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Sponsors
No co-sponsors yet.
History
- Substituted by A5550
- Ordered to third reading cal.1388
- 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 expenditure and temporary transfer of reserve funds 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:S4726
Title of bill
An act authorizing the expenditure and temporary transfer of reserve funds for expenses related to the storm commonly known as Sandy
Purpose
The bill allows local governments and school districts impacted by the storm commonly known as Sandy to expend and temporarily transfer reserve funds for Sandy-related expenses, notwithstanding certain restrictions contained in sections of the General Municipal Law and Education Law.
Summary of provisions
Section one of the bill would authorize local governments and school districts to expend moneys from capital reserve funds for capital costs attributable to the storm commonly known as Sandy, without the referendum requirements that would otherwise apply. Section two of the bill would authorize local governments and school districts to temporarily transfer moneys from any reserve fund to pay for operating, costs attributable to Sandy. The moneys that are transferred must be reimbursed from the fund into which they were transferred back into the reserve fund over a period of not more than five years. At least twenty percent of the moneys must be reimbursed each year, with interest.
Legislative history
New bill.
Justification
It has been projected that the costs for damages from Storm Sandy could exceed S18 billion for New York State. Infrastructure, including highways, airports, seaports and 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 or covering those costs that ultimately are not reimbursed.
This bill would help provide that flexibility by allowing local governments and school district to expend moneys from their capital reserve, fund without the need to comply with referendum requirements.. The public benefit in facilitating prompt access to these moneys for their intended purposes, in response to the emergency conditions caused by Sandy, justifies this one-time exception to the usual referendum requirements. Similarly, the bill would allow local governments and school districts to readily access capital and other reserve fund moneys to be temporarily advanced to cover operating costs attributable to Sandy, notwithstanding that these reserve fund moneys are statutorily restricted for specified uses. To ensure that the lending reserve fund is made whole so that the moneys advanced ultimately will be used for the originally intended purpose; the local
government or school district must reimburse the reserve fund, with interest, over a period of not more than five years.
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.