senate Bill S4725

Authorizes the extension of repayment of inter-fund advances made for expenses related to the storm commonly known as Sandy

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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

  • 19 / Apr / 2013
    • REFERRED TO RULES
  • 17 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1387
  • 17 / Jun / 2013
    • SUBSTITUTED BY A5549

Summary

Authorizes the extension of repayment of inter-fund advances made for expenses related to the storm commonly known as Sandy; provides repayment shall be made by close of the fiscal year next succeeding fiscal year in which advances were made.

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Bill Details

See Assembly Version of this Bill:
A5549
Versions:
S4725
Legislative Cycle:
2013-2014
Law Section:
Municipalities

Sponsor Memo

BILL NUMBER:S4725

TITLE OF BILL: An act in relation to authorizing the extension of
repayment of inter-fund advances made for expenses related to the
storm commonly known as Sandy

PURPOSE:

Permits repayment of inter-fund advances made for Sandy-related
expenses by the end of the next succeeding fiscal year or later,
rather than the end of the current fiscal year as currently required.

SUMMARY OF PROVISIONS:

The bill provides for an exception to subdivision 3 of Section 9-a of
the General Municipal Law.

LEGISLATIVE HISTORY:

New bill.

JUSTIFICATION:

It has been projected that the costs for damage from Storm Sandy could
exceed $18 billion for New York State. Infrastructure, including
highways, airports, seaports, sewer and water systems, was severely
impacted. While much of the cost ultimately may be covered by
insurance or federal assistance, the affected municipalities need
additional flexibility in advancing funds for the payment of these
costs prior to reimbursement. This bill would help provide that
flexibility by extending the maximum time for repayment of an advance
made from one fund of a municipal corporation to another fund when the
advance is made for costs attributable to Sandy. Currently, GML
9-a(3) requires repayment by the close of the fiscal year in which the
advance was made. Under this bill, repayment could be extended until
the close of the next succeeding fiscal year.

FISCAL IMPLICATIONS:

None to the State.

EFFECTIVE DATE:

The bill would take effect immediately.

RECOMMENDATION:

The Comptroller urges passage of this legislation.

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

                                  4725

                       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  in relation to authorizing the extension of repayment of inter-
  fund advances made 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:

  Section  1. Notwithstanding the provisions of subdivision 3 of section
9-a of the general municipal law, for inter-fund advances made  pursuant
to  such  subdivision for costs attributable to the storm commonly known
as Sandy, repayment of moneys to the fund from which they were  advanced
shall  be  made  by  close of the fiscal year next succeeding the fiscal
year in which such advance was made.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05511-01-3

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