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Senate Bill S5922

Signed By Governor

2013-2014 Legislative Session

Authorizes the city of Long Beach to issue bonds for the purpose of recovering from the destruction caused by Hurricane Sandy

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Archive: Last Bill Status - Signed by Governor

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2013-S5922 (ACTIVE) - Details

See Assembly Version of this Bill:
A8120
Law Section:
Bonds and Notes

2013-S5922 (ACTIVE) - Summary

Authorizes the city of Long Beach to issue bonds for the purpose of recovering from the destruction caused by Hurricane Sandy.

2013-S5922 (ACTIVE) - Sponsor Memo

2013-S5922 (ACTIVE) - Bill Text download pdf 

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

                                  5922

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             August 2, 2013
                               ___________

Introduced  by  Sen.  SKELOS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT authorizing the city of Long Beach to issue bonds

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

  Section 1. The city of Long Beach (hereinafter referred to in this act
as  the  "city"), in the county of Nassau, is hereby authorized to issue
serial bonds to finance extraordinary expenses resulting from Superstorm
Sandy. 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 the city  during  the  last
two  months  of 2012 and in 2013 which are not eligible to be reimbursed
from state or federal government grants all as determined  by  the  city
council  of the city. Extraordinary expenses shall also include interest
on obligations issued in anticipation of the receipt of state and feder-
al government payments pursuant to any state or federal disaster  relief
act.  The  city council of the city may authorize the issuance of serial
bonds to pay for all or part  of  extraordinary  expenses  including  to
reimburse  any fund or account of the city from which such extraordinary
expenses have been paid. The  period  of  probable  usefulness  of  such
objects or purposes shall be ten years.
  S  2.  The  city is hereby authorized to issue serial bonds subject to
the provisions of section 10.10 of the local finance law, on  or  before
June  30,  2015,  in  an aggregate principal amount not to exceed twelve
million dollars ($12,000,000) for the  specific  object  or  purpose  of
liquidating  accumulated deficits in its general fund, sewer fund, water
fund and risk management fund as of the close of the fiscal year  ending
June 30, 2012.
  S  3.  In  anticipation of the issuance and sale of such serial bonds,
bond anticipation notes are hereby authorized to be issued.
  S 4. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11646-01-3

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