senate Bill S7555

Signed By Governor
2011-2012 Legislative Session

Relates to the time frame in which municipalities and school districts that incur debt can make adjustments to their budget, updating the types of obligations and other technical amendments

download bill text pdf

Sponsored By

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

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 18, 2012 signed chap.255
Jul 06, 2012 delivered to governor
Jun 14, 2012 returned to senate
passed assembly
ordered to third reading rules cal.211
substituted for a9692
Jun 13, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1218
Jun 04, 2012 referred to rules

S7555 - Details

See Assembly Version of this Bill:
A9692
Law Section:
Local Finance Law
Laws Affected:
Amd §§10.10 & 20.00, Loc Fin L; amd §14, Chap 386 of 2010
Versions Introduced in 2011-2012 Legislative Session:
A9692

S7555 - Summary

Relates to the time frame in which municipalities and school districts that incur debt can make adjustments to their budget, updating the types of obligations and other technical amendments.

S7555 - Sponsor Memo

S7555 - Bill Text download pdf

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

                                  7555

                            I N  S E N A T E

                              June 4, 2012
                               ___________

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

AN  ACT  to amend the local finance law, in relation to making technical
  amendments to the time frame within which a  governing  board  of  the
  municipality  or school district authorized to incur debt to finance a
  deficit may make adjustments to its proposed budget; updating the list
  of types of obligations which may be issued by municipalities,  school
  districts  or  district  corporations; and to amend chapter 386 of the
  laws of 2010, amending the local finance law relating to  the  private
  sale of bonds, in relation to eliminating the expiration and repeal of
  such provisions

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

  Section 1. Paragraph d of section 10.10 of the local finance  law,  as
added by chapter 341 of the laws of 2007, is amended to read as follows:
  d.  beginning  with  the  fiscal year during which the municipality or
school district is authorized to incur debt to finance the  deficit,  to
and  including  the  last fiscal year during which such debt or any debt
incurred to refund such debt is outstanding, the chief executive officer
or other individual or individuals responsible for  the  preparation  of
the  tentative budget, or in the case of a town, the preliminary budget,
shall submit the tentative or preliminary budget for the next succeeding
fiscal year to the state comptroller  and,  in  the  case  of  a  school
district,  also  to  the commissioner of education, no later than thirty
days before the date scheduled for the governing  board's  vote  on  the
adoption of the final budget or the last date on which the budget may be
finally  adopted, whichever is sooner. The state comptroller and, in the
case of a school district, the commissioner of education, shall  examine
such proposed budget and make such recommendations as deemed appropriate
thereon  to the municipality or school district prior to the adoption of
the budget, but no later than ten days before the date scheduled for the
governing board's vote on the adoption of the final budget or  the  last
date  on  which  the  budget  must be adopted, whichever is sooner. Such

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

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