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Assembly Bill A8401

2019-2020 Legislative Session

Establishes the state fiscal oversight commission to study fiscal issues in the city of New York

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Archive: Last Bill Status - In Assembly Committee

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2019-A8401 (ACTIVE) - Details

Current Committee:
Assembly Cities
Law Section:
Commissions

2019-A8401 (ACTIVE) - Summary

Establishes the state fiscal oversight commission to study fiscal issues in the city of New York; allows the commission to assume the day-to-day operations of a local entity if the entity is in severe fiscal distress.

2019-A8401 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8401
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 15, 2019
                                ___________
 
 Introduced  by  M. of A. FALL -- read once and referred to the Committee
   on Cities
 
 AN ACT to establish the  state  fiscal  oversight  commission  to  study
   fiscal issues in the city of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. A state commission, to be known as the state  fiscal  over-
 sight  commission (hereinafter "commission"), is hereby created to study
 fiscal issues in the city of New York (hereinafter "city") including but
 not limited to:
   (a) the cost effectiveness of public-funded projects in the city;
   (b) a review of the city's local fiscal reports to identify and  solve
 any potential issues;
   (c)  the  use  of  loans  offered  by  the state to avoid default of a
 governmental entity of the city;
   (d) the approval and selling of bonds issued by the city or any of its
 political subdivisions for capital projects such as fire stations, water
 plants, and parks; and
   (e) any other area related to ensuring the fiscal health of  the  city
 as determined by the chairperson.
   §  2.  The  commission shall implement a plan whereby any governmental
 entity of the city that the commission determines is  in  severe  fiscal
 distress  shall  be  placed on a watch list. If such fiscal situation is
 not resolved in a reasonable period as determined  by  the  chairperson,
 the  commission  may assume and run such local entity's day-to-day oper-
 ations, including raising  taxes,  until  local  officials  resolve  the
 underlying crisis.
   §  3.  The  commission shall consist of six members to be appointed as
 follows: two shall be appointed by the governor; two shall be  appointed
 by the state comptroller; one shall be appointed by the temporary presi-
 dent  of  the  senate;  and one shall be appointed by the speaker of the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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