Senate Bill S7604A

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

                                 7604--A

                            I N  S E N A T E

                              June 6, 2012
                               ___________

Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
  when printed to be committed to the Committee on  Rules  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN  ACT  to  amend the public authorities law, in relation to the Nassau
  county interim finance authority

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

  Section 1. Legislative findings and declaration. The legislature here-
by  finds and declares that a condition of fiscal difficulties continues
to exist in the county of Nassau, as evidenced by the declaration  of  a
control period by the Nassau county interim finance authority (NIFA). In
accordance  with  statutory  authority,  NIFA  has approved the county's
2012-2015 multi-year financial plan which provides for borrowings by the
county to finance the payment of property tax refunds  through  2014  to
facilitate  the county's transition to a structurally-balanced budget in
2015. It is hereby further found and declared that  the  undertaking  of
such  borrowings  is in the public interest of the county and the state.
It is in the public interest and is the policy of this state  to  assist
municipalities  such  as  the county of Nassau in attempting to provide,
without interruption, services  essential  to  their  inhabitants  while
meeting  their  obligations  to the holders of their outstanding securi-
ties. The inability of the county of Nassau to finance  the  payment  of
property tax refunds would interrupt the provision of essential services
to its inhabitants and is a matter of substantial state concern. Permit-
ting  the  county  to  utilize pre-existing borrowing authorization will
avoid this undesirable result and will allow the county to  continue  to
fund essential services such as those provided by its youth board.
  S  2.  Paragraph  (e)  of  subdivision 2 of section 3669 of the public
authorities law, as added by chapter 84 of the laws of 2000, is  amended
to read as follows:
  (e)  The  authority  shall review the terms of each proposed long-term
and short-term borrowing by the county and any covered  organization  to
be  effected  during  any control period, and no such borrowing shall be

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

                                                           LBD16030-03-2

S. 7604--A                          2

made during any control period unless it is approved by  the  authority,
PROVIDED,  HOWEVER  THAT APPROVAL BY THE AUTHORITY SHALL NOT BE REQUIRED
FOR BORROWINGS BY THE COUNTY TO PAY TAX CERTIORARI SETTLEMENTS OR  JUDG-
MENTS  OF  ANY KIND AUTHORIZED BY BOND ORDINANCES APPROVED BY THE COUNTY
PRIOR TO THE AUTHORITY'S DECLARATION OF  A  CONTROL  PERIOD  ON  JANUARY
TWENTY-SIXTH,  TWO  THOUSAND ELEVEN.  Neither the county nor any covered
organization shall be prohibited from issuing  bonds  or  notes  to  pay
outstanding bonds or notes.
  S  3. Notwithstanding any general, special or local law to the contra-
ry, in the event that the county of Nassau  is  so  authorized,  without
requiring  the  approval of the Nassau county interim finance authority,
to borrow to pay tax certiorari settlements or  judgments  of  any  kind
authorized by bond ordinances approved by the county prior to the decla-
ration by the Nassau county interim finance authority of a control peri-
od  on January 26, 2011, then the county of Nassau shall provide funding
for the Nassau county youth board in an amount not less than six million
six hundred thousand dollars annually.
  S 4. Severability. If any provision of this act or if any  application
thereof  to any person or circumstance is held invalid, the remainder of
this act and the application of  the  provision  to  other  persons  and
circumstances shall not be affected thereby.
  S  5.  This act shall take effect immediately; provided, however, that
section two of this act shall not take effect until Nassau county imple-
ments budgetary savings initiatives which will result in savings  of  at
least  one  hundred  million dollars during the 2012 county fiscal year,
and upon such amount being certified by the budget director of the state
of New York; and provided further, that the budget director of the state
of New York shall notify the legislative bill drafting  commission  upon
the  certification required by this section in order that the commission
may maintain an accurate and timely effective data base of the  official
text of the laws of the state of New York in furtherance of effectuating
the  provisions of section 44 of the legislative law and section 70-b of
the public officers law.