Senate Bill S8507

2021-2022 Legislative Session

Relates to financing of a certain litigation liability by the city of Long Beach

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken

  • 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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2021-S8507 (ACTIVE) - Details

Law Section:
Local Finance Law
Laws Affected:
Amd §11.00, Loc Fin L

2021-S8507 (ACTIVE) - Summary

Relates to financing of payment of a final judgment or a compromised or settled claim against the city of Long Beach in the case of Matter of Haberman v. Zoning Board of Appeals of City of Long Beach decided in the Nassau County Supreme Court.

2021-S8507 (ACTIVE) - Sponsor Memo

2021-S8507 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8507
 
                             I N  S E N A T E
 
                               March 8, 2022
                                ___________
 
 Introduced  by Sen. KAMINSKY -- 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  financing  of  a
   certain litigation liability by the city of Long Beach
 
   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  OF  A  FINAL JUDGMENT OR A COMPROMISED OR SETTLED CLAIM
 AGAINST THE CITY OF LONG BEACH IN THE CASE  OF  MATTER  OF  HABERMAN  V.
 ZONING  BOARD  OF  APPEALS  OF  CITY OF LONG BEACH DECIDED IN THE NASSAU
 COUNTY SUPREME COURT (INDEX # 001138/04) ON JANUARY ELEVENTH, TWO  THOU-
 SAND  TWENTY-ONE,  THIRTY YEARS; PROVIDED HOWEVER, THAT SUCH BONDS SHALL
 NOT EXCEED AN AGGREGATE AMOUNT OF ONE HUNDRED TWO MILLION DOLLARS.    TO
 FACILITATE THE MARKETING OF ANY ISSUE OF BONDS TO FINANCE SUCH OBJECT OR
 PURPOSE,  THE CITY OF LONG BEACH MAY, NOTWITHSTANDING ANY LIMITATIONS ON
 PRIVATE SALES OF BONDS PROVIDED BY LAW, AND SUBJECT TO APPROVAL  BY  THE
 STATE COMPTROLLER OF THE TERMS AND CONDITIONS OF SUCH SALE:
   (A) ARRANGE FOR THE UNDERWRITING OF SUCH BONDS AT PRIVATE SALE THROUGH
 NEGOTIATED  AGREEMENT, COMPENSATION FOR SUCH UNDERWRITING TO BE PROVIDED
 BY NEGOTIATED FEE OR BY SALE OF SUCH BONDS TO AN UNDERWRITER AT A  PRICE
 LESS  THAN  THE  SUM  OF PAR VALUE OF, AND THE ACCRUED INTEREST ON, SUCH
 OBLIGATIONS; OR
   (B) ARRANGE FOR THE PRIVATE  SALE  OF  ITS  BONDS  THROUGH  NEGOTIATED
 AGREEMENT,  COMPENSATION FOR SUCH SALE TO BE PROVIDED BY NEGOTIATED FEE,
 IF REQUIRED. THE COST OF SUCH UNDERWRITING OR PRIVATE PLACEMENT SHALL BE
 DEEMED A PRELIMINARY COST FOR PURPOSES OF THIS SECTION.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14933-02-2

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