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

download bill text pdf

Sponsored By

Archive: Last Bill Status -

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

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view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 21, 2014 signed chap.3
Feb 10, 2014 delivered to governor
Feb 04, 2014 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.4
substituted for a8120
Feb 03, 2014 referred to ways and means
delivered to assembly
passed senate
home rule request
Jan 13, 2014 ordered to third reading cal.1
committee discharged and committed to rules
Jan 08, 2014 referred to local government
Aug 02, 2013 referred to rules

S5922 - Details

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

S5922 - Summary

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

S5922 - Sponsor Memo

S5922 - Bill Text download pdf

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


                       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


  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.


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