Senate Bill S8422

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8422
 
                             I N  S E N A T E
 
                               May 26, 2020
                                ___________
 
 Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend a chapter of the laws of 2020 amending the local finance
   law relating to bond anticipation notes issued in calendar years  2015
   through  2021, as proposed in legislative bills numbers S. 8417 and A.
   10492, in relation to expenditures and temporary transfer  of  reserve
   funds for expenses related to state disaster emergency declared pursu-
   ant  to  executive  order 202 of 2020 and authorizing the extension of
   repayment of inter-fund advances made for expenses  related  to  state
   disaster emergency declared pursuant to executive order 202 of 2020
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The title of a chapter of the laws  of  2020  amending  the
 local finance law relating to bond anticipation notes issued in calendar
 years 2015 through 2021, as proposed in legislative bills number S. 8417
 and A. 10492, is amended to read as follows:
   to amend the local finance law, in relation to bond anticipation notes
 issued in calendar years 2015 through 2021; to authorize the expenditure
 and  temporary transfer of reserve funds for expenses related to [COVID-
 19] THE STATE DISASTER EMERGENCY DECLARED PURSUANT  TO  EXECUTIVE  ORDER
 202  OF  2020; and to authorize the extension of repayment of inter-fund
 advances made for expenses related  to  [COVID-19]  THE  STATE  DISASTER
 EMERGENCY DECLARED PURSUANT TO EXECUTIVE ORDER 202 OF 2020
   §  2.  Section  2  of a chapter of the laws of 2020 amending the local
 finance law relating to bond anticipation notes issued in calendar years
 2015 through 2021, as proposed in legislative bills numbers S. 8417  and
 A. 10492, is amended to read as follows:
   §  2.  Notwithstanding  any  provision  of  sections 6-c or 6-g of the
 general municipal law or section  3651  of  the  education  law  to  the
 contrary,  the  governing  board of a town, village, county, city, water
 improvement district,  sewer  improvement  district,  fire  district  or
 school  district, by resolution which shall not be subject to referendum
 requirements, may authorize expenditures from capital reserve funds  for
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD16492-05-0

 S. 8422                             2
 
 capital  costs  attributable  to  the [COVID-19 pandemic] STATE DISASTER
 EMERGENCY DECLARED PURSUANT TO EXECUTIVE ORDER 202 OF 2020.
   §  3.  Section  3  of a chapter of the laws of 2020 amending the local
 finance law relating to bond anticipation notes issued in calendar years
 2015 through 2021, as proposed in legislative bills numbers S. 8417  and
 A. 10492, is amended to read as follows:
   §  3.  Notwithstanding any provision of the general municipal law, the
 town law or the education law to the contrary, the governing board of  a
 town,  village, county, city, water improvement district, sewer improve-
 ment district, fire district or school  district,  by  resolution  which
 shall  not  be subject to referendum requirements, if any, may authorize
 the temporary transfer of moneys from reserve funds to pay for operating
 costs ATTRIBUTABLE TO THE STATE DISASTER EMERGENCY DECLARED PURSUANT  TO
 EXECUTIVE ORDER 202 OF 2020 or other costs attributable to the [COVID-19
 pandemic]  STATE DISASTER EMERGENCY DECLARED PURSUANT TO EXECUTIVE ORDER
 202 OF 2020, provided, that the reserve fund from which the  funds  were
 temporarily  transferred  shall be reimbursed from the fund to which the
 transfer was made over a period of not  more  than  five  fiscal  years,
 starting  with  the  fiscal year following the transfer. At least twenty
 percent of the moneys temporarily transferred shall be  reimbursed  each
 fiscal  year.  Such  reimbursement  shall  include  an additional amount
 reasonably estimated to be the amount that would have been earned on the
 investment of the transferred moneys had they been retained in the capi-
 tal reserve fund.
   § 4. Section 4 of a chapter of the laws of  2020  amending  the  local
 finance law relating to bond anticipation notes issued in calendar years
 2015  through 2021, as proposed in legislative bills numbers S. 8417 and
 A. 10492, is amended to read as follows:
   § 4. Notwithstanding the provisions of subdivision 3 of section 9-a of
 the general municipal law, for inter-fund advances made pursuant to such
 subdivision for costs attributable  to  the  [COVID-19  pandemic]  STATE
 DISASTER  EMERGENCY  DECLARED  PURSUANT  TO EXECUTIVE ORDER 202 OF 2020,
 repayment of moneys to the fund from which they were advanced  shall  be
 made  by  close  of  the  fiscal year next succeeding the fiscal year in
 which such advance was made.
   § 5. This act shall take effect on the  same  date  and  in  the  same
 manner  as  a chapter of the laws of 2020 amending the local finance law
 relating to bond  anticipation  notes  issued  in  calendar  years  2015
 through  2021,  as  proposed in legislative bills numbers S. 8417 and A.
 10492, takes effect.