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History
- Substituted by A5551
- Ordered to third reading cal.1389
- 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.
Provides temporary alternative methods of financing storm relief expenses
Signed by Governor · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4729
Title of bill
An act to amend the local finance law, in relation to temporary alternative methods of financing storm relief expenses
Purpose
This legislation would provide municipalities, school districts and fire districts with additional flexibility to borrow for certain extraordinary expenses incurred as a result of the storm commonly known as Sandy.
Summary of provisions
Section one of the bill would amend section 26.10 of the Local Finance Law, relating to temporary alternative methods of financing flood relief expenses, to apply to "extraordinary expenses of storm relief" necessitated by Sandy. In addition to adapting section 26.10 to apply to Sandy, bill section one would also expand the coverage of that section to include "district corporations" (e.g., fire districts), and eliminate from section 26.10 certain obsolete provisions and provisions which distinguish between local governments on the basis of when their fiscal years commence.
Section two of the bill would provide an immediate effective date.
Legislative history
This is a new proposal, but similar legislation has been enacted several times in the past (see, e.g. chapter 157 of the laws of 2006), and last year similar legislation was vetoed primarily because the State assumed the entire local share of flood response and recovery expenses associated with Hurricane Irene and Tropical Storm Lee (see 2011 Veto Message No. 151).
Justification
The storm commonly known as Sandy was by most estimates as one of the most destructive and deadly storms to hit the United States since 1980. Sandy caused widespread destruction massive flooding and prolonged power outages. Many local governments throughout the State were severely affected by the flooding and the extraordinary costs of repairing the damage are considerable. The bill will help local governments manage the costs of repairing the damage by providing additional financing options.
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.