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History
- Print number 7426a
- Amend 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.
Authorizes the city of Long Beach to issue up to $15,000,000 in bonds to cover current deficits
In Senate Committee · Rules · Sponsor Harvey Weisenberg
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7426A
Title of bill
An act authorizing the city of Long Beach to issue bonds
Purpose
This bill authorizes the City of Long Beach to issue up to fifteen million dollars ($15,000,000) in bonds to cover current deficits.
Summary of provisions
Subject to section 10.10 of the Local Finance Law, the City of Long Beach is authorized to issue serial bonds, on or before June 30, 2013, in the aggregate principal amount not to exceed fifteen million dollars ($15,000,000) for the purposes of liquidating current deficits in its general fund and highway fund as of June 30, 2012.
Justification
As of June 30, 2012 the City of Long Beach (the City) is facing a $15 million deficit. This legislation would allow the City to issue bonds, subject to the provisions of section 10.10 of the Local Finance Law, on or before June 30, 2013 in the amount not to exceed $15 million. In anticipation of the issuance and sale of bonds, bond anticipation notes will be authorized to be issued.
Legislative history
New legislation.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.