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History
- Substituted by A10261
- Ordered to third reading cal.1504
- Committee discharged and committed to rules
- 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 village of Lynbrook, in the county of Nassau, to finance employee separation costs over a period of 10 years
Signed by Governor · Sponsor Brian F. Curran
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7435
Title of bill
An act to amend the local finance law, in relation to authorizing the village of Lynbrook, in the county of Nassau, to amortize the cost of payments to certain employees upon separation of service from such village
Purpose
This bill authorizes the Village of Lynbrook, in the County of Nassau, to finance employee separation costs over a period of 10 years.
Summary of provisions
Section 11.00 of the local finance law is amended by adding a new subdivision 106 to authorize the village of Lynbrook to issue bonds for severance payments for employees separating from service.
Justification
The Village of Lynbrook has experienced unexpected and unplanned retirements in the Police Department of the Village resulting in a 40% turnover rate. Many of those retiring are senior and high ranking members of the Village Police Department having earned significant amounts of accrued and accumulated but unused and unpaid sick leave, personal leave, holiday leave, vacation time, time allowances granted in lieu of overtime compensation and any other forms of payment for time. A significant financial hardship would be endured by the Village if the separation payments are required to be paid during a period covering only three fiscal years.
This legislation would allow the Village of Lynbrook to spread the impact of the separation payments over several years and enable the Village to replenish the reserves established for such purposes. Further, the Village of Lynbrook is presently negotiating to impose limits on the amount of accrued and accumulated but unused and unpaid sick leave, personal leave, holiday leave, vacation time, time allowances granted in lieu of overtime compensation and any other forms of payment for time that can be earned by members of the Village Police Department. The village of Lynbrook also expects to realize budgetary savings in the future as a result of the reduction in salaries attributable to the retirees and the replacement of such retirees with lower paid employees.
Legislative history
New legislation.
Fiscal implications
None to the State.
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.