NY State Senate Bill 2025-S8413

Senate Bill S8413

2025-2026 Legislative Session

Enacts the "City of Dunkirk Revenue Anticipation Note Refinancing Act"; makes an appropriation therefor

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Current Bill Status - On Floor Calendar

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 13, 2025	ordered to third reading rules cal.698 substituted for a8870
Jun 12, 2025	referred to ways and means delivered to assembly passed senate ordered to third reading cal.1948 committee discharged and committed to rules
Jun 09, 2025	referred to finance

Votes

- Jun 12, 2025 - Floor Vote
  S8413
  
  37
  
  Aye
  
  22
  
  Nay
  
  0
  
  Absent
  
  4
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 12, 2025
      
      aye (37)
      
      Addabbo Jr.
      
      Bailey
      
      Baskin
      
      Brisport
      
      Brouk
      
      Bynoe
      
      Cleare
      
      Comrie
      
      Cooney
      
      Fahy
      
      Fernandez
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Harckham
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Liu
      
      Martinez
      
      May
      
      Mayer
      
      Parker
      
      Persaud
      
      Rivera
      
      Ryan
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Stavisky
      
      Stewart-Cousins
      
      Webb
      
      nay (22)
      
      Ashby
      
      Borrello
      
      Canzoneri-Fitzpatrick
      
      Chan
      
      Gallivan
      
      Griffo
      
      Helming
      
      Lanza
      
      Martins
      
      Mattera
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Rhoads
      
      Rolison
      
      Skoufis
      
      Stec
      
      Tedisco
      
      Walczyk
      
      Weber
      
      Weik
      
      excused (4)
      
      Murray
      
      Myrie
      
      Ramos
      
      Sutton
      
      The following Member(s) participated via videoconferencing: Brouk

2025-S8413 (ACTIVE) - Details

See Assembly Version of this Bill:: A8870
Law Section:: Chautauqua County

2025-S8413 (ACTIVE) - Summary

Enacts the "City of Dunkirk Revenue Anticipation Note Refinancing Act" to authorize a loan to be made from the state to the city of Dunkirk (Part A); makes an appropriation therefor (Part B).

2025-S8413 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8413

SPONSOR: GOUNARDES
 
TITLE OF BILL:

An act in relation to authorizing a loan from the state to the city of
Dunkirk (Part A); and making an appropriation therefor (Part B)

 
PURPOSE:

This bill would authorize an additional debt and financing option for
the city of Dunkirk (or the "City") as a matter of last resort, to amel-
iorate a condition of severe fiscal difficulty and potential lack of
market access by the city. Dunkirk presently has a $12.7 million princi-
pal revenue anticipation note with a maturity date of July 24, 2025 and
lacks sufficient cash and potentially lacks market access for financing
options to repay such note's principal and interest (totaling approxi-
mately $13.7 million). The inability to pay such revenue anticipation
note could have significant negative financial implications, including a
loss of credit access or increased costs of borrowing for not only the
City, but other municipal debt issuers throughout the State of New York.

SUMMARY OF PROVISIONS:

Bill Section 1 enacts into law components of legislation necessary to
authorization a loan for the city of Dunkirk and sets forth that each
component is contained within parts identified as Part A and Part B.

With respect to Part A:

Section 1 contains Legislative findings.

Section 2 contains the title of this act, the "City of Dunkirk Revenue
Anticipation Note Refinancing Act.

Section 3 contains definitions.

Section 4 would establish a State loan to the city of Dunkirk and would
clarify that any payment made to the City for an appropriation made by
part B of this bill shall be used by the City for the repayment and
settlement of its anticipation note due July 24, 2025.

Section 5 of the bill would establish the amortization period of the
loan period of probable usefulness, which shall be 15 years. The rate of
interest shall be 7.5% per year. The Budget Director may modify the
terms of the loan, including the term and interest if the reduction of
any payment or payments made for the City pursuant to section 6 is
insufficient to satisfy the annual repayment amount set forth in the
loan repayment schedule.

