S T A T E O F N E W Y O R K
2013-2014 Regular Sessions
I N S E N A T E
August 2, 2013
Introduced by Sen. SKELOS -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
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 to finance extraordinary expenses resulting from Superstorm
Sandy. Extraordinary expenses as used in this section, shall mean the
expense incurred for flood relief projects involving the public
thoroughfares, public places and projects of the city during the last
two months of 2012 and in 2013 which are not eligible to be reimbursed
from state or federal government grants all as determined by the city
council of the city. Extraordinary expenses shall also include interest
on obligations issued in anticipation of the receipt of state and feder-
al government payments pursuant to any state or federal disaster relief
act. The city council of the city may authorize the issuance of serial
bonds to pay for all or part of extraordinary expenses including to
reimburse any fund or account of the city from which such extraordinary
expenses have been paid. The period of probable usefulness of such
objects or purposes shall be ten years.
S 2. The city 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, 2015, in an aggregate principal amount not to exceed twelve
million dollars ($12,000,000) for the specific object or purpose of
liquidating accumulated deficits in its general fund, sewer fund, water
fund and risk management fund as of the close of the fiscal year ending
June 30, 2012.
S 3. In anticipation of the issuance and sale of such serial bonds,
bond anticipation notes are hereby authorized to be issued.
S 4. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.