senate Bill S7426A

2011-2012 Legislative Session

Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 21, 2012 print number 7426a
amend and recommit to local government
May 14, 2012 referred to local government

Bill Amendments

Original
A (Active)
Original
A (Active)

S7426 - Bill Details

See Assembly Version of this Bill:
A10159A
Current Committee:
Law Section:
Bonds and Notes
Versions Introduced in Previous Legislative Sessions:
2011-2012: A10159
2009-2010: A10159, A4286

S7426 - Bill Texts

view summary

Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits.

view sponsor memo
BILL NUMBER:S7426

TITLE OF BILL:
An act
authorizing the city of Long Beach to issue bonds

PURPOSE:
This bill authorizes the City of Long Beach to issue up to fifteen
million dollars ($15,000,000) in bonds to cover current deficits.

SUMMARY OF PROVISIONS:
Subject to section 10.10 of the Local Finance Law, the City of Long
Beach is authorized to issue serial bonds, on or before June 30,
2013, in the aggregate principal amount not to exceed fifteen million
dollars ($15,000,000) for the purposes of liquidating current
deficits in its general fund and highway fund as of June 30, 2012.

JUSTIFICATION:
As of June 30, 2012 the City of Long Beach (the City) is facing a $15
million deficit. This legislation would allow the City to issue
bonds, subject to the provisions of section 10.10 of the Local
Finance Law, on or before June 30, 2013 in the amount not to exceed
$15 million. In anticipation of the issuance and sale of bonds, bond
anticipation notes will be authorized to be issued.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
None to the State.

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
________________________________________________________________________

                                  7426

                            I N  S E N A T E

                              May 14, 2012
                               ___________

Introduced  by  Sen.  SKELOS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT authorizing the city of Long Beach to issue bonds

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

  Section 1. The city of Long Beach (hereinafter referred to in this act
as  the  "city"), in the county of Nassau, is hereby authorized to issue
serial bonds, subject to the provisions of section 10.10  of  the  local
finance  law,  on  or  before  June  30, 2013, in an aggregate principal
amount not to exceed  fifteen  million  dollars  ($15,000,000)  for  the
specific object or purpose of liquidating current deficits in its gener-
al  fund  and  highway fund as of June 30, 2012.  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.
                                                           LBD15792-01-2

S7426A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A10159A
Current Committee:
Law Section:
Bonds and Notes
Versions Introduced in Previous Legislative Sessions:
2011-2012: A10159
2009-2010: A10159, A4286

S7426A (ACTIVE) - Bill Texts

view summary

Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits.

view sponsor memo
BILL NUMBER:S7426A

TITLE OF BILL:
An act
authorizing the city of Long Beach to issue bonds

PURPOSE:
This bill authorizes the City of Long Beach
to issue up to
fifteen million dollars ($15,000,000) in bonds to cover current
deficits.

SUMMARY OF PROVISIONS:
Subject to section 10.10 of the Local Finance
Law, the City of Long Beach is authorized to issue serial bonds, on
or before June 30, 2013, in the aggregate principal amount not to
exceed fifteen million dollars ($15,000,000) for the purposes of
liquidating current deficits in its general fund and highway fund as
of June 30, 2012.

JUSTIFICATION:
As of June 30, 2012 the City of Long Beach (the City)
is facing a $15 million deficit. This legislation would allow the
City to issue bonds, subject to the provisions of section 10.10 of
the Local Finance Law, on or before June 30, 2013 in the amount not
to exceed $15 million. In anticipation of the issuance and sale of
bonds, bond anticipation notes will be authorized to be issued.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7426--A

                            I N  S E N A T E

                              May 14, 2012
                               ___________

Introduced  by  Sen.  SKELOS -- 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 authorizing the city of Long Beach to issue bonds

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

  Section 1. The city of Long Beach (hereinafter referred to in this act
as  the  "city"), in the county of Nassau, is hereby authorized to issue
serial bonds, subject to the provisions of section 10.10  of  the  local
finance  law,  on  or  before  June  30, 2013, in an aggregate principal
amount not to exceed  fifteen  million  dollars  ($15,000,000)  for  the
specific object or purpose of liquidating current deficits in its gener-
al  fund,  sewer  fund,  and  water fund as of June 30, 2012.  In antic-
ipation 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.
                                                           LBD15792-03-2

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