New York Senate Bill S00692 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 692 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sen. STEC -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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 Assem- bly, do enact as follows: 1 Section 1. (a) The town of Massena, county of Saint Lawrence, is here- 2 by authorized to issue serial bonds, subject to the provisions of 3 section 10.10 of the local finance law, in an aggregate principal amount 4 not to exceed five million dollars ($5,000,000), for the specific object 5 or purpose of liquidating actual deficits in its general fund at the 6 close of the fiscal year as certified by the state comptroller. In 7 anticipation of the issuance and sale of such serial bonds, bond antic- 8 ipation notes are hereby authorized to be issued. 9 (b) The specific object or purpose of this issuance is hereby declared 10 to be a public purpose which the town is hereby authorized to accomplish 11 and the period of probable usefulness thereof is hereby authorized to be 12 thirty years. 13 (c) Notwithstanding the provisions of any other law, general, special 14 or local, the town board is hereby authorized to levy a tax to be 15 collected in annual installments sufficient to pay the principal of and 16 interest on said bonds and bond anticipation notes and to adopt a bond 17 resolution authorizing the serial bonds authorized to be issued pursuant 18 to this section. 19 (d) Amounts provided from the proceeds of obligations issued pursuant 20 to this section in excess of the amount of the deficit as confirmed by 21 the state comptroller shall be accounted for in the same manner as 22 prescribed by the state comptroller pursuant to section 36 of the gener- 23 al municipal law. 24 § 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