What's happening
This bill increases the borrowing limit for Fishers Island ferry district bonds from $5 million to $20 million, subject to referendum.
Why it matters
Enabling larger infrastructure projects. By raising the borrowing cap from $5 million to $20 million, the Fishers Island ferry district can now undertake more substantial upgrades or expansions of ferry services, which could improve reliability, capacity, and safety for residents and visitors.
Potential for increased taxpayer liability. A higher borrowing limit increases the district’s ability to take on debt, which could eventually lead to higher property taxes or fees for local residents if the debt needs to be repaid through district funds.
Maintains local voter control. The bill keeps the requirement that any borrowing above the base amount must be approved through a permissive referendum—meaning property owners in the district have the right to demand a vote, or the town board can choose to hold one, ensuring community input on major financial decisions.
Supports long-term sustainability. The expanded borrowing authority could help the ferry district address aging infrastructure, comply with new regulations, or respond to increased demand, supporting the island’s long-term transportation needs and economic health.
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Who cares
Headline styles
Raise Ferry Bond Limit
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Reported referred to rules
- Reported referred to ways and means
- Print number 7750a
- Amend (t) and recommit to local governments
- Referred to local governments
- Referred to local governments
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.
Raise Ferry Bond Limit
In Assembly Committee · Ways And Means · Sponsor Kenneth P. LaValle
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
S. 6278--A A. 7750--A Cal. No. 1185
2017-2018 Regular Sessions
SENATE - ASSEMBLY
May 11, 2017
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- recommitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, passed by Senate and delivered to the Assembly, recalled, vote reconsidered, restored to third reading, amended and ordered reprinted, retaining its place in the order of third reading
IN ASSEMBLY -- Introduced by M. of A. PALUMBO -- read once and referred to the Committee on Local Governments -- recommitted to the Committee on Local Governments in accordance with Assembly Rule 3, sec. 2 -committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend chapter 699 of the laws of 1947, relating to authorizing the creation of Fishers Island ferry district in the town of Southold, Suffolk County, in relation to authorizing an increase in principal of bonds issued for the acquisition, construction, equipment and operation of a public ferry for hire from Fishers Island across waters of Long Island Sound, subject to referendum
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 4 of chapter 699 of the laws of 1947 relating to authorizing the creation of Fishers Island ferry district in the town of Southold, Suffolk County, as amended by chapter 467 of the laws of 1993, is amended to read as follows:
§ 4. The cost of acquisition, construction and equipment of the ferry, including lands and rights or easements in lands, shall be paid from taxes levied for the fiscal year in which such expenditure is made; from surplus funds, or from the proceeds of town obligations to be issued and sold in the manner provided by the local finance law. The town board of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11540-02-8
S. 6278--A 2 A. 7750--A
the town of Southold may borrow the amount needed for such purposes and issue town obligations therefor in an aggregate principal amount not exceeding five hundred thousand dollars. Upon the adoption of a resolution by the town board, subject to a permissive referendum by the owners of taxable real property situate within the ferry district as shown by the latest completed assessment roll of said town, such aggregate principal amount which the town board may borrow and for which obligations may be issued may be increased to any amount up to but not exceeding the sum of [five] twenty million dollars; provided however, the bond resolution authorizing the issuance of such obligations shall be subject to permissive referendum, or such resolution may be submitted to a referendum by the town board on its own motion, in the manner prescribed in article seven of the town law.
§ 2. This act shall take effect immediately and shall apply to fiscal years beginning on and after January 1, 2020.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.