What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- Referred to local government
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5744
Title of bill
An act to authorize the city of Salamanca, in the county of Cattaraugus, to renew certain bond anticipation notes
Purpose
The bill authorizes the city of Salamanca to renew certain bond anticipation notes issued in 2006 for a period of not more than 15 years.
Summary of provisions
Section 1 of the bill authorizes the City to continue renewing certain outstanding bond anticipation notes beyond the five year limit.
Section two of the bill provides that it shall take effect immediately.
Justification
This bill will enable the city of Salamanca to continue issuing bond anticipation renewal notes beyond the date fifteen years from the date of original issuance. Section 23.00(b) of the Local Finance Law requires bond anticipation notes to be fully retired or converted into bonds by the date five years from original issuance.
Due to a controversy between the Seneca Nation of Indians and the State of New York the City has not received revenues from the State under the terms of the gaming compact with the Seneca Nation for three years. As a result the City of Salamanca has reduced its workforce, cut services and is facing serious financial difficulty.,
The City has $1,550,000 of bond anticipation notes maturing on September 30, 2011 that were originally issued on October 3, 2006 pursuant to a bond resolution dated May 24, 2006 for the purchase of approximately 202 acres of real property.
Under existing law the City would have to either retire the notes this year (which it does not have the funds to do) or to convert the notes to bonds. Given the stalemate between the State and the Seneca Nation, and the impact this is having on the City, it is impossible to find a lender willing to purchase the bonds at a reasonable rate.
By authorizing the renewal of the notes the City can negotiate with financial institutions a reasonable rate for continued short term financing in the hope that eventually this stalemate will be resolved favorably.
Legislative history
This is a new bill.
Fiscal implications
None.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.