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History
- Referred to rules
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.
Enacts the "Rockland county financing act" to authorize the county of Rockland to issue bonds
In Senate Committee · Rules · Sponsor Ellen C. Jaffee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7736
Title of bill
An act authorizing the county of Rockland to issue bonds; and providing for the repeal of such provisions upon expiration thereof
Purpose or general idea of bill
The purpose of this bill is to authorize the county of Rockland (the "County") to issue up to $80 million of bonds to liquidate the projected accumulated deficit in its general fund for the fiscal year ending December 31, 2010, December 31, 2011 and December 31, 2012.
Summary of specific provisions
The County is authorized to issue bonds on or before December 31, 2013 in an aggregate principal amount not to exceed $80,000,000 for the specific object or purpose of liquidating the projected accumulated deficit in the general fund of such county for the fiscal year ending December 31, 2010, December 31, 2011 and December 31, 2012. In anticipation of the issuance of the bonds authorized to be issued by this act, the issuance and sale of bond anticipation notes are authorized.
For each fiscal year during the time bonds and/or notes issued pursuant to this act are outstanding, the County Executive shall submit the proposed budget to the State Comptroller thirty days prior to the scheduled county legislature's vote on the adoption of the final budget. The State Comptroller shall examine the proposed budget, recommendations and the county shall make adjustments to the proposed budget consistent with any recommendations.
Justification
The County needs state legislative approval to finance the projected accumulated $80 million deficit over a ten year period. The County increased property taxes by 30% in the County's adopted 2012 budget, is currently negotiating with its public employee collective bargaining units to control personnel costs, and is otherwise evaluating its policy options to address significant increases in the costs of state retirement fund contributions and unfunded state mandated service costs during this very difficult economic environment for all local governments. The County is also evaluating the operations and possible disposition of its nursing home which requires significant annual operating subsidies. By local law, the County has imposed a multi-year financial planning requirement to facilitate understanding of revenue and expenditure trends and support fiscal management over a multi-year time horizon.
Prior legislative history
None
Fiscal implications
None
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.