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Who cares
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Sponsors
No co-sponsors yet.
History
- Print number 7568a
- 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 city of Newburgh, in the county of Orange, to issue bonds to finance a deficit for the fiscal year ending December 31, 2010
In Assembly Committee · Cities · Sponsor Frank Skartados
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to authorize the city of Newburgh, in the county of Orange, to finance a certain deficit by the issuance of bonds
Purpose
Authorizes the City of Newburgh, in the county of Orange, to issue bonds to finance a deficit for the fiscal year ending December 31, 2010.
Summary of provisions
Section 1: Authorizes the City of Newburgh to issue serial bonds on or before December 31, 2011 in an aggregate principal amount not to exceed ten million dollars to liquidate the accumulated deficits in the general fund, the special revenue fund and the capital projects fund. The City of Newburgh shall not issue any bonds for the purpose of liquidating the projected deficits unless and until the existence of the deficits and the amounts thereof are reviewed and determined by the State Comptroller.
Section 2: Enacting clause.
Justification
This legislation has been requested by the City of Newburgh to allow them to bond for the deficits in their general fund, special revenue fund and their capital projects fund. Without this legislation, the City of Newburgh will not have the ability to issue ten-year deficit financing bonds. The City is working with the State Comptroller's office to determine the exact figures for each fund before any bonds are issued.
Legislative history
New bill.
Fiscal implications
None.
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.