NY State Senate Bill 2021-S7084

Senate Bill S7084

2021-2022 Legislative Session

Authorizes the town of North Hempstead to issue bonds or notes to finance certain liabilities of the length of service award programs of fire companies located within the town

download bill text pdf

Archive: Last Bill Status - In Senate Committee Rules Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 03, 2022	recommitted to rules
May 25, 2022	ordered to third reading cal.1539 committee discharged and committed to rules
Jan 05, 2022	referred to local government
May 27, 2021	referred to local government

Votes

- May 25, 2022 - Rules Committee Vote
  S7084
  
  21
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: May 25, 2022
      
      aye (21)
      
      Addabbo Jr.
      
      Bailey
      
      Biaggi
      
      Boyle
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Ritchie
      
      Savino
      
      Sepúlveda
      
      Stewart-Cousins

2021-S7084 (ACTIVE) - Details

See Assembly Version of this Bill:: A7921
Current Committee:: Senate Rules
Law Section:: Local Finance Law
Laws Affected:: Amd §11.00, Loc Fin L

2021-S7084 (ACTIVE) - Summary

Authorizes the town of North Hempstead to issue bonds or notes to finance certain liabilities of the length of service award programs of fire companies located within the town; provides fire protection to residents of the town.

2021-S7084 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7084

SPONSOR: KAPLAN
 
TITLE OF BILL:

An act to amend the local finance law, in relation to authorizing the
town of North Hempstead to issue bonds or notes to finance certain
liabilities of the length of service award programs of fire companies
located within the town and providing fire protection to residents of
the town

 
PURPOSE:

This legislation would allow the Town to issue bonds or notes to finance
liabilities of the Length of Service Award Programs (LOSAP) for fire
companies located within the Town

 
SUMMARY OF PROVISIONS:

Paragraph 1 of section 11.00 of the local finance law is amended by
adding a new subdivision 109 by adding payments by the town of North

Hempstead of contributions to service award programs established pursu-
ant to section 217 of the General Municipal Law for five years. Section
2 is the effective date.

 
JUSTIFICATION:

The Town of North Hempstead has requested an amendment to the State's
Local Finance Law that would allow the Town to issue bonds or notes to
finance liabilities of the Length of Service Award Programs (LOSAP) for
fire companies located within the Town. The purpose of this proposed
legislation will allow the Town to issue bonds or notes to finance
existing underfunded LOSAPs of the Albertson Hook and Ladder and Hose
Company No. 1 and the Floral Park Centre Fire Company No. 1. Both of the
Fire Company's' LOSAPs are currently underfunded which in effect costs
the Town 5.25% (the assumed rate of return required on the LOSAP invest-
ment portfolios).

By allowing the Town to issue bonds or notes to eliminate the LOSAP
underfunding this will ultimately reduce the LOSAP related costs for the
Town and its residents as the interest rates associated with a new bond
or note would be estimated at 2%. It is economically prudent for the
Town to issue bonds at a cost of roughly 2% and use the proceeds to
eliminate the LOSAP's underfunding. The net result would be a 3.25%
reduction (5.25%-2%) in LOSAP related costs for the Town and its resi-
dents.

 
LEGISLATIVE HISTORY:

None.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S7084 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7084
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 27, 2021
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the local finance law, in relation  to  authorizing  the
   town  of  North  Hempstead  to issue bonds or notes to finance certain
   liabilities of the length of service award programs of fire  companies
   located  within the town and providing fire protection to residents of
   the town
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  a of section 11.00 of the local finance law is
 amended by adding a new subdivision 109 to read as follows:
   109. PAYMENT BY THE TOWN OF NORTH HEMPSTEAD, IN THE COUNTY OF  NASSAU,
 OF  CONTRIBUTIONS  TO  SERVICE  AWARD  PROGRAMS  ESTABLISHED PURSUANT TO
 SECTION TWO HUNDRED SEVENTEEN OF THE  GENERAL  MUNICIPAL  LAW,  BY  FIRE
 COMPANIES  PROVIDING SERVICES IN FIRE PROTECTION DISTRICTS IN SUCH TOWN,
 FIVE YEARS.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11720-01-1

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