Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 13, 2010 |
vetoed memo.6836 |
Dec 01, 2010 |
delivered to governor |
Jun 29, 2010 |
returned to senate passed assembly ordered to third reading rules cal.449 substituted for a10341 |
Jun 29, 2010 |
substituted by s6848 rules report cal.449 reported |
Jun 15, 2010 |
reported referred to rules |
Apr 20, 2010 |
reported referred to ways and means |
Mar 18, 2010 |
referred to corporations, authorities and commissions |
Assembly Bill A10341
Vetoed By Governor2009-2010 Legislative Session
Sponsored By
PEOPLES-STOKES
Archive: Last Bill Status Via S6848 - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
2009-A10341 (ACTIVE) - Details
2009-A10341 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10341 TITLE OF BILL: An act to amend the public authorities law, in relation to the Buffalo Fiscal Stability Authority (BFSA) financial crisis deter- minations PURPOSE: Clarifies the determination of an advisory period by the Buffalo Fiscal Stability Authority (BFSA). SUMMARY OF PROVISIONS: This bill clarifies that the wage freeze is not authority assistance for determining the end of a control period and the beginning of an advisory period. EXISTING LAW: Section 1 of the bill amends Subdivision one of Section 3851 of the Public Authorities Law to clarify that the definition of BFSA assistance for determination of the transition to an advisory peri- od is governed by Subdivision three of Section 3851. It amends Subdivi- sion three of section 3851 of the Public Authorities Law and stipulates that anything not specified in the definition of BFSA assistance shall not be construed as BFSA assistance. JUSTIFICATION:; The fiscal crisis for the City of Buffalo has abated as demonstrated by four successive end of year City surpluses, two succes- sive increases in its credit ratings, and a lifting of the Buffalo Fiscal Stability Authority (BFSA) imposed wage freeze. However, there presently are numerous lawsuits and conflicting legal opinions regarding
2009-A10341 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10341 I N A S S E M B L Y March 18, 2010 ___________ Introduced by M. of A. PEOPLES-STOKES -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to the Buffalo Fiscal Stability Authority (BFSA) financial crisis determinations THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 1 and 3 of section 3851 of the public authori- ties law, as added by chapter 122 of the laws of 2003, are amended to read as follows: 1. "Advisory period" means that period no earlier than July first, two thousand six, after which the authority has determined that (a) for each of the three immediately preceding city fiscal years, the city has adopted and adhered to budgets covering all expenditures, other than capital items, the results of which did not show a deficit, without the use of any [authority] BFSA assistance, as provided for under SUBDIVI- SION ONE OF section thirty-eight hundred fifty-seven of this title, when reported in accordance with generally accepted accounting principles and (b) the comptroller and the state comptroller jointly certify that secu- rities were sold by the city during the immediately preceding city fiscal year in the general public market and that there is a substantial likelihood that such securities can be sold by the city in the general public market from such date through the end of the next succeeding city fiscal year in amounts that will satisfy substantially all of the capi- tal and cash flow requirements of the city during that period in accord- ance with the financial plan then in existence. The joint certification made by the comptroller and the state comptroller shall be based on their separate written determinations which may take into account a report and opinion of an independent expert in the marketing of securi- ties selected by the authority as well as other information available to the comptrollers. Once begun, an advisory period shall continue through June thirtieth, two thousand thirty-seven unless a control period is imposed. 3. "BFSA assistance" means: (a) the amount of debt service savings in a given city fiscal year generated from the proceeds of bonds, notes or EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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