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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A5549
- Ordered to third reading cal.1387
- 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.
Authorizes the extension of repayment of inter-fund advances made for expenses related to the storm commonly known as Sandy
Signed by Governor · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4725
Title of bill
An act in relation to authorizing the extension of repayment of inter-fund advances made for expenses related to the storm commonly known as Sandy
Purpose
Permits repayment of inter-fund advances made for Sandy-related expenses by the end of the next succeeding fiscal year or later, rather than the end of the current fiscal year as currently required.
Summary of provisions
The bill provides for an exception to subdivision 3 of Section 9-a of the General Municipal Law.
Legislative history
New bill.
Justification
It has been projected that the costs for damage from Storm Sandy could exceed $18 billion for New York State. Infrastructure, including highways, airports, seaports, sewer and water systems, was severely impacted. While much of the cost ultimately may be covered by insurance or federal assistance, the affected municipalities need additional flexibility in advancing funds for the payment of these costs prior to reimbursement. This bill would help provide that flexibility by extending the maximum time for repayment of an advance made from one fund of a municipal corporation to another fund when the advance is made for costs attributable to Sandy. Currently, GML 9-a(3) requires repayment by the close of the fiscal year in which the advance was made. Under this bill, repayment could be extended until the close of the next succeeding fiscal year.
Fiscal implications
None to the State.
Effective date
The bill would take effect immediately.
Recommendation
The Comptroller urges passage of this legislation.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.