NY State Senate Bill 2025-S7028C

Senate Bill S7028C

2025-2026 Legislative Session

Enacts the "city of Little Falls deficit financing act" authorizing the city of Little Falls, in the county of Herkimer, to finance certain deficits by the issuance of bonds

download bill text pdf

Current Bill Status - In Senate Committee Finance 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 06, 2025	print number 7028c
Jun 06, 2025	amend and recommit to finance
Jun 05, 2025	print number 7028b
Jun 05, 2025	amend and recommit to finance
May 21, 2025	print number 7028a
May 21, 2025	amend and recommit to finance
May 20, 2025	reported and committed to finance
Mar 28, 2025	referred to local government

Votes

- May 20, 2025 - Local Government Committee Vote
  S7028C
  
  6
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Local Government Committee Vote: May 20, 2025
      
      aye (6)
      
      Baskin
      
      Brouk
      
      Fahy
      
      Martinez
      
      Rolison
      
      Weik
      
      aye wr (1)
      
      Skoufis

Bill Amendments

Original

C (Active)

2025-S7028 - Details

See Assembly Version of this Bill:: A7902
Current Committee:: Senate Finance
Law Section:: Little Falls, City of

2025-S7028 - Summary

Authorizes the city of Little Falls, in the county of Herkimer, to issue serial bonds in an aggregate principal amount not to exceed three million four hundred thousand dollars for the purpose of liquidating deficits in its general, golf, and water funds; requires that the city of Little Falls prepare quarterly budget reports, quarterly trial balances and a three-year financial plan.

2025-S7028 - Sponsor Memo

2025-S7028 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7028
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 28, 2025
                                ___________
 
 Introduced  by  Sen. WALCZYK -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT in relation to authorizing the city of Little Falls, in the coun-
   ty of Herkimer, to finance certain deficits by the issuance of bonds
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "city of Little Falls fiscal recovery act".
   § 2. The city of Little Falls, county of Herkimer, is  hereby  author-
 ized  to  issue serial bonds, subject to the provisions of section 10.10
 of the local finance law, on or before October 1, 2026, in an  aggregate
 principal  amount  not  to  exceed  three  million four hundred thousand
 dollars ($3,400,000) for the specific object or purpose  of  liquidating
 deficits  in its general, golf, and water funds expected at the close of
 its fiscal year ending December 31, 2025, including any remaining  prin-
 cipal  amount  of  any  budget,  deficiency, and/or revenue anticipation
 notes outstanding at the time of such issuance of such serial  bonds  or
 notes  authorized  pursuant to this act. In anticipation of the issuance
 and sale of such  serial  bonds,  bond  anticipation  notes  are  hereby
 authorized to be issued.
   §  3.  Notwithstanding  any provision of this act to the contrary, the
 city of Little Falls shall not issue any bonds for the purpose of liqui-
 dating the deficits described in section two  of  this  act  unless  and
 until the state comptroller shall first review and confirm the existence
 of  such  deficits, as well as certify the amounts of such deficits. The
 city of Little Falls shall prepare a report  detailing  the  amount  and
 cause  of such deficits and submit such report together with such city's
 independent audit report for its last completed fiscal year, if any such
 audit report has been or is to be prepared, and such  other  information
 as  the  state comptroller may deem necessary, to the state comptroller,
 as well as the chairs of the senate finance committee and  the  assembly
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11156-02-5

