] is old law to be omitted. LBD11571-02-3S. 7285--A 2 1 accompanied by recommendations of the mayor setting forth any remedial 2 action necessary or desirable to resolve any unfavorable budget variance 3 including the over-estimation of revenues and the under-estimation of 4 expenditures. Each such quarterly budgetary report shall be completed 5 within 30 days after the end of each quarter and shall be submitted to 6 each member of the village board of the village of Washingtonville, the 7 director of the division of the budget, the state comptroller, and the 8 chairs of the senate finance committee and the assembly ways and means 9 committee. 10 (b) For each fiscal year occurring during the time bonds and/or bond 11 anticipation notes issued pursuant to this act are outstanding, the 12 mayor of the village of Washingtonville shall also prepare a quarterly 13 trial balance of general and special fund ledger accounts. Each such 14 quarterly trial balance shall be prepared in accordance with generally 15 accepted accounting principles. Each such quarterly trial balance shall 16 be completed within 30 days after the end of each quarterly period and 17 shall be submitted to each member of the village board of the village of 18 Washingtonville, the director of the division of the budget, the state 19 comptroller, and the chairs of the senate finance committee and the 20 assembly ways and means committee. 21 (c) Within 90 days of the issuance of any debt pursuant to this act 22 and for each fiscal year thereafter during which such debt or any debt 23 incurred to refund such debt is outstanding, the mayor of the village of 24 Washingtonville or other officer or officers responsible for the prepa- 25 ration of the tentative budget of the village of Washingtonville, within 26 30 days after the final adoption of the budget for the next succeeding 27 fiscal year, shall prepare a three-year financial plan covering the next 28 succeeding fiscal year and the two fiscal years thereafter. The finan- 29 cial plan shall, at minimum, contain the information required to be 30 provided in a three-year financial plan as prescribed by subdivision 10 31 of section 54 of the state finance law. Copies of the financial plan 32 shall be provided to the mayor and chief fiscal officers of the village 33 of Washingtonville, the director of the budget, the state comptroller, 34 the chair of the assembly ways and means committee and the chair of the 35 senate finance committee. This financial plan requirement shall not 36 apply to the extent the village of Washingtonville is subject to a 37 different multi-year financial plan requirement under state law. 38 (d) For each fiscal year occurring during the time bonds and/or bond 39 anticipation notes issued pursuant to this act are outstanding, the 40 mayor or chief fiscal officer of the village of Washingtonville shall 41 notify the state comptroller at least 15 days prior to the issuance of 42 any bonds or notes or entering into any installment purchase contract 43 and the state comptroller may review and make recommendations regarding 44 the affordability to the village of Washingtonville of any such proposed 45 issuance or contract. The state comptroller may require the submission 46 by the village of Washingtonville of such information as the state comp- 47 troller shall deem necessary to complete his or her review. 48 § 5. Severability clause. If any clause, sentence, paragraph, section 49 or part of this act shall be adjudged by any court of competent juris- 50 diction to be invalid, such judgment shall not affect, impair or invali- 51 date the remainder thereof, but shall be confined in its operation to 52 the clause, sentence, paragraph, section or part involved in the contro- 53 versy in which such judgment shall have been rendered. The provisions of 54 this act shall be liberally construed to assist the effectuation of the 55 public purposes furthered hereby. 56 § 6. This act shall take effect immediately.