Senate Bill S6234

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

                                  6234

                            I N  S E N A T E

                            January 17, 2012
                               ___________

Introduced  by  Sen. BONACIC -- 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 flood  relief"
and  "such  extraordinary expenses", as used in this section, shall mean
the expenses incurred for flood relief  projects  involving  the  public
thoroughfares,  public  places  and projects of such municipality during
any or all of the months of such year, in excess of the normal  expenses
which  would have been incurred for such purposes during such periods as
determined by the finance board of such municipality and also any inter-
est payments on revenue anticipation notes issued in anticipation 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 over-
time work and work on Sundays and holidays.
  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
expenses for flood relief projects" and "such  extraordinary  expenses",
as  used  in  this  section,  shall  mean the expense incurred for flood
relief projects involving the public thoroughfares,  public  places  and
projects  of  such  municipality  or  school district during such fiscal
year, in excess of the amounts appropriated for  such  purposes  in  the
annual  budget  for such fiscal year, or, if no such appropriations were
made, then in excess  of  the  average  of  all  expenditures  for  such

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

                                                           LBD13990-01-2

S. 6234                             2

purposes  during  each  of  the five preceding fiscal years prior to the
fiscal year commencing in the year two thousand [five] ELEVEN, as deter-
mined 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 two thousand [six]  TWELVE
fiscal  year  to  provide for the payment of all or part of the extraor-
dinary expenses of flood relief incurred during any or all of the months
of two thousand [five] ELEVEN, 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 combina-
tion 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 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]  SEVENTEEN,  as  to  other
municipalities.
  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  two thousand [six] TWELVE fiscal year, or in its
next succeeding fiscal year, to provide for the payment of all  or  part
of  the extraordinary expenses of flood relief incurred in the two thou-
sand [five] ELEVEN fiscal year, to reimburse any fund or account of  the
municipality  or  school district from which moneys to pay such extraor-
dinary 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,  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
thirty-first day of December, two thousand [eleven] SEVENTEEN.
  S  3.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after December 1, 2011.