senate Bill S2374A

Signed By Governor
2011-2012 Legislative Session

Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years

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Archive: Last Bill Status - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 03, 2011 signed chap.387
Jul 22, 2011 delivered to governor
Jun 23, 2011 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.601
substituted for a3403
Jun 22, 2011 referred to ways and means
delivered to assembly
passed senate
home rule request
amend by restoring to original print 2374
Jan 19, 2011 referred to local government
Mar 22, 2011 advanced to third reading
Mar 21, 2011 2nd report cal.
Mar 16, 2011 1st report cal.235
Mar 09, 2011 print number 2374a
amend (t) and recommit to local government

Votes

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Bill Amendments

Original (Active)
A
Original (Active)
A

Co-Sponsors

S2374 - Bill Details

Law Section:
Westchester County
Versions Introduced in 2009-2010 Legislative Session:
S8513

S2374 - Bill Texts

view summary

Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years for any costs associated with or related to the 2010 Early Retirement Incentive.

view sponsor memo
BILL NUMBER:S2374

TITLE OF BILL:
An act
to authorize the county of Westchester to issue serial bonds to finance
certain payments over a period of five years

PURPOSE OR GENERAL IDEA OF BILL:
This bill will allow Westchester County the option to issue bonds to
fund the cost of the 2010 Early Retirement Incentive.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill authorizes the county of Westchester to issue
serial bonds in an aggregate principal amount to be determined by the
Westchester County Board of Legislators, for a period of probable
usefulness not to exceed five years which shall apply to the specific
object or purpose of payment, by the County of Westchester, of all
costs associated with or related to the 2010 Early Retirement
Incentive.

Section 2 is the effective date.

JUSTIFICATION:
On June 25, 2010, the Westchester County Board of Legislators passed
Local Law No. 10 and Local Law 12 of 2010, which authorized
Westchester County and Westchester County Community College to opt
into the State's retirement incentive program in order to achieve
maximum savings for county taxpayers.

However, opting into the State's Early Retirement Incentive requires
Westchester County to make payments into the New York State
Retirement System. Approximately, 400 employees will have taken the
Retirement Incentive and as a result, the payments are significant.

Because the significant payment in a lump sum will negatively impact
the current County budget, Westchester County has requested this
legislation that will allow for the financing of the payments
required by the issuance of bonds payable over a period of time.

FISCAL IMPLICATIONS:
None to the State.

LEGISLATIVE HISTORY:
2010 - S.8513 (Died - Rules)

EFFECTIVE DATE:
This Act shall take effect immediately.

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

                                  2374

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 19, 2011
                               ___________

Introduced  by  Sens.  STEWART-COUSINS,  OPPENHEIMER  --  read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Local Government

AN  ACT  to authorize the county of Westchester to issue serial bonds to
  finance certain payments over a period of five years

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

  Section  1.  The  county  of Westchester is hereby authorized to issue
serial bonds in an aggregate principal amount to be  determined  by  the
Westchester  county  board  of  legislators,  for  a  period of probable
usefulness not to exceed five years, which shall apply to  the  specific
object or purpose of payment, by the county of Westchester, of all costs
associated  with  or  related to the 2010 Early Retirement Incentive. In
anticipation of the issuance and sale of such serial bonds, bond  antic-
ipation notes are hereby authorized to be issued.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07545-01-1

Co-Sponsors

S2374A - Bill Details

Law Section:
Westchester County
Versions Introduced in 2009-2010 Legislative Session:
S8513

S2374A - Bill Texts

view summary

Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years for any costs associated with or related to the 2010 Early Retirement Incentive.

view sponsor memo
BILL NUMBER:S2374A

TITLE OF BILL:
An act
to authorize a municipality to issue serial bonds to finance
certain payments over a period of five years

PURPOSE OR GENERAL IDEA OF BILL:
This bill will allows all municipalities in New York State the option
to issue bonds to fund the cost of the 2010 Early Retirement Incentive.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill authorizes all municipalities to issue serial
bonds in an aggregate principal amount to be determined by local
governing body of such municipality, for a period of probable
usefulness not to exceed five years which shall apply to the specific
object or purpose of payment, by the municipality, of all costs
associated with or related to the 2010 Early Retirement Incentive.

Section 2 is the effective date.

JUSTIFICATION:
Many municipalities passed local laws in order to opt into the State's
retirement incentive program in order to achieve maximum savings for
taxpayers.

However, opting into the State's Early Retirement Incentive requires
localities to make payments into the New York State Retirement System
that are significant.

Because the significant payment in a lump sum will negatively impact
localities' budgets, this legislation that will allow for the
financing of the payments required by the issuance of bonds payable
over a period of time.

FISCAL IMPLICATIONS:
None to the State.

LEGISLATIVE HISTORY:
2010 - S.8513 (Died - Rules)

EFFECTIVE DATE:
This Act shall take effect immediately.

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

                                 2374--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 19, 2011
                               ___________

Introduced  by  Sens.  STEWART-COUSINS,  OPPENHEIMER  --  read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Local  Government  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to authorize a municipality to  issue  serial  bonds  to  finance
  certain payments over a period of five years

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

  Section 1. All municipalities are hereby authorized  to  issue  serial
bonds  in  an  aggregate  principal amount to be determined by the local
governing body of such municipality, for a period of probable usefulness
not to exceed five years, which shall apply to the  specific  object  or
purpose  of  payment, of such municipality, of all costs associated with
or related to the 2010 Early Retirement Incentive.  In  anticipation  of
the  issuance and sale of such serial bonds, bond anticipation notes are
hereby authorized to be issued.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07545-04-1

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