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- Referred to finance
Companion bill
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Authorizes temporary loans from the rainy day fund to the Hudson River-Black River Regulating District
In Assembly Committee · Ways And Means · Sponsor Marc Butler
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7295
Title of bill
An act to authorize temporary loans from the rainy day fund to the Hudson River-Black River Regulating District
Purpose
To authorize a temporary loan of state moneys to enable the Hudson River-Black River Regulating District -- a state-created entity -- to pay real property taxes it owes within the Hudson River area.
Summary of provisions
This bill provides that moneys in New York State's Rainy Day Reserve Fund may be temporarily loaned to the Hudson River-Black River Regulating District to enable the District to pay any real property taxes it owes which are due in calendar year 2012. Moneys shall be repaid to the Reserve Fund within three months of the receipt of past due assessments.
Justification
This legislation will enable the Hudson River-Black River Regulating District to pay the real property taxes it currently owes to several schools and municipalities located around the Great Sacandaga Lake and its watershed.
A federal court decision in 2009 resulted in the disruption of the revenue stream supporting the operations of the Hudson River-Black River Regulating District in the Hudson River Area. Since that time, the District has not been able to pay the property taxes it owes to local school districts and municipalities. This situation has stretched on and is placing a severe strain on local schools and counties.
It is unfair to place the burden for this situation on the affected school districts and localities. The Regulating District is a New York State public benefit corporation which was established under the State law that authorizes the creation of river regulating districts. It operates under the provisions of the Environmental Conservation Law, and its board of directors is appointed by the Governor. Because it is a State entity, the State should step in to alleviate this problem.
Furthermore, the State is in a much better position than these small schools and localities to bear this temporary burden.
The Rainy Day Reserve Fund was created to provide a financial cushion to address economic downturns or catastrophic events, State law also allows moneys within the Reserve Fund to be temporarily loaned to the General Fund.
This bill would allow a similar temporary loan, in recognition of the unique legal circumstances which created this problem and the significant burden this is imposing on local school districts and localities.
Fiscal implications
This bill should have only a minor fiscal impact on the State, as the funds are only being temporarily loaned to the Regulating District.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.