Assembly Bill A11357

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

                                  11357

                          I N  A S S E M B L Y

                              June 4, 2010
                               ___________

Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Calhoun) --
  read once and referred to the Committee on Local Governments

AN ACT to authorize the town of Blooming Grove, in the county of  Orange
  to finance the accumulated deficit as of June 30, 2010 by the issuance
  and sale of serial bonds

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

  Section 1. The town of Blooming Grove, in the  county  of  Orange,  is
hereby  authorized  to issue serial bonds in the aggregate principal sum
not to exceed one million three hundred dollars for the specific  object
and  purpose  of providing for the funding of the accumulated deficit as
of June 30, 2010 including any revenue anticipation notes which may be a
part of the deficit for the four water and two  sewer  districts  within
such  town.  In  anticipation  of  the  issuance and sale of such serial
bonds, bond anticipation notes are hereby authorized to be issued.
  S 2. The specific object or purpose referred to in section one of this
act is hereby declared to be a public purpose which the town of Blooming
Grove is hereby authorized to accomplish  and  the  period  of  probable
usefulness thereof is hereby authorized to be five years.
  Notwithstanding  the  provisions of any other law, general, special or
local, the town board of the town of Blooming Grove is hereby authorized
to levy a tax to be collected in  installments  sufficient  to  pay  the
principal and the interest on said bonds and bond anticipation notes and
to  adopt  a bond resolution authorizing the serial bonds herein author-
ized to be issued.
  S 3. Except as otherwise provided in this act, such serial  bonds  and
any  bond anticipation notes, including notes in renewal thereof, issued
in anticipation of the sale of such bonds, shall  be  authorized,  sold,
executed  and  issued  and  shall mature in the manner prescribed by the
local finance law.
  S 4. The chief fiscal officer or the individual or individuals respon-
sible for the preparation of the tentative budget shall submit  in  each
fiscal  year  beginning  with  the  fiscal year during which the town is
authorized by law to incur such debt, to and including the  last  fiscal

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

                                                           LBD17432-01-0

A. 11357                            2

year  during which such debt or any debt incurred to refund such debt is
outstanding, such tentative budget to the state comptroller within  five
days  after  its  preparation.  The state comptroller shall in each such
year  examine  such  proposed budget and make his or her recommendations
thereon to the town. Such recommendations shall be made  after  examina-
tion  into the estimates of revenues and expenditures of such government
and shall be made prior to the adoption of such budget.  The  action  or
inaction  of  the  state  comptroller  under this paragraph shall not be
construed to affect the legal validity of any budget of the town nor  to
affect the powers or duties of the town with respect to the local budget
process.
  The  chief  fiscal  officer of the town shall, within thirty days from
the effective date of the law authorizing the incurrence of  such  debt,
prepare  a  report  detailing the dollar amount and cause of the deficit
and submit such report to the  state  comptroller.  Within  thirty  days
after  receiving  the  report,  the state comptroller shall perform such
reviews as may be necessary to confirm the existence of  a  deficit  and
the  amount  thereof.  The  town shall not authorize the issuance of any
such debt unless or until the existence and the amount of the deficit is
reviewed and confirmed by the state comptroller, and shall not authorize
the issuance of any such debt in an  amount  in  excess  of  the  amount
confirmed by the state comptroller.
  For  each  fiscal year beginning with the fiscal year during which the
town is authorized by law to incur such debt, to and including the  last
fiscal  year  during which such debt or any debt incurred to refund such
debt is outstanding, the chief fiscal officer shall monitor all  budgets
and for each such budget, shall prepare a quarterly report of summarized
budget  data  depicting  overall  trends  of  actual revenues and budget
expenditures for the entire budget rather than  individual  line  items.
Such  reports  shall compare revenue estimates and appropriations as set
forth in such budget with the actual revenues and expenditures  made  to
date.  All  quarterly  reports  shall be accompanied by a recommendation
from the chief executive or chief fiscal officer to  the  finance  board
setting  forth  any remedial action necessary to resolve any unfavorable
budget variance including the overestimation of revenues and  underesti-
mation  of  appropriations. The chief fiscal officer shall also prepare,
as part of such report, a quarterly  trial  balance  of  general  ledger
accounts  in accordance with generally accepted accounting principles as
prescribed by the state comptroller.  All  reports  shall  be  completed
within  sixty  days after the end of each quarter and shall be submitted
to the chief executive officer of the town, the state  division  of  the
budget,  the office of the state comptroller, the chairman of the assem-
bly ways and means committee and the  chairman  of  the  senate  finance
committee.
  S 5. This act shall take effect immediately.