S T A T E O F N E W Y O R K
________________________________________________________________________
2870
2011-2012 Regular Sessions
I N A S S E M B L Y
January 20, 2011
___________
Introduced by M. of A. CALHOUN -- read once and referred to the Commit-
tee on Local Governments
AN ACT to authorize the town of Blooming Grove, in the county of Orange
to finance the accumulated deficit as of June 30, 2011 by the issuance
and sale of serial bonds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The town of Blooming Grove, in the county of Orange, is
hereby authorized to issue serial bonds in the aggregate principal sum
not to exceed one million three hundred dollars for the specific object
and purpose of providing for the funding of the accumulated deficit as
of June 30, 2011 including any revenue anticipation notes which may be a
part of the deficit for the four water and two sewer districts within
such town. In anticipation of the issuance and sale of such serial
bonds, bond anticipation notes are hereby authorized to be issued.
S 2. The specific object or purpose referred to in section one of this
act is hereby declared to be a public purpose which the town of Blooming
Grove is hereby authorized to accomplish and the period of probable
usefulness thereof is hereby authorized to be five years.
Notwithstanding the provisions of any other law, general, special or
local, the town board of the town of Blooming Grove is hereby authorized
to levy a tax to be collected in installments sufficient to pay the
principal and the interest on said bonds and bond anticipation notes and
to adopt a bond resolution authorizing the serial bonds herein author-
ized to be issued.
S 3. Except as otherwise provided in this act, such serial bonds and
any bond anticipation notes, including notes in renewal thereof, issued
in anticipation of the sale of such bonds, shall be authorized, sold,
executed and issued and shall mature in the manner prescribed by the
local finance law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02805-01-1
A. 2870 2
S 4. The chief fiscal officer or the individual or individuals respon-
sible for the preparation of the tentative budget shall submit in each
fiscal year beginning with the fiscal year during which the town is
authorized by law to incur such debt, to and including the last fiscal
year during which such debt or any debt incurred to refund such debt is
outstanding, such tentative budget to the state comptroller within five
days after its preparation. The state comptroller shall in each such
year examine such proposed budget and make his or her recommendations
thereon to the town. Such recommendations shall be made after examina-
tion into the estimates of revenues and expenditures of such government
and shall be made prior to the adoption of such budget. The action or
inaction of the state comptroller under this paragraph shall not be
construed to affect the legal validity of any budget of the town nor to
affect the powers or duties of the town with respect to the local budget
process.
The chief fiscal officer of the town shall, within thirty days from
the effective date of the law authorizing the incurrence of such debt,
prepare a report detailing the dollar amount and cause of the deficit
and submit such report to the state comptroller. Within thirty days
after receiving the report, the state comptroller shall perform such
reviews as may be necessary to confirm the existence of a deficit and
the amount thereof. The town shall not authorize the issuance of any
such debt unless or until the existence and the amount of the deficit is
reviewed and confirmed by the state comptroller, and shall not authorize
the issuance of any such debt in an amount in excess of the amount
confirmed by the state comptroller.
For each fiscal year beginning with the fiscal year during which the
town is authorized by law to incur such debt, to and including the last
fiscal year during which such debt or any debt incurred to refund such
debt is outstanding, the chief fiscal officer shall monitor all budgets
and for each such budget, shall prepare a quarterly report of summarized
budget data depicting overall trends of actual revenues and budget
expenditures for the entire budget rather than individual line items.
Such reports shall compare revenue estimates and appropriations as set
forth in such budget with the actual revenues and expenditures made to
date. All quarterly reports shall be accompanied by a recommendation
from the chief executive or chief fiscal officer to the finance board
setting forth any remedial action necessary to resolve any unfavorable
budget variance including the overestimation of revenues and underesti-
mation of appropriations. The chief fiscal officer shall also prepare,
as part of such report, a quarterly trial balance of general ledger
accounts in accordance with generally accepted accounting principles as
prescribed by the state comptroller. All reports shall be completed
within sixty days after the end of each quarter and shall be submitted
to the chief executive officer of the town, the state division of the
budget, the office of the state comptroller, the chairman of the assem-
bly ways and means committee and the chairman of the senate finance
committee.
S 5. This act shall take effect immediately.