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Senate Bill S6848

Vetoed By Governor

2009-2010 Legislative Session

Relates to Buffalo fiscal stability authority financial crisis determination

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Archive: Last Bill Status - Vetoed by Governor

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2009-S6848 (ACTIVE) - Details

See Assembly Version of this Bill:
A10341
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง3851, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2011-2012: A949
2013-2014: A3837
2015-2016: A3179
2017-2018: A1791

2009-S6848 (ACTIVE) - Summary

Relates to Buffalo fiscal stability authority financial crisis determination.

2009-S6848 (ACTIVE) - Sponsor Memo

2009-S6848 (ACTIVE) - Bill Text download pdf 

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

                                  6848

                            I N  S E N A T E

                            February 16, 2010
                               ___________

Introduced  by Sen. THOMPSON -- read twice and ordered printed, and when
  printed to be committed 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11598-01-9

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