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Sponsors
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History
- Substituted by A8843B
- Advanced to third reading
- 2nd report cal.
- 1st report cal.903
- Print number 6058b
- Amend and recommit to local government
- Print number 6058a
- Amend (t) 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.
Provides for a period of probable usefulness to the payment for a separation incentive program by the town of Southampton
Signed by Governor · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6058B
Title of bill
An act to amend the local finance law, in relation to providing for a period of probable usefulness to the payment for a separation incentive program by the town of Southampton
Purpose
This legislation provides for a period of probable usefulness to the payment for a separation incentive program by the Town of Southampton, county of Suffolk.
Summary of provisions
Paragraph a of section 11.00 of the local finance law is amended by adding a new subdivision 106 allowing the payments by the Town of Southampton, County of Suffolk, for a Town approved employee separation incentive program to be spread over a ten-year period.
Justification
The Town of Southampton is currently seeking to implement many cost saving measures including the consolidation of government services as part of the 2012 Tentative Budget. To best achieve this goal, the Town would like to implement the "2012 Reorganization and Retirement Incentive Program" and issue up to a ten (10) year term bond to amortize the costs incurred by this program.
This legislation is necessary in order to implement the Town of Southampton's "2012 Reorganization and Retirement Incentive Program" thereby allowing the Town to achieve a reduction in work force and realize an ongoing net savings through a plan that will be least disruptive to the employees. It amends the local finance law to provide for a period of probable usefulness to the payment for such a separation incentive program by the Town, to be spread out over a period of up to ten years.
It further allows the Town of Southampton to use the proceeds of obligations issued for the Town approved employee separation incentive program for reimbursement of related expenditures after the Town adopts a resolution approved by at least four Board members declaring the intent to finance such expenditures.
Similar legislation has recently been enacted for the Town of East Hampton in Suffolk County (Chapter 477 of the Laws of 2011) and the town of Stony Point (Chapter 482 of the Laws of 2011). Nassau County has also implemented a separation incentive in the past.
Legislative history
New legislation.
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.