S T A T E   O F   N E W   Y O R K
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                                  9505

                          I N  A S S E M B L Y

                               May 5, 2014
                               ___________

Introduced by M. of A. DiPIETRO -- read once and referred to the Commit-
  tee on Local Governments

AN ACT in relation to the town of Eagle, county of Wyoming wind project

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

  Section 1. Legislative findings and  intent.  The  legislature  hereby
finds  that  when  the  town  of  Eagle wind project PILOT ends, it will
create a sudden gap in the town's tax revenues. As the current  revenues
from  this  project completely cover all of the town's taxes, the end of
this project will create a serious financial burden on the town's  prop-
erty  taxpayers.  To  ameliorate  this  burden, the legislature finds it
necessary to exempt the town of Eagle from certain provisions of section
6-e of the general municipal law for a limited period of time  to  allow
the town to phase in the new property tax burden.
  S  2.  1.  It  is  hereby found and determined that the town of Eagle,
county of Wyoming, exceeded its maximum appropriation for  payment  into
the  contingency and tax stabilization reserve fund pursuant to subdivi-
sion 3 of section 6-e of the general municipal law where the balance  of
the  fund  exceeded  ten  percent  of the eligible portion of the annual
budget for fiscal year 2013-2014.
  2. Notwithstanding the defects described in subdivision one of section
two of this act, to the extent that the town  of  Eagle  exceeded  their
maximum appropriation, such amounts are hereby legalized, validated, and
ratified.
  S 3. Notwithstanding subdivision 3 and paragraph e of subdivision 4 of
section  6-e  of  the general municipal law, the town of Eagle is hereby
authorized to appropriate an amount up to fifteen percent of the  eligi-
ble  portion  of  the  annual  budget  for the fiscal year for which the
appropriation would be made into the contingency and  tax  stabilization
reserve fund.
  S  4.  Notwithstanding  paragraph d of subdivision 4 of section 6-e of
the general municipal law, the town of Eagle  is  hereby  authorized  to
utilize an amount up to fifty percent of any fiscal year's annual budget
from  the  contingency  and  tax stabilization reserve fund to lessen or

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

                                                           LBD14737-01-4

A. 9505                             2

prevent any projected real property tax increase needed to  finance  the
eligible  portion  of  the  annual budget for the next succeeding fiscal
year. This amount may be expended from such  fund  until  such  fund  is
wholly  depleted  or  ten  years  after  the effective date of this act,
whichever occurs first.
  S 5. Notwithstanding subdivision 3 and paragraph e of subdivision 4 of
section 6-e of the general municipal law, the town of  Eagle  is  hereby
authorized  to  exceed  the  appropriated  amount  of ten percent of the
eligible portion of any fiscal year's annual budget within  the  contin-
gency  and  tax  stabilization  reserve fund so long as authority exists
pursuant to section three or four of this act.
  S 6. This act shall take effect immediately provided that  once  PILOT
payments  are  no  longer  received  pursuant  to the town of Eagle wind
project PILOT, the authority of the town of Eagle under section three of
this act shall terminate; and, provided, further that  section  four  of
this  act shall take effect upon the final PILOT payment received by the
town of Eagle under the town of Eagle wind project PILOT.