 S. 7028                             2
 
 ways  and means committee, at least thirty days prior to the issuance of
 any bonds pursuant to this act. Within thirty days after receiving  such
 report,  the  state  comptroller  shall  perform  such reviews as may be
 necessary  to  determine the amount of such deficits and report the same
 to the chairs of the senate finance committee and the assembly ways  and
 means  committee, the mayor and the common council of the city of Little
 Falls. Bonds to liquidate each such deficit shall not be  issued  in  an
 amount  exceeding  such  deficit as determined by the state comptroller.
 Nothing provided in this act shall prevent the city of Little Falls from
 authorizing the issuance of bonds or bond anticipation notes, and  issu-
 ing  bond  anticipation  notes,  prior to the determination of the state
 comptroller of the amount of such deficits. If bond  anticipation  notes
 are issued in an amount in excess of the amounts determined by the state
 comptroller, the city of Little Falls shall redeem from funds other than
 the  proceeds  of the bonds or bond anticipation notes, such bond antic-
 ipation notes in the amount by which the  amount  of  bond  anticipation
 notes  exceeds  the  amount  of such deficits as determined by the state
 comptroller.
   § 4. It is hereby  determined  that  the  financing  of  the  deficits
 hereinbefore  described  is  a  purpose  of the city of Little Falls for
 which indebtedness may be incurred, the period of probable usefulness of
 which is hereby determined to be ten years, computed from  the  date  of
 such  bonds  or from the date of the first bond anticipation note issued
 in anticipation of the sale of such bonds, whichever  date  is  earlier.
 Such  bonds  and/or bond anticipation notes shall be general obligations
 of the city of Little Falls to which the faith and credit of the city is
 pledged, and the city shall make an annual appropriation  sufficient  to
 pay  the principal of and interest on such obligations as the same shall
 become due.
   § 5. (a) For each fiscal year occurring during the time  bonds  and/or
 bond anticipation notes issued pursuant to this act are outstanding, the
 mayor  of  the  city of Little Falls shall prepare a quarterly report of
 summarized budget data depicting overall trends of actual  revenues  and
 budget  expenditures  for  the entire budget rather than individual line
 items. Such budgetary reports shall compare revenue estimates and appro-
 priations as set forth in such  budget  with  the  actual  revenues  and
 expenditures made to date. All such quarterly budgetary reports shall be
 accompanied  by  recommendations of the mayor setting forth any remedial
 action necessary or desirable to resolve any unfavorable budget variance
 including the over-estimation of revenues and  the  under-estimation  of
 expenditures.  Each  such  quarterly budgetary report shall be completed
 within thirty days after the end of each quarter and shall be  submitted
 to  each  member  of the common council of the city of Little Falls, the
 director of the division of the budget, the state comptroller,  and  the
 chairs  of  the senate finance committee and the assembly ways and means
 committee.
   (b) For each fiscal year occurring during the time bonds  and/or  bond
 anticipation  notes  issued  pursuant  to  this act are outstanding, the
 mayor of the city of Little Falls shall also prepare a  quarterly  trial
 balance of general and special fund ledger accounts. Each such quarterly
 trial  balance  shall  be prepared in accordance with generally accepted
 accounting principles.  Each  such  quarterly  trial  balance  shall  be
 completed  within thirty days after the end of each quarterly period and
 shall be submitted to each member of the common council of the  city  of
 Little  Falls,  the  director  of  the division of the budget, the state
 S. 7028                             3
 
 comptroller, and the chairs of the  senate  finance  committee  and  the
 assembly ways and means committee.
   (c)  Within  ninety  days of the issuance of any debt pursuant to this
 act and for each fiscal year thereafter during which such  debt  or  any
 debt  incurred to refund such debt is outstanding, the mayor of the city
 of Little Falls or other officer or officers responsible for the  prepa-
 ration of the tentative budget of the city of Little Falls, within thir-
 ty  days  after the final adoption of the budget for the next succeeding
 fiscal year, shall prepare a three-year financial plan covering the next
 succeeding fiscal year and the two fiscal years thereafter. Such  finan-
 cial  plan  shall,  at a minimum, contain the information required to be
 provided in a three-year financial plan as prescribed by subdivision  10
 of  section  54  of the state finance law. Copies of such financial plan
 shall be provided to the mayor and chief fiscal officer of the  city  of
 Little  Falls,  the  director  of the budget, the state comptroller, the
 chair of the assembly ways and means committee  and  the  chair  of  the
 senate  finance  committee.  The  state  comptroller  shall examine such
 three-year financial plan and make such recommendations as deemed appro-
 priate thereon. The mayor of the city of Little Falls or  other  officer
 or officers who prepared such three-year financial plan shall review any
 such  recommendations  and make adjustments to such three-year financial
 plan consistent with such recommendations made by the state comptroller.
 This financial plan requirement shall not apply to the extent  the  city
 of  Little  Falls  is  subject  to a different multi-year financial plan
 requirement under state law.
   (d) For each fiscal year occurring during the time bonds  and/or  bond
 anticipation  notes  issued  pursuant  to  this act are outstanding, the
 mayor or chief fiscal officer of the city of Little Falls  shall  notify
 the state comptroller at least fifteen days prior to the issuance of any
 bonds  or  notes  or entering into any installment purchase contract and
 the state comptroller may review and make recommendations regarding  the
 affordability  to the city of Little Falls of any such proposed issuance
 or contract. The state comptroller may require  the  submission  by  the
 city  of Little Falls of such information as the state comptroller shall
 deem necessary to complete such state comptroller's review.
   § 6. Severability clause. If any clause, sentence, paragraph, subdivi-
 sion, section or part of this act shall be  adjudged  by  any  court  of
 competent  jurisdiction  to  be invalid, such judgment shall not affect,
 impair, or invalidate the remainder thereof, but shall  be  confined  in
 its  operation  to the clause, sentence, paragraph, subdivision, section
 or part thereof directly involved in the controversy in which such judg-
 ment shall have been rendered. It is hereby the intent of  the  legisla-
 ture  that  this  act  would  have  been  enacted  even  if such invalid
 provisions had not been included herein.
   § 7. This act shall take effect immediately.

