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History
- Referred to local government
- Referred to rules
Full text
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Sponsor's memo
BILL NUMBER:S5870
Title of bill
An act authorizing the county of Nassau to issue bonds
Purpose
This legislation would authorize the county of Nassau to issue bonds in an aggregate principal amount of up to three hundred five million dollars to finance the payment of tax certiorari settlements, judgments, claims, awards or determinations of any kind to which it is a party.
Summary of provisions
Section 1: legislative intent
Section 2: authorizes the county of Nassau to issue bonds in an aggregate principal amount of up to three hundred five million dollars to finance the payment of tax certiorari settlements, judgments, claims, awards or determinations of any kind to which it is a party
Sections 3 and 4: provide the procedure for bond issuance
Section 5: severability clause Section
6: effective date
Justification
Conditions creating fiscal difficulties continue to exist in the county of Nassau as evidenced by the declaration of a control period by the Nassau county interim finance authority. In accordance with statutory authority, the Nassau county interim finance authority approved the county's 2012-2015 multi-year financial plan which provides for borrowings by the county in the amount of three hundred five million dollars ($305,000,000) to finance the payment of property tax refunds to facilitate the county's transition to a structurally-balanced budget. The undertaking of such borrowings is in the public interest of the county and the state.
It is in the public interest and is the policy of this state to assist municipalities such as the county in attempting to provide, without interruption, services essential to their inhabitants while meeting their obligations to the holders of their outstanding securities. The inability of the county to finance the payment of property tax refunds would interrupt the provision of essential services to its inhabitants. Providing the county with borrowing authorization will avoid this undesirable result and will allow the county to continue to fund essential services.
Legislative history
New bill.
Fiscal implications
None to 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.