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History
- Substituted by S6730
- Advanced to third reading cal.907
- Reported
- Reported referred to ways and means
- Referred to local governments
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes and extends the provisions of the town of East Hampton, county of Suffolk to issue certain serial bonds
Signed by Governor · Sponsor Kenneth P. LaValle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9817
Title of bill
An act to amend chapter 282 of the laws of 2008, relating to authorizing the town of East Hampton, county of Suffolk to issue certain serial bonds, in relation to permitting the issuance of such serial bonds to liquidate a deficit for the year 2009, increasing the aggregate principal amount for such serial bonds for 2007, 2008 and 2009; and extending the provisions thereof
Purpose or general idea of bill
This legislation would authorize and extend the provisions of the Town of East Hampton, County of Suffolk, to issue certain serial bonds.
Summary of specific provisions
Section 1 of Chapter 282 of the Laws of 2008, relating to authorizing the Town of East Hampton, County of Suffolk to issue certain serial bonds, as amended by Chapter 190 of the Laws of 2009, is amended to authorize the Town to issue serial bonds on or before December 31, 2011, in an aggregate principal amount not to exceed $30,000,000 for the specific purpose of liquidating actual general fund deficits for fiscal years ending December 31, 2007, December 31, 2008, and December 31, 2010. It further provides that in anticipation of the issuance and sale of such serial bonds, bond anticipation notes are authorized to be issued.
Justification
The Town of East Hampton has issued debt in the form of Bond Anticipation Notes in the amount of $15,000,000 pursuant to provisions established by Chapter 282 of the Laws of 2008 (extended by Chapter 190 of the Laws of 2009). However, an audit conducted by the State Comptroller's Office identified a number of problems with the Town's 2009 budget which could present a significant shortfall, coupled with other emerging issues that could have a serious negative impact on the Town's general fund deficit. As a result, the Town of East Hampton is currently seeking to authorize an additional $15,000,000 in serial bonds.
This legislation authorizes the Town to issue serial bonds on or before December 31, 2011 in an aggregate principal amount to not to exceed $30,000,000 for the specific object or purpose of liquidating actual deficits in its general fund at the close of the fiscal years endings December 31, 2007, December 31, 2008 and December 31, 2009.
This legislation is necessary to address the worse than anticipated condition of the Town of East Hampton's finances and operating fund deficits. In addition, the Town will be taking a number of significant actions to ensure the events of the last four years do not reoccur.
Prior legislative history
New Legislation, 2010.
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.