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Sponsors
No co-sponsors yet.
History
- Substituted by A4836
- Advanced to third reading
- 2nd report cal.
- 1st report cal.487
- 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 bonds for the purpose of recovering from the destruction caused by Hurricane Sandy
Vetoed · Sponsor Harvey Weisenberg
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3716
Title of bill
An act authorizing the city of Long Beach to issue bonds
Purpose
To authorize the city of Long Beach to issue bonds for the purpose of recovering from the destruction cause by Superstorm Sandy.
Summary of provisions
Section 1. The city of Long Beach, in the county of Nassau, is author- ized to issue serial bonds to finance extraordinary expenses incurred as a result of Superstorm Sandy that are not eligible to be reimbursed from state and federal government grants. These bonds will be amortized over a period of ten (10) years.
Section 2. 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 twelve million dollars ($12,000,000) for the purposes of liquidating current deficits in its general fund, sewer fund, water fund and risk management fund as of June 30, 2012.
Justification
The City of Long Beach was one of the most devastated areas affected by Superstorm Sandy. As a result of the storm's destruction, the City of Long Beach has been left with extraordinary expenses for projects which are not eligible to be reimbursed from the state or federal government grants. This bill will allow the City of Long Beach to issue serial bonds for all or part of these expenses incurred.
Additionally, as of June 30, 2012 the City of Long Beach (the City) was facing a $12 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 $12 million. In anticipation of the issuance and sale of bonds, bond antic- ipation notes will be authorized to be issued.
Legislative history
This is 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.