Section 6 of the bill would obligate the City to repay the loan in
accordance with a loan repayment schedule provided by the Budget Direc-
tor, which reflects the amount and date of all loan payments made by the
State to the City for an appropriation pursuant to part B. Such a loan
repayment schedule may be revised from time to time.  By no later than
September 30 of any year while the loan is outstanding, the Budget
Director shall notify the Mayor, the City Council, the State Comp-
troller, the Chair of the Assembly Ways and Means Committee, and the
Chair of the Senate Finance Committee of any offset payments for the
City, and the principal and interest repayment schedule, reflecting the
remaining amount owed by the City to the State for each State fiscal
year

Section 7 of the bill would establish that the Budget Director may
direct any department, agency, or instrumentality to reduce the amount
of any payment or payment owed in a fiscal year to the city of Dunkirk,
or any department, agency or instrumentality thereof, provided that such
reduction is in an amount no greater than the amount due for such year
as set in the loan repayment schedule.

Section 8 of the bill would establish that the State shall not require
the early termination of the loan or pre-payment of any amount set forth
in the loan repayment schedule, except that the mayor may do so subject
to the notice provisions and subject to the written confirmation of the
Budget Director of the calculated amount of principle and interest owed
by the City as of the proposed date of loan repayment.

Section 9 of the bill would treat the loan as indebtedness of the City
with respect to article 8 of the State Constitution. For purposes of
compensating and replenishing the City's all funds budget for the annual
withholding of State payments to the City pursuant to section 7 of the
bill, the amount of annual principal and interest shall be excluded from
the tax limit imposed by section 10 of article 8 of the state Constitu-
tion. For as long as the State loan shall remain outstanding, the City
shall comply with the provisions of the Dunkirk Fiscal Recovery Act. The
period of probable usefulness of the first issuance of deficit bonds or
notes pursuant to such act shall be computed from the date of the
payment referenced in section 10 of this bill. On or before July 9 of
each State fiscal year that the loan remains outstanding, the mayor
shall provide an attestation to the Budget Director, the State Comp-
troller, the Assembly ways and means committee and the Senate finance
committee that either the City has been unable to issue deficit financ-
ing notes or bonds despite its good faith efforts or that the City has
issued deficit notes or bonds and is able to use the proceeds to prepay
in whole the loan made pursuant to this act.

Section 10 of the bill provides that the foregoing, part A, shall take
effect on the same date and in the same manner as part B, takes effect.

With respect to part B of this bill:

Section 1 would appropriate up to thirteen million, seven hundred thou-
sand dollars ($13,700,000) or so much thereof as may be necessary, from
the general fund for payment to the city of Dunkirk solely to refinance
its revenue anticipation note, with a final maturity and due date of
July 24, 2025. No payment shall be made without a written signed attes-
tation by the mayor of Dunkirk, sent to the Budget Director, the State
Comptroller, the Chair of the Assembly Ways and Means Committee and the
Chair of the Senate Finance Committee by no later than July 9, 2025,
stating that the City has, despite making good faith efforts to secure
the full amount of principal plus interest through a combination of cash
on hand, new City revenue or tax anticipation notes or issuances of new
deficit bonds or anticipation notes, and is unable to secure enough
funding to pay the total amount due, and is in need of, and is request-
ing, a specific dollar amount due to be loaned from the State, to the
City, by means of this appropriation.

Section 2 of part B establishes that this act shall take effect upon the
receipt of the written, signed attestation submitted by the mayor of the
City of Dunkirk.

Bill Section 2 contains a sevetability provision.

Bill Section 3 sets forth an effective date of immediate, provided
however, that the applicable effective date of Parts A and B shall be
set forth in the last section of such Parts.

 
EXISTING LAW:

None. Part DD of Chapter 56 of the Laws of 2024 enacted the "Dunkirk
fiscal recovery act".

 
JUSTIFICATION:

Without financial assistance from the State, the city of Dunkirk is
likely unable to meet its obligation to repay a $12.7 million principal
revenue anticipation note, which has a due date of July 24, 2025. A
potential default may have significant negative financial implications
for the City as well as the taxpayers of New York State.

