senate Bill S7874

Signed By Governor
2013-2014 Legislative Session

Authorizes the city of Lockport, in the county of Niagara, to finance a certain deficit by the issuance of bonds

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Sponsored By

Archive: Last Bill Status Via A10131 - 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 (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 04, 2014 approval memo.4
signed chap.332
Aug 25, 2014 delivered to governor
Jun 20, 2014 returned to assembly
passed senate
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

Votes

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S7874 - Details

See Assembly Version of this Bill:
A10131
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

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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