senate Bill S6848

Vetoed By Governor
2009-2010 Legislative Session

Relates to Buffalo fiscal stability authority financial crisis determination

download bill text pdf

Sponsored By

Archive: Last Bill Status - Vetoed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor

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Actions

view actions (14)
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 02, 2010 referred to ways and means
Jun 01, 2010 delivered to assembly
passed senate
May 25, 2010 advanced to third reading
May 24, 2010 2nd report cal.
May 18, 2010 1st report cal.566
Mar 24, 2010 reported and committed to finance
Feb 16, 2010 referred to corporations, authorities and commissions

Votes

view votes

May 18, 2010 - Finance committee Vote

S6848
19
0
committee
19
Aye
0
Nay
14
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

Mar 24, 2010 - Corporations, Authorities and Commissions committee Vote

S6848
3
2
committee
3
Aye
2
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Corporations, Authorities and Commissions committee vote details

Corporations, Authorities and Commissions Committee Vote: Mar 24, 2010

S6848 - Details

See Assembly Version of this Bill:
A10341
Law Section:
Public Authorities Law
Laws Affected:
Amd ยง3851, Pub Auth L
Versions Introduced in 2009-2010 Legislative Session:
S5073, A8374

S6848 - Summary

Relates to Buffalo fiscal stability authority financial crisis determination.

S6848 - Sponsor Memo

S6848 - 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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