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History
- Referred to rules
Companion bill
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Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years
In Assembly Committee · Local Governments · Sponsor J. Gary Pretlow
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8513
Title of bill
An act to authorize the county of Westchester to issue serial bonds to finance certain payments over a period of five years
Purpose or general idea of bill
This bill will allow Westchester County the option to issue bonds to fund the cost of the 2010 Early Retirement Incentive.
Summary of specific provisions
Section 1 of the bill authorizes the county of Westchester to issue serial bonds in an aggregate principal amount to be determined by the Westchester County Board of Legislators, for a period of probable usefulness not to exceed five years which shall apply to the specific object or purpose of payment, by the County of Westchester, of all costs associated with or related to the 2010 Early Retirement Incentive.
Section 2 is the effective date.
Justification
On June 25, 2010, the Westchester County Board of Legislators passed Local Law No. 10 and Local Law 12 of 2010, which authorized Westchester County and Westchester County Community College to opt into the State's retirement incentive program in order to achieve maximum savings for county taxpayers.
However, opting into the State's Early Retirement Incentive requires Westchester County to make payments into the New York State Retirement System. Approximately, 400 employees will have taken the Retirement Incentive and as a result, the payments are significant.
Because the significant payment in a lump sum will negatively impact the current County budget, Westchester County has requested this legislation that will allow for the financing of the payments required by the issu- ance of bonds payable over a period of time.
Fiscal implications
None to the State.
Legislative history
New Bill - 2010
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.