Senate Bill S5870

2013-2014 Legislative Session

Authorizes Nassau county to issue bonds

download bill text pdf

Sponsored By

There are no sponsors of this bill.

Archive: Last Bill Status - In Senate Committee Local Government Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S5870 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Nassau County

2013-S5870 (ACTIVE) - Summary

Authorizes the county of Nassau to issue bonds.

2013-S5870 (ACTIVE) - Sponsor Memo

2013-S5870 (ACTIVE) - Bill Text download pdf 

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

                                  5870

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 18, 2013
                               ___________

Introduced  by COMMITTEE ON RULES -- read twice and ordered printed, and
  when printed to be committed to the Committee on Rules

AN ACT authorizing the county of Nassau to issue bonds

  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 (hereinafter referred to in this act as
the "county"), as evidenced by the declaration of a  control  period  by
the Nassau county interim finance authority. In accordance with statuto-
ry  authority,  the Nassau county interim finance authority approved the
county's  2012-2015  multi-year  financial  plan  which   provides   for
borrowings  by  the  county  in the amount of three hundred five million
dollars ($305,000,000) to finance the payment of property tax refunds to
facilitate the county's transition to a structurally-balanced budget. 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 munici-
palities such as the county in attempting  to  provide,  without  inter-
ruption,  services  essential  to  their inhabitants while meeting their
obligations to the holders of their outstanding securities. The inabili-
ty of the county 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. Providing the county with borrow-
ing authorization will avoid this undesirable result and will allow  the
county to continue to fund essential services.
  S 2. In addition to the powers granted to the county in any other law,
the county is hereby authorized to issue bonds in an aggregate principal
amount  not  to exceed three hundred five million dollars ($305,000,000)
to finance the payment of tax certiorari settlements, judgments, claims,
awards or determinations of any kind to which it is a party.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11568-01-3

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