2025-S7028A - Details

See Assembly Version of this Bill:: A7902
Current Committee:: Senate Finance
Law Section:: Little Falls, City of

2025-S7028A - Summary

2025-S7028A - Sponsor Memo

2025-S7028A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7028--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 28, 2025
                                ___________
 
 Introduced  by  Sen. WALCZYK -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   reported  favorably from said committee and committed to the Committee
   on Finance -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee

 AN ACT in relation to authorizing the city of Little Falls, in the coun-
   ty of Herkimer, to finance certain deficits by the issuance of bonds
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "city of Little Falls fiscal recovery act".
   § 2. The city of Little Falls, county of Herkimer, is  hereby  author-
 ized  to  issue serial bonds, subject to the provisions of section 10.10
 of the local finance law, on or before October 1, 2026, in an  aggregate
 principal  amount  not  to  exceed  three  million four hundred thousand
 dollars ($3,400,000) for the specific object or purpose  of  liquidating
 deficits  in its general, golf, and water funds expected at the close of
 its fiscal year ending December 31, 2025, including any remaining  prin-
 cipal  amount  of  any  budget,  deficiency, and/or revenue anticipation
 notes outstanding at the time of such issuance of such serial  bonds  or
 notes  authorized  pursuant to this act. In anticipation of the issuance
 and sale of such  serial  bonds,  bond  anticipation  notes  are  hereby
 authorized to be issued.
   §  3.  Notwithstanding  any provision of this act to the contrary, the
 city of Little Falls shall not issue any bonds for the purpose of liqui-
 dating the deficits described in section two  of  this  act  unless  and
 until the state comptroller shall first review and confirm the existence
 of  such  deficits, as well as certify the amounts of such deficits. The
 city of Little Falls shall prepare a report  detailing  the  amount  and
 cause  of such deficits and submit such report together with such city's
 independent audit report for its last completed fiscal year, if any such
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11156-03-5