This bill would impose a seven and half (7.5) percent rate of annual
interest on the amount of the loan utilized. This matches the rate most
recently received by the City in the credit markets when it issued last
year the revenue anticipation in question - effectively continuing the
existing debt until the deficit financing authorization can be accessed.

For local governments previously experiencing severe financial difficul-
ty, the State Legislature has implemented various oversight and relief
mechanisms, including authorizing deficit financing and control boards.
Part DD of Chapter 56 of the Laws of 2024 authorized the city of Dunkirk
to issue deficit financing bonds with a term of 15 years for accumulated
deficits through 2025 totaling up to $18.5 million. However, the City is
presently unable to issue such bonds to repay the Revenue Anticipation
Note in question. This loan would serve a similar purpose until the City
is able to so issue.

Section nine of part A of this bill provides that the City shall comply
with the oversight requirements set forth in the Dunkirk Fiscal Recovery
Act as long as the State loan is outstanding. These requirements include
many which may be similar to those required by a control board:

*Preparation and reporting to State parties by the City treasurer, with-
in thirty days of each quarter end, of quarterly summaries of budget
variances and trial balances prepared in accordance with the uniform
system of accounts prescribed by the State Comptroller, accompanied by
recommendations from the City fiscal affairs officer setting forth any
remedial action necessary (section seven);

*Budget review and recommendations by the State Comptroller, including
the requirement that the City Council shall review and make adjustments
to the proposed budget consistent with any recommendations made by the.
State Comptroller (section eight);

*Preparation and submission to State parties by the City fiscal affairs
officer of a three-year multiyear financial plan containing, at a mini-
mum, projected employment levels, projected annual expenditures for
personal service, fringe benefits, non-personal services and debt
service, appropriate reserve fund amounts, estimated annual revenues
including projection of property tax rates, the value of the taxable
real property and resulting tax levy, annual growth in sales tax and
non-property tax revenues, and the proposed use of one-time revenue
sources. The financial plan also must identify actions necessary to
achieve and maintain long-term fiscal stability, including, but not
limited to, improved management practices, initiatives to minimize or
reduce operating expenses, and potential shared services agreements with
other municipalities (section nine);

*Notification to and comment by the State Comptroller prior to the issu-
ance of any further debt issuance or installment purchase contract, with
such comments to include recommendations regarding the affordability to
the City (section ten).

Control boards have been authorized for the counties of Nassau and Erie,
and the cities of Buffalo and New York. First and foremost, implementing
a control board would not avert a likely default in July 2025, which is
the impetus of this legislation. A control board would not be estab-
lished in time and would not have a mechanism for repaying the revenue
anticipation note in question.

Also, each municipality with a control board is significantly larger in
population and budget size than the city of Dunkirk, important elements
for the feasibility of maintaining a board quorum (a board typically has
seven members to ensure compliance with public authorities law and best
practice) as well as affordability. Each municipality pays for the staff
and operations of its control board.  Even a modest $500,000 annual
operation, the cost of the cheapest control board, would comprise three
percent of the City's $18.7 million general fund budget. The most expen-
sive control board, over $2 million for the county of Nassau, would
comprise twelve percent of the City's budget. In addition, in the first
years of operation, most control boards have significantly higher
expenses due to start-up costs and potential litigation, which feasibly
total millions of dollars. Because the City is near its Constitutional
property tax limit, the City would likely be forced to make significant
operational cuts simply to fund its control board.

Dunkirk        Buffalo        Erie           Nassau
Population (est12,743         278,34         9954,236 1,395,754
General Fund Budget*
$ 18,716,335   $510,755,205   $1,968,183,452 $2,227,406,146
Control Board CN/As           $1,028,537     $512,096 $2,225,000

*2025 Adopted Budgets

 
LEGISLATIVE HISTORY:

This is a new bill,

 
BUDGET IMPLICATIONS:

This bill would allow the City to defease the principal and interest it
owes on its $12.7 million Revenue Anticipation Note due July 24, 2025.
Given the City's lack of cash and potential lack of investors willing to
purchase City debt, a City default is probable, leaving the City with a
long term inability to secure future financing for its budgetary and
infrastructure needs. In addition to the direct impact to the City, a
default could have significant negative financial implications, includ-
ing a loss of credit access or higher cost of borrowing, for other
municipal debt issuers throughout the State of New York.

