senate Bill S6478

Vetoed By Governor
2011-2012 Legislative Session

Relates to temporary alternative methods of financing flood relief expenses

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Archive: Last Bill Status Via A9211 - Vetoed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 17, 2012 tabled
vetoed memo.151
Aug 06, 2012 delivered to governor
Jun 19, 2012 returned to assembly
passed senate
3rd reading cal.1306
substituted for s6478
Jun 19, 2012 substituted by a9211
ordered to third reading cal.1306
Jun 12, 2012 reported and committed to rules
May 23, 2012 reported and committed to finance
Feb 14, 2012 referred to local government

Votes

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Jun 21, 2012 - Rules committee Vote

S6478
24
0
committee
24
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

Jun 12, 2012 - Finance committee Vote

S6478
34
0
committee
34
Aye
0
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

May 23, 2012 - Local Government committee Vote

S6478
8
0
committee
8
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: May 23, 2012

Co-Sponsors

S6478 - Bill Details

See Assembly Version of this Bill:
A9211
Law Section:
Local Finance Law
Laws Affected:
Amd ยง26.10, Loc Fin L

S6478 - Bill Texts

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Relates to temporary alternative methods of financing flood relief expenses.

view sponsor memo
BILL NUMBER:S6478

TITLE OF BILL: An act to amend the local finance law, in relation to
temporary alternative methods of financing flood relief expenses

PURPOSE: This legislation would provide municipalities and school
districts with authority to issue serial bonds to finance certain
extraordinary expenses of flood relief incurred as a result of flooding
in 2011, and would also provide them with additional flexibility in
connection with the issuance of budget notes to finance such expenses.

SUMMARY OF PROVISIONS: Section one of the bill would update the defi-
nition of "extraordinary expenses of flood relief' in paragraph a of
section 26.10 of the Local Finance Law to apply to certain expenses
incurred before July 1, 2012, for public flood relief projects undertak-
en as a result of flooding which occurred during 2011.

Section two of the bill would amend paragraph b of section 26.10 to
enable municipalities and school districts to finance "extraordinary
expenses of flood relief' through the issuance of serial bonds to be
repaid over no more than 5 years

Section three of this bill states that this act would take effect imme-
diately.

PRIOR LEGISLATIVE HISTORY: New bill, but similar legislation has been
enacted several times in the past (see, e.g. L 2006 ch 157).

JUSTIFICATION: Hurricane Irene wound up by most estimates as one of the
ten most destructive and deadly hurricanes to hit the United States
since 1980. Although it was downgraded to a tropical storm by the time
it reached New York, Irene nonetheless caused widespread destruction and
some of the worst flooding in recent years. Tropical Storm Irene was
quickly followed by Tropical Storm Lee which caused additional devas-
tation. Many municipalities and school districts throughout the State
were severely affected by the flooding and the extraordinary costs of
repairing the damage are considerable. The bill will help local govern-
ments manage the costs of repairing the damage by providing additional
financing options.

FISCAL IMPLICATIONS: None to the State.

EFFECTIVE DATE: The bill would take effect immediately.

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

                                  6478

                            I N  S E N A T E

                            February 14, 2012
                               ___________

Introduced  by  Sen. BONACIC -- (at request of the State Comptroller) --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Local Government

AN ACT to amend the local finance law, in relation to temporary alterna-
  tive methods of financing flood relief expenses

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

  Section 1. Paragraph a of section 26.10 of the local finance  law,  as
amended  by  chapter  157  of  the  laws  of 2006, is amended to read as
follows:
  a. Definitions. 1. With respect to any municipality which has a calen-
dar fiscal year which commenced on the first day of January,  two  thou-
sand  [five]  ELEVEN,  the  terms "extraordinary expenses [for] OF flood
relief" and "such extraordinary expenses",  as  used  in  this  section,
shall mean the expenses incurred BEFORE THE FIRST DAY OF JULY, TWO THOU-
SAND  TWELVE  for  flood  relief projects involving the public thorough-
fares, public places and projects of such municipality  [during  any  or
all  of  the  months  of  such  year] UNDERTAKEN AS A RESULT OF FLOODING
OCCURRING DURING TWO THOUSAND ELEVEN, in excess of the  normal  expenses
which  would  have been incurred for such purposes during such [periods]
PERIOD as determined by the finance board of such municipality [and also
any interest payments on revenue anticipation  notes  issued  in  antic-
ipation  of  the  receipt of moneys from the state or federal government
pursuant to any state or federal disaster relief  act].  In  making  any
such  determination,  the  finance  board shall not include as a part of
such extraordinary expenses the salaries and wages of regular employees,
except for overtime work  and  work  on  Sundays  and  holidays.    SUCH
EXTRAORDINARY EXPENSES MAY ALSO INCLUDE ANY INTEREST PAYMENTS ON REVENUE
ANTICIPATION  NOTES ISSUED IN ANTICIPATION OF THE RECEIPT OF MONEYS FROM
THE STATE OR FEDERAL GOVERNMENT AS A RESULT OF SUCH FLOODING PURSUANT TO
ANY STATE OR FEDERAL DISASTER RELIEF ACT.
  2. With respect to any municipality or school  district  which  has  a
fiscal year which commenced in the year two thousand [five] ELEVEN on or
after  the  first  day  of  March in such year, the terms "extraordinary

