What's happening
This bill authorizes the town of Massena to issue up to $5 million in bonds to pay pension contributions for former Massena Memorial Hospital employees.
Why it matters
Spreads the cost of pension obligations over 30 years. By allowing Massena to issue bonds with a 30-year repayment period, the bill eases immediate fiscal pressure but commits the town to long-term debt, affecting future budgets and taxpayers.
Directly addresses deficits related to hospital employee pensions. The bill targets deficits in Massena's general fund specifically linked to the former Massena Memorial Hospital, signaling the town’s ongoing responsibility for obligations tied to now-closed or transferred public institutions.
Enables higher local taxes to cover bond payments. The law authorizes the town board to levy taxes annually as needed to repay the bonds and interest, meaning residents could see increased property taxes or other local levies as a result.
Requires state oversight and transparency. Any bond proceeds exceeding the certified deficit must be handled according to state comptroller guidelines, which adds a layer of fiscal oversight and may help ensure funds are not misused.
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Who cares
Headline styles
Massena Can Borrow For Pensions
Plain English, a few words. Used as the page title.
Sponsors
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History
- 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.
Let Massena Issue Pension Bonds
In Senate Committee · Local Government · Sponsor Dan Stec
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
47
2025-2026 Regular Sessions
IN ASSEMBLY (Prefiled)
January 8, 2025
Introduced by M. of A. GRAY -- read once and referred to the Committee on Local Governments
AN ACT to authorize the town of Massena to issue bonds to cover the cost of pension contributions due by the town for employees of the former Massena Memorial Hospital
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. (a) The town of Massena, county of Saint Lawrence, is hereby authorized to issue serial bonds, subject to the provisions of section 10.10 of the local finance law, in an aggregate principal amount not to exceed five million dollars ($5,000,000), for the specific object or purpose of liquidating actual deficits in its general fund at the close of the fiscal year as certified by the state comptroller. In anticipation of the issuance and sale of such serial bonds, bond anticipation notes are hereby authorized to be issued.
(b) The specific object or purpose of this issuance is hereby declared to be a public purpose which the town is hereby authorized to accomplish and the period of probable usefulness thereof is hereby authorized to be thirty years.
(c) Notwithstanding the provisions of any other law, general, special or local, the town board is hereby authorized to levy a tax to be collected in annual installments sufficient to pay the principal of and interest on said bonds and bond anticipation notes and to adopt a bond resolution authorizing the serial bonds authorized to be issued pursuant to this section.
(d) Amounts provided from the proceeds of obligations issued pursuant to this section in excess of the amount of the deficit as confirmed by the state comptroller shall be accounted for in the same manner as prescribed by the state comptroller pursuant to section 36 of the general municipal law.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00101-01-5
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.