 
EFFECTIVE DATE:
This act shall take effect immediately, provided however that the appli-
cable effective date of Parts A through B are set forth as specified in
the last section of such Parts.

2025-S8413 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8413
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               June 9, 2025
                                ___________
 
 Introduced  by  Sen.  GOUNARDES  -- (at request of the Governor) -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Finance
 
 AN  ACT  in relation to authorizing a loan from the state to the city of
   Dunkirk (Part A); and making an appropriation therefor (Part B)

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This act enacts into law components of legislation neces-
 sary to authorize a loan for the city  of  Dunkirk.  Each  component  is
 wholly  contained  within  a  Part  identified as Parts A through B. The
 effective date for each particular provision contained within such  Part
 is  set  forth  in  the  last section of such Part. Any provision in any
 section contained within a Part, including the  effective  date  of  the
 Part,  which  makes a reference to a section "of this act", when used in
 connection with that particular component, shall be deemed to  mean  and
 refer  to  the  corresponding  section of the Part in which it is found.
 Section three of this act sets forth the general effective date of  this
 act.

                                  PART A
 
   Section  1.  Legislative  findings.  The  legislature hereby finds and
 declares that a condition of severe fiscal difficulties  exists  in  the
 city  of  Dunkirk  as  a  result of expenditures exceeding revenues over
 numerous years, with the substantial accumulation of  deficits  expected
 for  the close of the city's fiscal year 2024. Such condition, including
 late and overdue financial statements, has contributed to a current loss
 of confidence by investors in short-term and  long-term  obligations  of
 the  city  of  Dunkirk  as demonstrated by major municipal credit rating
 agencies withdrawing credit ratings of the city.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD12017-01-5
 S. 8413                             2

 
   It is hereby further found and declared that the city of Dunkirk pres-
 ently has a $12.7 million revenue anticipation note with a maturity date
 of July 24, 2025. The city has indicated that it would not  have  suffi-
 cient cash to repay the revenue anticipation note's principal and inter-
 est  and  has  not attained the willingness of investors to purchase new
 obligations of the city in time to provide for  the  repayment  of  such
 $12.7 million note so owed.
   It  is hereby further found and declared that the inability to pay the
 revenue anticipation note  could  have  significant  negative  financial
 implications  for  the  city, other municipalities across the state, and
 the people of the state through a loss of credit access or  higher  cost
 for borrowing.
   Based  upon the fiscal condition of the city of Dunkirk and the state-
 wide concerns of the financial implications that an inability to pay the
 revenue anticipation note may result in, the  legislature  through  this
 act  authorizes  an  additional debt option for the city of Dunkirk as a
 matter of last resort.
   § 2. Short title. This act shall be known and  may  be  cited  as  the
 "City of Dunkirk Revenue Anticipation Note Refinancing Act".
   §  3.  Definitions. As used in this act, the following words and terms
 shall have the following meanings respectively, unless  the  text  shall
 indicate another or different meaning or intent:
   (a) "Budget director" means the state director of the budget.
   (b) "City" means the city of Dunkirk, in the county of Chautauqua.
   (c) "City council" means the city council of the city.
   (d)  "Deficit  bonds" means the bonds authorized by the Dunkirk fiscal
 recovery act.
   (e) "Deficit notes" means bond anticipation  notes  issued  in  antic-
 ipation  of  the issuance of deficit bonds, as authorized by the Dunkirk
 fiscal recovery act.
   (f) "Dunkirk fiscal recovery act" means the act pursuant to part DD of
 chapter 56 of the laws of 2024.
   (g) "Mayor" means the mayor of the city.
   § 4. Establishment of a state loan to the city. Any  payment  made  to
 the  city  from an appropriation made by part B of this chapter, enacted
 by a chapter of the laws of 2025, shall be used  by  the  city  for  the
 repayment  and  settlement of its revenue anticipation note due July 24,
 2025, and shall, notwithstanding any provision of the local finance  law
 to the contrary, constitute a loan from the state to the city to address
 a  budgetary  deficit,  the  repayment  of  which by the city shall be a
 general obligation of the city and which shall be  backed  by  the  full
 faith  and  credit  of the city, pursuant to the terms and structure set
 forth in this act.
   § 5. Authorized loan amortization period and interest rate.   Notwith-
 standing  any  provision of law to the contrary, the amortization period
 of the loan and the period  of  probable  usefulness  shall  be  fifteen
 years. The rate of interest applied to the principal amount owed on such
 loan  shall be seven and one-half percent per annum. If the reduction of
 any payment or payments made on or on behalf of  the  city  pursuant  to
 section  six of this act is insufficient to satisfy the annual repayment
 amount set forth in the loan repayment schedule, the budget director may
 modify the terms of the loan, including term and interest.
   § 6. Loan repayment by the city. The city shall be obligated to  repay
 the  loan  in  accordance with a loan repayment schedule provided by the
 budget director that reflects the amount and date of all  loan  payments
 made  by  the state to the city from an appropriation pursuant to part B
 S. 8413                             3
 
