S T A T E O F N E W Y O R K
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7647
2011-2012 Regular Sessions
I N A S S E M B L Y
May 12, 2011
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Introduced by M. of A. FARRELL -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the New York state financial emergency act for the city
of New York, in relation to providing for a revenue stabilization fund
and the termination of such act
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 8 of section 2 of chapter 868 of
the laws of 1975, constituting the New York state financial emergency
act for the city of New York, is amended by adding a new paragraph g to
read as follows:
G. (1) NOTWITHSTANDING ANY PROVISION IN THIS ACT OR ANY PROVISION OF
THE NEW YORK CITY CHARTER TO THE CONTRARY, THE CITY COUNCIL OF THE CITY
OF NEW YORK MAY ADOPT, IN THE MANNER PRESCRIBED IN SECTIONS 32 THROUGH
37 OF THE NEW YORK CITY CHARTER FOR ADOPTION OF LOCAL LAWS NOT SUBJECT
TO MANDATORY REFERENDUM, A LOCAL LAW AMENDING THE NEW YORK CITY CHARTER
TO PROVIDE FOR A REVENUE STABILIZATION FUND TO PROVIDE FISCAL RESERVES
TO THE CITY BEYOND THE CURRENT FISCAL YEAR. THE NEW YORK CITY CHARTER
PROVISIONS SHALL PROVIDE THAT PAYMENTS TO SUCH REVENUE STABILIZATION
FUND MAY BE MADE AT THE TIME OF BUDGET ADOPTION OR AT ANY OTHER TIME IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 107 OF SUCH CHARTER.
(2) THE REVENUE STABILIZATION FUND CREATED PURSUANT TO THIS PARAGRAPH
SHALL BE CREATED AS A SEPARATE UNIT OF APPROPRIATION IN THE CITY'S
EXPENSE BUDGET, AND PAYMENTS INTO AND FROM SUCH FUND SHALL BE MADE AT
THE TIME OF ADOPTION OF THE CITY'S BUDGET IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 254 OF SUCH CHARTER AND AT THE TIME OF MODIFICA-
TION OF SUCH BUDGET IN ACCORDANCE WITH THE PROVISIONS OF SECTION 107 OF
SUCH CHARTER; PROVIDED, HOWEVER, THAT FOR PURPOSES OF THIS ACT, SUCH
REVENUE STABILIZATION FUND SHALL NOT BE CONSIDERED AN EXPENDITURE IN THE
CITY'S EXPENSE BUDGET.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11544-01-1
A. 7647 2
S 2. Section 13 of section 2 of chapter 868 of the laws of 1975,
constituting the New York state financial emergency act for the city of
New York, as amended by section 2 of part K of chapter 686 of the laws
of 2003, is amended to read as follows:
S 13. Termination. This act shall terminate on the later of (a) July
first, two thousand eight or (b) the date (i) when all bonds and notes
containing the pledge and agreement authorized by subdivision one of
section ten-a of this act are refunded, redeemed, discharged or other-
wise defeased, or (ii) when there shall no longer be outstanding any
guarantee by the United States of America or any agency or instrumental-
ity thereof as to payment of principal of or interest on any note or
bond issued by the city or a state financing agency, whichever of (i) or
(ii) shall occur later; PROVIDED, HOWEVER, THAT THE PROVISIONS OF PARA-
GRAPH G OF SUBDIVISION ONE OF SECTION EIGHT OF THIS ACT SHALL REMAIN IN
FULL FORCE AND EFFECT UPON TERMINATION OF THIS ACT.
S 3. This act shall take effect immediately.