 S. 7028--A                          2
 
 audit report has been or is to be prepared, and such  other  information
 as  the  state comptroller may deem necessary, to the state comptroller,
 as well as the chairs of the senate finance committee and  the  assembly
 ways  and means committee, at least thirty days prior to the issuance of
 any bonds pursuant to this act. Within thirty days after receiving  such
 report,  the  state  comptroller  shall  perform  such reviews as may be
 necessary to determine the amount of such deficits and report  the  same
 to  the chairs of the senate finance committee and the assembly ways and
 means committee, the mayor and the common council of the city of  Little
 Falls.  Bonds  to  liquidate each such deficit shall not be issued in an
 amount exceeding such deficit as determined by  the  state  comptroller.
 Nothing provided in this act shall prevent the city of Little Falls from
 authorizing  the issuance of bonds or bond anticipation notes, and issu-
 ing bond anticipation notes, prior to the  determination  of  the  state
 comptroller  of  the amount of such deficits. If bond anticipation notes
 are issued in an amount in excess of the amounts determined by the state
 comptroller, the city of Little Falls shall redeem from funds other than
 the proceeds of the bonds or bond anticipation notes, such  bond  antic-
 ipation  notes  in  the  amount by which the amount of bond anticipation
 notes exceeds the amount of such deficits as  determined  by  the  state
 comptroller.
   §  4.  It  is  hereby  determined  that  the financing of the deficits
 hereinbefore described is a purpose of the  city  of  Little  Falls  for
 which indebtedness may be incurred, the period of probable usefulness of
 which  is  hereby  determined to be ten years, computed from the date of
 such bonds or from the date of the first bond anticipation  note  issued
 in  anticipation  of  the sale of such bonds, whichever date is earlier.
 Such bonds and/or bond anticipation notes shall be  general  obligations
 of the city of Little Falls to which the faith and credit of the city is
 pledged,  and  the city shall make an annual appropriation sufficient to
 pay the principal of and interest on such obligations as the same  shall
 become due.
   §  5.  (a) For each fiscal year occurring during the time bonds and/or
 bond anticipation notes issued pursuant to this act are outstanding, the
 mayor of the city of Little Falls shall prepare a  quarterly  report  of
 summarized  budget  data depicting overall trends of actual revenues and
 budget expenditures for the entire budget rather  than  individual  line
 items. Such budgetary reports shall compare revenue estimates and appro-
 priations  as  set  forth  in  such  budget with the actual revenues and
 expenditures made to date. All such quarterly budgetary reports shall be
 accompanied by recommendations of the mayor setting forth  any  remedial
 action necessary or desirable to resolve any unfavorable budget variance
 including  the  over-estimation  of revenues and the under-estimation of
 expenditures. Each such quarterly budgetary report  shall  be  completed
 within  thirty days after the end of each quarter and shall be submitted
 to each member of the common council of the city of  Little  Falls,  the
 director  of  the division of the budget, the state comptroller, and the
 chairs of the senate finance committee and the assembly ways  and  means
 committee.
   (b)  For  each fiscal year occurring during the time bonds and/or bond
 anticipation notes issued pursuant to  this  act  are  outstanding,  the
 mayor  of  the city of Little Falls shall also prepare a quarterly trial
 balance of general and special fund ledger accounts. Each such quarterly
 trial balance shall be prepared in accordance  with  generally  accepted
 accounting  principles.  Each  such  quarterly  trial  balance  shall be
 completed within thirty days after the end of each quarterly period  and
 S. 7028--A                          3

 shall  be  submitted to each member of the common council of the city of
 Little Falls, the director of the division  of  the  budget,  the  state
 comptroller,  and  the  chairs  of  the senate finance committee and the
 assembly ways and means committee.
   (c)  Within  ninety  days of the issuance of any debt pursuant to this
 act and for each fiscal year thereafter during which such  debt  or  any
 debt  incurred to refund such debt is outstanding, the mayor of the city
 of Little Falls or other officer or officers responsible for the  prepa-
 ration of the tentative budget of the city of Little Falls, within thir-
 ty  days  after the final adoption of the budget for the next succeeding
 fiscal year, shall prepare a three-year financial plan covering the next
 succeeding fiscal year and the two fiscal years thereafter. Such  finan-
 cial  plan  shall,  at a minimum, contain the information required to be
 provided in a three-year financial plan as prescribed by subdivision  10
 of  section  54  of the state finance law. Copies of such financial plan
 shall be provided to the mayor and chief fiscal officer of the  city  of
 Little  Falls,  the  director  of the budget, the state comptroller, the
 chair of the assembly ways and means committee  and  the  chair  of  the
 senate finance committee.
   (d)  For  each fiscal year occurring during the time bonds and/or bond
 anticipation notes issued pursuant to  this  act  are  outstanding,  the
 mayor  or  chief fiscal officer of the city of Little Falls shall notify
 the state comptroller at least fifteen days prior to the issuance of any
 bonds or notes or entering into any installment  purchase  contract  and
 the  state comptroller may review and make recommendations regarding the
 affordability to the city of Little Falls of any such proposed  issuance
 or  contract.  The  state  comptroller may require the submission by the
 city of Little Falls of such information as the state comptroller  shall
 deem necessary to complete such state comptroller's review.
   § 6. Severability clause. If any clause, sentence, paragraph, subdivi-
 sion,  section  or  part  of  this act shall be adjudged by any court of
 competent jurisdiction to be invalid, such judgment  shall  not  affect,
 impair,  or  invalidate  the remainder thereof, but shall be confined in
 its operation to the clause, sentence, paragraph,  subdivision,  section
 or part thereof directly involved in the controversy in which such judg-
 ment  shall  have been rendered. It is hereby the intent of the legisla-
 ture that this  act  would  have  been  enacted  even  if  such  invalid
 provisions had not been included herein.
   § 7. This act shall take effect immediately.