 of this chapter during the state fiscal year beginning  April  1,  2025.
 Such loan repayment schedule may be revised from time to time to reflect
 any modification of the terms of the loan as provided in section five of
 this  act. By no later than September 30, of any year while such loan is
 outstanding, the budget director shall notify the mayor, the city  coun-
 cil,  the  state  comptroller,  the chair of the assembly ways and means
 committee, and the chair of the senate finance  committee,  of  (a)  any
 offset  payment  deemed  made  by or on behalf of the city in accordance
 with section seven of this act,  and  (b)  the  principal  and  interest
 repayment  schedule reflecting the remaining amounts owed by the city to
 the state, for each state fiscal year, starting with  the  state  fiscal
 year that begins April 1, 2026.
   §  7. City state aid withholding. For so long as the loan shall remain
 outstanding, the budget director may direct any department,  agency,  or
 instrumentality thereof, to reduce the amount of any payment or payments
 owed in a fiscal year to the city of Dunkirk, or any department, agency,
 or  instrumentality thereof; provided however, that such reduction shall
 be in an amount no greater than the amount due  for  such  year  as  set
 forth in the loan repayment schedule. The budget director shall effectu-
 ate such reduction through a budget certification and authorization sent
 to  the  office  of the state comptroller. To the extent the city or any
 department, agency, or instrumentality thereof is entitled to  any  cash
 disbursement  authorized by any appropriation, such entitlement shall be
 reduced commensurate with the reductions determined pursuant to sections
 four and five of this act.
   § 8. Early termination and payoff of the loan.  The  state  shall  not
 require  the  early  termination  of  the  loan or the prepayment of any
 amounts set forth in the loan repayment schedule. The mayor, with  sepa-
 rate  concurrence  from a majority of the city council, may at any time,
 upon fifteen days' notice to the budget director, the state comptroller,
 the chair of the assembly ways and means committee, and the chair of the
 senate finance committee, prepay the loan in whole or in part, and if in
 whole, subject to the written confirmation of the budget director of the
 calculated amount of principal and interest owed by the city as  of  the
 proposed date of loan repayment.
   §  9.  Miscellaneous  provisions.  (a)  This  loan shall be treated as
 indebtedness of the city with respect to  article  eight  of  the  state
 constitution,  and, provided further, the amount of the annual principal
 and interest of such loan necessary to be raised from a tax on city real
 estate, in order to equally compensate  and  replenish  the  city's  all
 funds  budget  for  the annual withholding of state payments to the city
 pursuant to section seven of this act, shall be excluded  from  the  tax
 limit  imposed  by  section  ten  of article eight of the New York state
 constitution.
   (b) For so long as the state loan shall remain outstanding,  the  city
 shall  comply  with the requirements of sections seven, eight, nine, and
 ten of the "Dunkirk fiscal recovery act", whether  or  not  any  deficit
 bonds  or deficit notes as authorized within such act shall be outstand-
 ing.
   (c) Notwithstanding section four of the Dunkirk fiscal  recovery  act,
 or  any  other law to the contrary, the period of probable usefulness of
 the first issuance of deficit bonds or deficit notes  pursuant  to  such
 act shall be computed from the effective date of this act.
   (d)  On  or before July 9 of each state fiscal year for which the loan
 is still outstanding, beginning with state fiscal year 2026,  the  mayor
 shall  attest and provide notice of such attestation to the state direc-
 S. 8413                             4
 
