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History
- Print number 8141b
- Amend and recommit to local government
- Print number 8141a
- 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 Fishkill to issue serial bonds
In Assembly Committee · Local Governments · Sponsor Joel Miller
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8141B
Title of bill
An act to authorize the town of Fishkill to issue bonds
Purpose
This bill authorizes the town of Fishkill to issue serial bonds, as well as bond anticipation notes in anticipation of the issuance of such seri- al bonds, on or before December 31, 2011 to fund an aggregate deficit not exceeding $6,500,000 accumulates as of the close its fiscal year ending December 31, 2010.
Summary of provisions
Section one authorizes the town to issue serial bonds as well as bond anticipation notes in anticipation of the sale of such serial bonds in accordance with Section 10.10 of the local finance law, subject to a mandatory referendum to be held no later than November 2, 2010.
Section two sets forth an immediate effective date.
Justification
Like many municipalities across the state, the town of Fishkill has experienced a sharp decline in revenues over the last several years. While the town has worked diligently to contain expenditures and limit the burden on taxpayers, the town has not been spared from the effects of revenue decreases.
In light of the current fiscal situation, the town board and its admin- istration are committed to taking all steps necessary to cure the defi- cit. Allowing for the issuance of serial bonds and bond anticipation notes, will enable the town to move toward curing this deficit. Further- more, the town remains focused on ensuring that the proper financial controls and policies are in place to prevent a recurrence of future deficits.
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.