause, sentence, paragraph, section or part involved in the contro-
versy in which such judgment shall have been rendered. The provisions of
this act shall be liberally construed to assist the effectuation of  the
public purposes furthered hereby.
  S  6. This act shall take effect immediately; and shall remain in full
force and effect until the tenth anniversary of the date of second issu-
ance of deficit bonds or deficit notes pursuant to this act,  when  upon
such  date  the  provisions  of  this  act  shall  expire  and be deemed
repealed; and provided, however, that the state comptroller shall notify
the legislative bill drafting commission upon the occurrence of this act
in order that the commission may maintain an accurate and timely  effec-
tive data base of the official text of the laws of the state of New York
in  furtherance  of  effectuating  the  provisions  of section 44 of the
legislative law and section 70-b of the public officers law.

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