senate Bill S4726

Signed By Governor
2013-2014 Legislative Session

Authorizes the expenditure and temporary transfer of reserve funds for expenses related to the storm commonly known as Sandy

download bill text pdf

Archive: Last Bill Status Via A5550 - Signed by Governor


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

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 22, 2013 signed chap.422
Oct 11, 2013 delivered to governor
Jun 17, 2013 returned to assembly
passed senate
3rd reading cal.1388
substituted for s4726
Jun 17, 2013 substituted by a5550
ordered to third reading cal.1388
Apr 19, 2013 referred to rules

S4726 - Details

See Assembly Version of this Bill:
A5550
Law Section:
Municipalities

S4726 - Summary

Authorizes the expenditure and temporary transfer of reserve funds for the expenses related to the storm commonly known as Sandy; authorizes such transfers for both capital costs and operating costs; provides a timetable for reimbursement of funds transferred for operating costs.

S4726 - Sponsor Memo

S4726 - Bill Text download pdf

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

                                  4726

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 19, 2013
                               ___________

Introduced  by  COMMITTEE  ON  RULES  --  (at request of the State Comp-
  troller) -- read twice and ordered printed, and  when  printed  to  be
  committed to the Committee on Rules

AN  ACT  authorizing  the  expenditure and temporary transfer of reserve
  funds for expenses related to the storm commonly known as Sandy

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

  Section  1. Notwithstanding any provision of section 6-c or 6-g of the
general municipal law or section  3651  of  the  education  law  to  the
contrary,  the  governing  board of a town, village, county, city, water
improvement district,  sewer  improvement  district,  fire  district  or
school  district, by resolution which shall not be subject to referendum
requirements, may authorize expenditures from capital reserve funds  for
capital costs attributable to the storm commonly known as Sandy.
  S  2.  Notwithstanding any provision of the general municipal law, the
town law or the education law to the contrary, the governing board of  a
town,  village, county, city, water improvement district, sewer improve-
ment district, fire district or school  district,  by  resolution  which
shall  not  be subject to referendum requirements, if any, may authorize
the temporary transfer of moneys from reserve funds to pay for operating
costs attributable to the storm commonly known as Sandy, provided,  that
the reserve fund from which the funds were temporarily transferred shall
be reimbursed from the fund to which the transfer was made over a period
of  not  more  than  five  fiscal  years,  starting with the fiscal year
following the transfer.  At least twenty percent of the moneys temporar-
ily transferred shall be reimbursed each fiscal year.   Such  reimburse-
ment  shall  include an additional amount reasonably estimated to be the
amount that would have been earned on the investment of the  transferred
moneys had they been retained in the capital reserve fund.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05510-01-3

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