|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 04, 2014||approval memo.4|
|Aug 25, 2014||delivered to governor|
|Jun 20, 2014||returned to assembly|
home rule request
3rd reading cal.1552
substituted for s7874
|Jun 20, 2014||substituted by a10131|
|Jun 18, 2014||ordered to third reading cal.1552|
|Jun 16, 2014||referred to rules|
senate Bill S7874Signed By Governor
Archive: Last Bill Status Via A10131 - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S7874 - Details
- See Assembly Version of this Bill:
- Law Section:
- Niagara County
S7874 - Summary
Authorizes the city of Lockport, in the county of Niagara, to finance a certain deficit by the issuance of bonds.
S7874 - Sponsor Memo
BILL NUMBER:S7874 TITLE OF BILL: An act to authorize the city of Lockport, in the county of Niagara, to finance a certain deficit by the issuance of bonds PURPOSE: The purpose of this bill is to allow the City of Lockport, in Niagara County, to finance their City fiscal years 2011 through 2013 deficit of $5.35 million over ten years. SUMMARY OF PROVISIONS: Section 1: Authorizes the City of Lockport to issue $5.0 million in bonds to liquidate the deficit in the general fund, water fund, sewer fund and refuse fund for the fiscal years commencing in 2011 and ending in 2013. Section 2: Requires that the State Comptroller determine the deficit before the issuance of bonds. This section also directs the City of Lockport to submit a report detailing the amount and cause of the deficit, the City's independent audit report and other information the Comptroller may find necessary. Section 3: Makes the probable useful life of the bonds ten years, computed from the date of such bonds or from the date of the first bond anticipation note issued in anticipation of the sale of such bonds, whichever date is earlier.
S7874 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7874 I N S E N A T E June 16, 2014 ___________ Introduced by Sen. MAZIARZ -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to authorize the city of Lockport, in the county of Niagara, to finance a certain deficit by the issuance of bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The city of Lockport, in the county of Niagara, is hereby authorized to issue serial bonds on or before December 31, 2014 in an aggregate principal amount not to exceed five million three hundred fifty thousand dollars ($5,350,000) for the specific object or purpose of liquidating the deficits in the general fund, the water fund, the refuse fund and the sewer fund of such city for the fiscal years January 1, 2011 through December 31, 2011, January 1, 2012 through December 31, 2012 and January 1, 2013 through December 31, 2013. In anticipation of the issuance of the bonds authorized to be issued by this act, the issu- ance and sale of bond anticipation notes are hereby authorized. S 2. Notwithstanding any provision of this act to the contrary, the city of Lockport shall not issue any bonds for the purpose of liquidat- ing the projected deficits unless and until the amounts thereof are reviewed and determined by the state comptroller. The city of Lockport shall prepare a report detailing the amount and cause of such deficits and submit such report together with the city's independent audit report for its last completed fiscal year, if any such audit report has been or is to be prepared, and such other information as the state comptroller may deem necessary, to the state comptroller, as well as the chairs of the senate finance committee and the assembly ways and means committee, at least thirty days prior to the issuance of any bonds pursuant to this act. Within thirty days after receiving such report, the state comp- troller shall perform such reviews as may be necessary to determine the amount of such deficits and report the same to the chairs of the senate finance committee and the assembly ways and means committee, the mayor and the common council of the city of Lockport. Bonds to liquidate each such deficit shall not be issued in an amount exceeding such deficit as determined by the state comptroller. Nothing provided in this act shall EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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