2025-S7028B - Details

See Assembly Version of this Bill:: A7902
Current Committee:: Senate Finance
Law Section:: Little Falls, City of

2025-S7028B - Summary

2025-S7028B - Sponsor Memo

2025-S7028B - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7028--B
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 28, 2025
                                ___________
 
 Introduced  by  Sen. WALCZYK -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   reported  favorably from said committee and committed to the Committee
   on Finance -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said  committee  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee
 
 AN ACT in relation to authorizing the city of Little Falls, in the coun-
   ty of Herkimer, to finance certain deficits by the issuance of bonds
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "city of Little Falls deficit financing act".
   § 2. The city of Little Falls, county of Herkimer, is  hereby  author-
 ized  to  issue serial bonds, subject to the provisions of section 10.10
 of the local finance law, on or before November 30, 2026, in  an  aggre-
 gate  principal amount not to exceed three million four hundred thousand
 dollars ($3,400,000) for the specific object or purpose  of  liquidating
 deficits  in its general, golf, and water funds expected at the close of
 its fiscal year ending May 31, 2025, including the  remaining  principal
 amount  of  any  budget,  deficiency,  and/or revenue anticipation notes
 outstanding at the time of said issuance of said serial bonds  or  notes
 authorized  pursuant  to  this  act. In anticipation of the issuance and
 sale of such serial bonds, bond anticipation notes are hereby authorized
 to be issued.
   § 3. The city of Little Falls shall be subject to  the  provisions  of
 section  10.10 of the local finance law except that, notwithstanding any
 inconsistent provision of paragraph d of  section  10.10  of  the  local
 finance  law, the city council of Little Falls shall make adjustments to
 the proposed budget consistent with  any  recommendations  made  by  the
 state comptroller.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11156-06-5

 S. 7028--B                          2
 
   §  4.  (a) For each fiscal year occurring during the time bonds and/or
 bond anticipation notes issued pursuant to this act are outstanding, the
 mayor of the city of Little Falls shall prepare a  quarterly  report  of
 summarized  budget  data depicting overall trends of actual revenues and
 budget  expenditures  for  the entire budget rather than individual line
 items. Such budgetary reports shall compare revenue estimates and appro-
 priations as set forth in such  budget  with  the  actual  revenues  and
 expenditures made to date. All such quarterly budgetary reports shall be
 accompanied  by  recommendations of the mayor setting forth any remedial
 action necessary or desirable to resolve any unfavorable budget variance
 including the over-estimation of revenues and  the  under-estimation  of
 expenditures.  Each  such  quarterly budgetary report shall be completed
 within thirty days after the end of each quarter and shall be  submitted
 to  each  member  of the common council of the city of Little Falls, the
 director of the division of the budget, the state comptroller,  and  the
 chairs  of  the senate finance committee and the assembly ways and means
 committee.
   (b) For each fiscal year occurring during the time bonds  and/or  bond
 anticipation  notes  issued  pursuant  to  this act are outstanding, the
 mayor of the city of Little Falls shall also prepare a  quarterly  trial
 balance of general and special fund ledger accounts. Each such quarterly
 trial  balance  shall  be prepared in accordance with generally accepted
 accounting principles.  Each  such  quarterly  trial  balance  shall  be
 completed  within thirty days after the end of each quarterly period and
 shall be submitted to each member of the common council of the  city  of
 Little  Falls,  the  director  of  the division of the budget, the state
 comptroller, and the chairs of the  senate  finance  committee  and  the
 assembly ways and means committee.
   (c)  Within  ninety  days of the issuance of any debt pursuant to this
 act and for each fiscal year thereafter during which such  debt  or  any
 debt  incurred to refund such debt is outstanding, the mayor of the city
 of Little Falls or other officer or officers responsible for the  prepa-
 ration of the tentative budget of the city of Little Falls, within thir-
 ty  days  after the final adoption of the budget for the next succeeding
 fiscal year, shall prepare a three-year financial plan covering the next
 succeeding fiscal year and the two fiscal years thereafter.  The  finan-
 cial  plan  shall,  at  minimum,  contain the information required to be
 provided in a three-year financial plan as prescribed by subdivision  10
 of  section  54  of  the state finance law. Copies of the financial plan
 shall be provided to the mayor and chief fiscal officer of the  city  of
 Little  Falls,  the  director  of the budget, the state comptroller, the
 chair of the assembly ways and means committee  and  the  chair  of  the
 senate  finance  committee.    This financial plan requirement shall not
 apply to the extent the city of Little Falls is subject to  a  different
 multi-year financial plan requirement under state law.
   (d)  For  each fiscal year occurring during the time bonds and/or bond
 anticipation notes issued pursuant to  this  act  are  outstanding,  the
 mayor  or  chief fiscal officer of the city of Little Falls shall notify
 the state comptroller at least fifteen days prior to the issuance of any
 bonds or notes or entering into any installment  purchase  contract  and
 the  state comptroller may review and make recommendations regarding the
 affordability to the city of Little Falls of any such proposed  issuance
 or  contract.  The  state  comptroller may require the submission by the
 city of Little Falls of such information as the state comptroller  shall
 deem necessary to complete such state comptroller's review.
 S. 7028--B                          3
 
