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History
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Full text
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Sponsor's memo
BILL NUMBER:S5843
Title of bill
An act to amend the public authorities law and the tax law, in relation to Nassau and Suffolk counties financing assistance
Summary of provisions
This bill would authorize the Dormitory Authority to provide financing assistance to the counties of Nassau and Suffolk, with a maximum of $500 million to each county by December 31, 2016, with such bonds maturing in 30 years and paid for by county revenues. Such a request for financing could be made directly by the county.
Justification
This bill simply provides authorization to the Dormitory Authority to issue bonds in order to provide financial assistance to the counties of Suffolk and Nassau. Many municipalities are struggling to provide and maintain services for their residents in the current financial climate and this bill would allow financial assistance to flow if deemed feasible.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the sixtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.