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S2374Senate2011-2012 SessionSame asA3403

Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years

Sponsor Andrea Stewart-CousinsSD-35+2 co-sponsorsAffects Finance
Status
Signed by Governor
Impact
Pending
Outcome
Signed into law

Bill progress

Signed into law

What's happening

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Who cares

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Sponsors

Primary sponsor
Andrea Stewart-Cousins

Senator · Senate District 35

History

  1. Signed chap.387
  2. Delivered to governor
  3. Returned to senate
  4. Passed assembly
  5. Home rule request
  6. Ordered to third reading rules cal.601
  7. Substituted for A3403
  8. Referred to ways and means
  9. Delivered to assembly
  10. Passed senateVote 62–0
  11. Home rule request
  12. Amend by restoring to original print 2374
Show 6 earlier actions
  1. Advanced to third reading
  2. 2nd report cal.
  3. 1st report cal.235
  4. Print number 2374a
  5. Amend (t) and recommit to local government
  6. 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.

A3403Assembly

Authorizes the county of Westchester to issue serial bonds to finance certain payments over a period of five years

Assembly Floor Calendar · Sponsor J. Gary Pretlow

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S2374

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 issuance of bonds payable over a period of time.

Fiscal implications

None to the State.

Legislative history

2010 - S.8513 (Died - Rules)

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.