   § 5. Severability clause. If any clause, sentence, paragraph, subdivi-
 sion,  section  or  part  of  this act shall be adjudged by any court of
 competent jurisdiction to be invalid, such judgment  shall  not  affect,
 impair,  or  invalidate  the remainder thereof, but shall be confined in
 its  operation  to the clause, sentence, paragraph, subdivision, section
 or part thereof directly involved in the controversy in which such judg-
 ment shall have been rendered. It is hereby the intent of  the  legisla-
 ture  that  this  act  would  have  been  enacted  even  if such invalid
 provisions had not been included herein.
   § 6. This act shall take effect immediately.

2025-S7028C (ACTIVE) - Details

See Assembly Version of this Bill:: A7902
Current Committee:: Senate Finance
Law Section:: Little Falls, City of

2025-S7028C (ACTIVE) - Summary

2025-S7028C (ACTIVE) - Sponsor Memo

2025-S7028C (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7028--C
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 28, 2025
                                ___________
 
 Introduced  by  Sen. WALCZYK -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   reported  favorably from said committee and committed to the Committee
   on Finance -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said  committee  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee -- committee discharged, bill amended, ordered reprinted  as
   amended and recommitted to said committee
 
 AN ACT in relation to authorizing the city of Little Falls, in the coun-
   ty of Herkimer, to finance certain deficits by the issuance of bonds
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "city of Little Falls deficit financing act".
   §  2.  The city of Little Falls, county of Herkimer, is hereby author-
 ized to issue serial bonds, subject to the provisions of  section  10.10
 of  the  local finance law, on or before November 30, 2026, in an aggre-
 gate principal amount not to exceed three million four hundred  thousand
 dollars  ($3,400,000)  for the specific object or purpose of liquidating
 deficits in its general, golf, and water funds expected at the close  of
 its  fiscal year ending December 31, 2025, including the remaining prin-
 cipal amount of any  budget,  deficiency,  and/or  revenue  anticipation
 notes  outstanding  at the time of said issuance of said serial bonds or
 notes authorized pursuant to this act. In anticipation of  the  issuance
 and  sale  of  such  serial  bonds,  bond  anticipation notes are hereby
 authorized to be issued.
   § 3. The city of Little Falls shall be subject to  the  provisions  of
 section  10.10 of the local finance law except that, notwithstanding any
 inconsistent provision of paragraph d of  section  10.10  of  the  local
 finance  law, the city council of Little Falls shall make adjustments to

