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Sponsors
Senator · Senate District 42
No co-sponsors yet.
History
- 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 municipalities to finance unanticipated flood-relief expenses incurred during the 2011 fiscal year
In Assembly Committee · Local Governments · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6234
Title of bill
An act to amend the local finance law, in relation to temporary alternative methods of financing flood relief expenses
Purpose
This legislation allows municipalities who were subject to extraordinary flood relief expenses to issue serial bonds to provide for the payment of all or part of extraordinary expenses,
Summary of provisions
Sections 1 & 2. Amends paragraph a of section 26,10 of the local finance law, as amended by chapter 157 of the laws of 2006 to enable municipalities to issue serial bonds to be repaid over 5 years, for the extraordinary flood expenses. This bill changes the dates set tenth in 2006 to make the law applicable to the storm and floods which occurred in 2011 and caused damages in cities, towns, villages and school districts.
Section 3. Effective Date.
Justification
Many municipalities throughout New York State were severely impacted by flooding following Hurricane Irene and Tropical Storm Lee in August and September of 2011. The costs of flood relief projects for these municipalities can be great and allowing them to amortize the cost over multiple years through the issuance of serial bonds will help limit the impact to taxpayers in these municipalities.
Legislative history
New Bill.
Fiscal implications
None to State.
Effective date
This act shall take effect immediately and shall be deemed to have been in full force and effect on and after December 1, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.