 tor of the budget, the state comptroller, the chair of the assembly ways
 and means committee, and the chair of the senate finance committee, that
 either: (i) the city, after a good faith  effort,  has  been  unable  to
 issue  deficit  notes  or  deficit  bonds pursuant to the Dunkirk fiscal
 recovery act, in order to prepay in whole  or  in  part  the  loan  made
 pursuant to this act, or (ii) the city has issued deficit notes or defi-
 cit  bonds  and is able to use such proceeds to prepay in whole the loan
 made pursuant to this act.
   § 10. This act shall take effect on the same  date  and  in  the  same
 manner as part B of this chapter, takes effect.
 
                                  PART B

   Section  1.  The sum of up to thirteen million, seven hundred thousand
 dollars ($13,700,000), or so much thereof as may be necessary, is hereby
 appropriated from any moneys in the state treasury in the  general  fund
 for  payment  to  the  city  of  Dunkirk solely to refinance its revenue
 anticipation note with a final maturity and due date of July  24,  2025.
 No  payment  shall  be  made  from this appropriation without a written,
 signed attestation by the mayor of the city of  Dunkirk  sent  electron-
 ically  to  the budget director, the state comptroller, the chair of the
 assembly ways and means committee, and the chair of the  senate  finance
 committee  by  no  later  than  July  9,  2025, stating that the city of
 Dunkirk has made good faith efforts, to date, to secure the full  amount
 of  principal  and  interest due on the city of Dunkirk's revenue antic-
 ipation note due on July 24, 2025 through and including any  combination
 of  city cash on hand, issuances of new city revenue or tax anticipation
 notes, or issuances of new deficit bonds or  deficit  bond  anticipation
 notes,  yet  the city is unable to secure enough funding to pay the full
 amount of principal and interest owed, and is in  need  of  a  specified
 dollar amount of the full principal and interest amount due to be loaned
 from  the state on behalf of the city of Dunkirk by means of this appro-
 priation.  Such attestation and request shall also include, on behalf of
 the city of Dunkirk, a pledge that the repayment of such loan  shall  be
 met with the full faith and credit of the city of Dunkirk. If the amount
 of  the  state  loan so requested by the mayor of the city of Dunkirk is
 less than the total principal and interest owed on  the  revenue  antic-
 ipation  note,  the  mayor shall further attest and certify, within such
 communication to the state no later than July 9, 2025, that the city  of
 Dunkirk  has  secured and shall cause to be deposited no later than July
 24, 2025, sufficient funds that, together with the requested state  loan
 amount  paid to the city of Dunkirk, shall completely pay off and settle
 the principal and interest of the note so  due,  thus  avoiding  a  city
 default  of  non-payment.  Such  funds shall be payable on the audit and
 warrant of the state comptroller on vouchers certified  or  approved  in
 the manner provided by law.
   §  2.  This  act shall take effect upon receipt of the written, signed
 attestation submitted by the mayor of the city of  Dunkirk  required  by
 section  one  of this act; provided, however, that the state director of
 the budget, state comptroller, chair of  the  assembly  ways  and  means
 committee,  and  chair  of the senate finance committee shall notify the
 legislative bill drafting  commission  upon  receipt  of  such  written,
 signed attestation in order that the commission may maintain an accurate
 and  timely  effective data base of the official text of the laws of the
 state of New York in  furtherance  of  effectuating  the  provisions  of
 S. 8413                             5
 
 section  44  of the legislative law and section 70-b of the public offi-
 cers law.
   § 2. 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 declared to be the intent of
 the  legislature  that  this  act  would  have been enacted even if such
 invalid provisions had not been included herein.
   § 3. This act shall take effect immediately; provided,  however,  that
 the  applicable effective date of Parts A through B of this act shall be
 as specifically set forth in the last section of such Parts.

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