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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A7745A
- Advanced to third reading
- 2nd report cal.
- 1st report cal.464
- Print number 4825a
- Amend and recommit to local government
- Referred to local government
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 the town of Deerpark to issue serial bonds
Signed by Governor · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend chapter 270 of the laws of 2008 authorizing the town of Deerpark to issue bonds, in relation to extending such authorization
Purpose or general idea of bill
To allow the Town of Deerpark (Orange County) to issue serial bonds on or before June 30, 2010 in the amount of $859,988 to liquidate an accumulated operating deficit.
Summary of specific provisions
Allows for the issuance of serial bonds in the above stated amount by the above stated date in conformance with the provisions of the local finance law (Section 10.10).
Effects of present law which this bill would alter
Current law authorizes the issuance of $868,000 in bonds by the end of June, 2009. This legislation slightly reduces the amount of the necessary bond since it has been determined that the deficit that needs to be liquidated is now $859,988 instead of $868,000. In addition, it gives the Town another year to issue the bonds.
Justification
A new Town Supervisor took office in January, 2008 only to find substantial financial mismanagement by the prior administration. The deficit was created when the former Town Supervisor anticipated funding of $297,500 from FEMA as a result of a flood in April, 2005. The Town spent approximately $333,000 for the project but did not complete it within the established timeframe, resulting in the loss of funding.
Further, the Town's adopted budget for the fiscal year ending December 31, 2008 improperly included approximately $600,000 of non-existent fund balance and $212,999 of over estimated revenues. The current Town Supervisor identified the problem and worked with the Board to reduce the Town's budget by $333,376. Despite these modifications, the Town's General and Highway funds experienced operating losses of $556,129.
By letter to the Town Supervisor of April 13, 2009, Deputy Comptroller Steven J. Hancox verified that the Town may issue bonds in an amount not to exceed $859,988 to funds its General and Highway fund deficit.
The deficit was discovered, verified by the State Comptroller, and as a result these bonds are necessary.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.