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History
- Signed chap.99
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading cal.379
- Substituted for A6822B
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Amended on third reading 4669b
- Advanced to third reading
Show 5 earlier actions
- 2nd report cal.
- 1st report cal.329
- Print number 4669a
- Amend and recommit to local government
- Referred to local government
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.
Enacts the village of Suffern deficit financing act
Assembly Floor Calendar · Sponsor Ellen C. Jaffee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4669B
Title of bill
An act in relation to enacting the "village of Suffern deficit financing act"
Purpose
To authorize the village of Suffern to issue up to $5 million in bonds to liquidate the projected accumulated deficit in its general fund, water fund, sewer fund and capital projects fund as of May 31, 2015.
Summary of provisions
The village of Suffern is authorized to issue bonds on or before March 31, 2016 in an aggregate principal amount not to exceed $5,000,000 for the specific object or purpose of liquidating the accumulated deficits in its general fund, water fund, sewer fund and capital projects fund as of May 31, 2015. In anticipation of the issuance and sale of such serial bonds, bond anticipations notes are hereby authorized to be issued.
The village shall also be subject to provisions of section 10.10 of the local finance law except that, notwithstanding any inconsistent provision in paragraph d of section 10.10 of the local finance law, the village board of trustees shall make adjustments to the proposed budget consistent with any recommendations made by the comptroller.
The village shall also be subject to submitting quarterly reports of the village to the Director of NYS Division of the Budget, State Comptroller, the Chairs of the Senate Finance Committee and Assembly Ways and Means Committee.
Justification
The Village of Suffern has requested this special legislation. Current State law does not allow the Village to liquidate its deficit. This type of financing has traditionally been authorized by the legislature for individual municipalities. The oversight provisions included in this bill will enable the Village to avoid future fiscal and budgetary problems.
Legislative history
New Bill.
Fiscal implications
None.
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.