senate Bill S5922

Signed by Governor

Authorizes the city of Long Beach to issue bonds for the purpose of recovering from the destruction caused by Hurricane Sandy

download pdf

Sponsor

Bill Status


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

actions

  • 02 / Aug / 2013
    • REFERRED TO RULES
  • 08 / Jan / 2014
    • REFERRED TO LOCAL GOVERNMENT
  • 13 / Jan / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 13 / Jan / 2014
    • ORDERED TO THIRD READING CAL.1
  • 03 / Feb / 2014
    • HOME RULE REQUEST
  • 03 / Feb / 2014
    • PASSED SENATE
  • 03 / Feb / 2014
    • DELIVERED TO ASSEMBLY
  • 03 / Feb / 2014
    • REFERRED TO WAYS AND MEANS
  • 04 / Feb / 2014
    • SUBSTITUTED FOR A8120
  • 04 / Feb / 2014
    • ORDERED TO THIRD READING RULES CAL.4
  • 04 / Feb / 2014
    • HOME RULE REQUEST
  • 04 / Feb / 2014
    • PASSED ASSEMBLY
  • 04 / Feb / 2014
    • RETURNED TO SENATE
  • 10 / Feb / 2014
    • DELIVERED TO GOVERNOR
  • 21 / Feb / 2014
    • SIGNED CHAP.3

Summary

Authorizes the city of Long Beach to issue bonds for the purpose of recovering from the destruction caused by Hurricane Sandy.

do you support this bill?

Bill Details

See Assembly Version of this Bill:
A8120
Versions:
S5922
Legislative Cycle:
2013-2014
Law Section:
Bonds and Notes

Sponsor Memo

BILL NUMBER:S5922

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

PURPOSE OR GENERAL IDEA OF BILL:

To authorize the City of Long Beach to issue bonds for the purpose of
recovering from the destruction caused by Superstorm Sandy.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1. The City of Long Beach, in the county of Nassau, is
authorized to issue serial bonds to finance extraordinary expenses
incurred as a result of Superstorm Sandy that are not eligible to be
reimbursed from state and federal government grants. These bonds will
be amortized over a period of ten (10) years.

Section 2. Subject to section 10.10 of the Local Finance Law, the City
of Long Beach is authorized to issue serial bonds, or on before June
30, 2015, in the aggregate principal amount not to exceed twelve
million dollars ($12,000,000) for the purposes of liquidating current
deficits in its general fund, sewer fund, water fund and risk
management fund as of June 30, 2012.

JUSTIFICATION:

The city of Long Beach was one of the most devastated areas affected
by Superstorm Sandy. As a result of the storm's destruction, the City
of Long Beach has been left with extraordinary expenses for projects
which are not eligible to be reimbursed from the state or federal
government grants. This bill will allow the City of Long Beach to
issue serial bonds for all or, part of these expenses incurred.

Additionally; as of June 30, 2012 the City of Long Beach was facing a
$12 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, 2015 in the amount not to exceed $12
million. In anticipation of the issuance and sale of bonds, bond
anticipation notes with be authorized to be issued.

PRIOR LEGISLATIVE HISTORY:

New Bill

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
________________________________________________________________________

                                  5922

                       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.
                                                           LBD11646-01-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.