Assembly Bill A9700

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9700
 
                           I N  A S S E M B L Y
 
                             February 6, 2020
                                ___________
 
 Introduced  by  M.  of  A.  BUTTENSCHON -- read once and referred to the
   Committee on Local Governments
 
 AN ACT to amend the  local  finance  law,  in  relation  to  authorizing
   certain alternative methods of financing storm relief expenses result-
   ing  from the October 31, 2019 storm affecting certain counties in the
   state of New York

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision a and paragraph 1 of subdivision b of section
 26.10 of the local finance law, as amended by chapter 476 of the laws of
 2013, are amended to read as follows:
   a. Definitions. As used in  this  section,  the  terms  "extraordinary
 expenses  of  storm relief" and "such extraordinary expenses" shall mean
 expenses incurred by a municipality, school district or district  corpo-
 ration before:
   1.  the  first day of January, two thousand fourteen, for storm relief
 projects necessitated by damage caused by the storm  commonly  known  as
 Sandy on or shortly after October twenty-ninth, two thousand twelve; OR
   2. THE FIRST DAY OF JANUARY, TWO THOUSAND TWENTY-ONE, FOR STORM RELIEF
 PROJECTS  NECESSITATED BY DAMAGE CAUSED BY THE STORM AFFECTING THE COUN-
 TIES OF CHAUTAUQUA, CHENANGO, CLINTON, CORTLAND,  ERIE,  ESSEX,  FULTON,
 HAMILTON, HERKIMER, JEFFERSON, LEWIS, MADISON, MONTGOMERY, ONEIDA, OTSE-
 GO, SARATOGA, TIOGA AND WARREN ON OR SHORTLY AFTER OCTOBER THIRTY-FIRST,
 TWO THOUSAND NINETEEN.
   The  term  "storm  relief  projects"  shall  mean the repair or recon-
 struction of public thoroughfares, buildings, places,  and  projects  of
 such municipality, school district or district corporation, in excess of
 the  normal  expenses  which  would have been incurred for such purposes
 during such periods as determined by the finance board of  such  munici-
 pality,  school  district  or  district  corporation. In making any such
 determination, the finance board shall not include as  a  part  of  such
 extraordinary  expenses  the  salaries  and  wages of regular employees,
 except for overtime work and work on Sundays and holidays. Such extraor-
 dinary expenses may include any  interest  payments  on  revenue  antic-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD14873-01-0

 A. 9700                             2
 
 ipation  notes  issued in anticipation of the receipt of moneys from the
 state or federal government on account of such  storm  pursuant  to  any
 state or federal disaster relief act.
   1.  The  finance  board of a municipality, school district or district
 corporation may authorize the issuance of  serial  bonds  on  or  before
 December  thirty-first  two  thousand thirteen WITH RESPECT TO PARAGRAPH
 ONE OF SUBDIVISION A OF THIS SECTION,  AND  DECEMBER  THIRTY-FIRST,  TWO
 THOUSAND  TWENTY  WITH RESPECT TO PARAGRAPH TWO OF SUBDIVISION A OF THIS
 SECTION, to provide for the payment of all or part of the  extraordinary
 expenses of storm relief, to reimburse any fund or account of the issuer
 from  which moneys to pay such extraordinary expenses have been advanced
 or to replenish any fund or  account  of  the  issuer  from  which  such
 extraordinary  expenses  have  been  paid,  or  any  combination of such
 purposes, notwithstanding that there may have  been  lack  of  statutory
 authority for any such advance or payment from such fund or account. The
 period  of probable usefulness of such objects or purposes shall be five
 years. Any such serial bonds shall have a maximum maturity of  over  two
 years, but the date of final maturity of any such issue shall not extend
 beyond  the  thirty-first  day  of  December, two thousand eighteen WITH
 RESPECT TO PARAGRAPH ONE OF SUBDIVISION A OF THIS SECTION, AND  DECEMBER
 THIRTY-FIRST,  TWO THOUSAND TWENTY-FIVE WITH RESPECT TO PARAGRAPH TWO OF
 SUBDIVISION A OF THIS SECTION.
   § 2. This act shall take effect immediately.