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14102-02-2

S. 6478                             2

expenses [for] OF  flood  relief  [projects]"  and  "such  extraordinary
expenses",  as  used  in  this  section, shall mean the expense incurred
BEFORE THE FIRST DAY OF JULY,  TWO  THOUSAND  TWELVE  for  flood  relief
projects  involving the public thoroughfares, public places and projects
of such municipality or school district [during such fiscal year] UNDER-
TAKEN AS A RESULT OF FLOODING OCCURRING DURING TWO THOUSAND  ELEVEN,  in
excess of the amounts appropriated for such purposes in the annual budg-
et  for  such fiscal year, or, if no such appropriations were made, then
in excess of the average of all expenditures for  such  purposes  during
each  of  the  five  preceding  fiscal  years  prior  to the fiscal year
commencing in the year two thousand [five] ELEVEN, as determined by  the
finance board of such municipality or school district.
  S 2. Subdivisions 1 and 2 of paragraph b of section 26.10 of the local
finance  law, as amended by chapter 157 of the laws of 2006, are amended
to read as follows:
  1. The finance board of a municipality which has a fiscal  year  which
commenced  on  the first day of January, two thousand [five] ELEVEN, may
authorize the issuance of serial bonds [in the] ON  OR  BEFORE  DECEMBER
THIRTY-FIRST  two  thousand  [six fiscal year] TWELVE to provide for the
payment of all or part of the extraordinary  expenses  of  flood  relief
[incurred  during  any  or  all  of the months of two thousand five], to
reimburse any fund or account of the municipality from which  moneys  to
pay  such  extraordinary expenses have been advanced or to replenish any
fund or account  of  the  municipality  from  which  such  extraordinary
expenses  have  been paid, or any combination of such purposes, notwith-
standing that there may have been lack of statutory  authority  for  any
such  advance or payment from such fund or account. The period of proba-
ble usefulness of such objects or purposes shall be five years. Any such
serial bonds shall have a maximum maturity of over two  years,  but  the
date  of  final  maturity of any such issue shall not extend beyond [the
first day of March in the year two thousand eleven as  to  counties  and
towns and shall not extend beyond] the thirty-first day of December, two
thousand [eleven, as to other municipalities] SEVENTEEN.
  2.  The finance board of a municipality or school district which has a
fiscal year which commenced in the year two thousand [five] ELEVEN on or
after the first day of March in such year may authorize the issuance  of
serial bonds [in the] ON OR BEFORE THE THIRTY-FIRST DAY OF DECEMBER, two
thousand  [six  fiscal  year,  or  in  its  next succeeding fiscal year]
TWELVE, to provide for the payment of all or part of  the  extraordinary
expenses  of  flood  relief  [incurred  in  the two thousand five fiscal
year], to reimburse any fund or account of the  municipality  or  school
district  from which moneys to pay such extraordinary expenses have been
advanced or to replenish any fund or  account  of  the  municipality  or
school  district  from which such extraordinary expenses have been paid,
or any combination of such purposes, notwithstanding that there may have
been lack of statutory authority for any such advance  or  payment  from
such  fund or account. The period of probable usefulness of such objects
or purposes shall be five years. Any such  serial  bonds  shall  have  a
maximum  maturity  of  over two years, but the date of final maturity of
any such issue shall not extend beyond the thirty-first day of December,
two thousand [eleven] SEVENTEEN.
  S 3. This act shall take effect immediately.

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