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11156-08-5
 S. 7028--C                          2

 
 the proposed budget consistent with  any  recommendations  made  by  the
 state comptroller.
   §  4.  (a) For each fiscal year occurring during the time bonds and/or
 bond anticipation notes issued pursuant to this act are outstanding, the
 mayor of the city of Little Falls shall prepare a  quarterly  report  of
 summarized  budget  data depicting overall trends of actual revenues and
 budget expenditures for the entire budget rather  than  individual  line
 items. Such budgetary reports shall compare revenue estimates and appro-
 priations  as  set  forth  in  such  budget with the actual revenues and
 expenditures made to date. All such quarterly budgetary reports shall be
 accompanied by recommendations of the mayor setting forth  any  remedial
 action necessary or desirable to resolve any unfavorable budget variance
 including  the  over-estimation  of revenues and the under-estimation of
 expenditures. Each such quarterly budgetary report  shall  be  completed
 within  thirty days after the end of each quarter and shall be submitted
 to each member of the common council of the city of  Little  Falls,  the
 director  of  the division of the budget, the state comptroller, and the
 chairs of the senate finance committee and the assembly ways  and  means
 committee.
   (b)  For  each fiscal year occurring during the time bonds and/or bond
 anticipation notes issued pursuant to  this  act  are  outstanding,  the
 mayor  of  the city of Little Falls shall also prepare a quarterly trial
 balance of general and special fund ledger accounts. Each such quarterly
 trial balance shall be prepared in accordance  with  generally  accepted
 accounting  principles.  Each  such  quarterly  trial  balance  shall be
 completed within thirty days after the end of each quarterly period  and
 shall  be  submitted to each member of the common council of the city of
 Little Falls, the director of the division  of  the  budget,  the  state
 comptroller,  and  the  chairs  of  the senate finance committee and the
 assembly ways and means committee.
   (c) Within ninety days of the issuance of any debt  pursuant  to  this
 act  and  for  each fiscal year thereafter during which such debt or any
 debt incurred to refund such debt is outstanding, the mayor of the  city
 of  Little Falls or other officer or officers responsible for the prepa-
 ration of the tentative budget of the city of Little Falls, within thir-
 ty days after the final adoption of the budget for the  next  succeeding
 fiscal year, shall prepare a three-year financial plan covering the next
 succeeding  fiscal  year and the two fiscal years thereafter. The finan-
 cial plan shall, at minimum, contain  the  information  required  to  be
 provided  in a three-year financial plan as prescribed by subdivision 10
 of section 54 of the state finance law. Copies  of  the  financial  plan
 shall  be  provided to the mayor and chief fiscal officer of the city of
 Little Falls, the director of the budget,  the  state  comptroller,  the
 chair  of  the  assembly  ways  and means committee and the chair of the
 senate finance committee.   This financial plan  requirement  shall  not
 apply  to  the extent the city of Little Falls is subject to a different
 multi-year financial plan requirement under state law.
   (d) For each fiscal year occurring during the time bonds  and/or  bond
 anticipation  notes  issued  pursuant  to  this act are outstanding, the
 mayor or chief fiscal officer of the city of Little Falls  shall  notify
 the state comptroller at least fifteen days prior to the issuance of any
 bonds  or  notes  or entering into any installment purchase contract and
 the state comptroller may review and make recommendations regarding  the
 affordability  to the city of Little Falls of any such proposed issuance
 or contract. The state comptroller may require  the  submission  by  the
 S. 7028--C                          3
 
 city  of Little Falls of such information as the state comptroller shall
 deem necessary to complete such state comptroller's review.
   § 5. Severability clause. If any clause, sentence, paragraph, subdivi-
 sion,  section  or  part  of  this act shall be adjudged by any court of
 competent jurisdiction to be invalid, such judgment  shall  not  affect,
 impair,  or  invalidate  the remainder thereof, but shall be confined in
 its operation to the clause, sentence, paragraph,  subdivision,  section
 or part thereof directly involved in the controversy in which such judg-
 ment  shall  have been rendered. It is hereby the intent of the legisla-
 ture that this  act  would  have  been  enacted  even  if  such  invalid
 provisions had not been included herein.
   § 6. This act shall take effect immediately.

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