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Senator · Senate District 42
History
- Substituted by A9211
- Ordered to third reading cal.1306
- Reported and committed to rules
- Reported and committed to finance
- 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.
Relates to temporary alternative methods of financing flood relief expenses
Vetoed · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6478
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 would provide municipalities and school districts with authority to issue serial bonds to finance certain extraordinary expenses of flood relief incurred as a result of flooding in 2011, and would also provide them with additional flexibility in connection with the issuance of budget notes to finance such expenses.
Summary of provisions
Section one of the bill would update the defi- nition of "extraordinary expenses of flood relief' in paragraph a of section 26.10 of the Local Finance Law to apply to certain expenses incurred before July 1, 2012, for public flood relief projects undertak- en as a result of flooding which occurred during 2011.
Section two of the bill would amend paragraph b of section 26.10 to enable municipalities and school districts to finance "extraordinary expenses of flood relief' through the issuance of serial bonds to be repaid over no more than 5 years
Section three of this bill states that this act would take effect imme- diately.
Prior legislative history
New bill, but similar legislation has been enacted several times in the past (see, e.g. L 2006 ch 157).
Justification
Hurricane Irene wound up by most estimates as one of the ten most destructive and deadly hurricanes to hit the United States since 1980. Although it was downgraded to a tropical storm by the time it reached New York, Irene nonetheless caused widespread destruction and some of the worst flooding in recent years. Tropical Storm Irene was quickly followed by Tropical Storm Lee which caused additional devas- tation. Many municipalities and school districts throughout the State were severely affected by the flooding and the extraordinary costs of repairing the damage are considerable. The bill will help local govern- ments manage the costs of repairing the damage by providing additional financing options.
Fiscal implications
None to the State.
Effective date
The bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.