Amends the village of Washingtonville deficit financing act to extend the time frames for the issuance of certain bonds by the village of Washingtonville.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9690A
SPONSOR: Maher TITLE OF BILL:
An act to amend the village of Washingtonville deficit financing act, in
relation to the issuance of certain bonds
PURPOSE:
Extends the dates allowing the Village of Washingtonville in Orange
County to issue serial bonds and extends the date up to which the
Village can use the funds to address accumulated deficits in the general
fund, water fund, sewer fund, and capital projects fund.
SUMMARY OF PROVISIONS:
Section 1. Amends Section 2 of chapter 206 of the laws of 2023, consti-
tuting the Village of Washingtonville deficit financing act.
Section 2. Sets the effective date
JUSTIFICATION:
In 2023, the legislature passed the 'Village of Washingtonville deficit
financing act," which was signed into law on July, 19, 2023. The law
allowed the Village of Washingtonville to issue serial bonds, subject to
the provisions of section 10.10 of the local finance law, on or before
November 30, 2024, in an aggregate principal amount not to exceed
$4,500,000 for the specific object or purpose of liquidating the accumu-
lated deficits of the general fund, water fund, sewer fund and capital
projects fund.
The Village does not believe it will have the outstanding audits
completed in time to issue bonds by November 30, 2024. As such, in early
2024, they have requested legislation to extend the dates to allow them
to issue serial bonds and extend the date up to which the Village can
use the funds to address accumulated deficits in the general fund, water
fund, sewer fund, and capital projects fund.
LEGISLATIVE HISTORY:
New Bill
FISCAL IMPLICATIONS:
None to the State.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
9690--A
IN ASSEMBLY
April 3, 2024
___________
Introduced by M. of A. MAHER -- read once and referred to the Committee
on Local Governments -- again reported from said committee with amend-
ments, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the village of Washingtonville deficit financing act, in
relation to the issuance of certain bonds
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 2 of chapter 206 of the laws of 2023, constituting
2 the village of Washingtonville deficit financing act, is amended to read
3 as follows:
4 § 2. Bonds. The village of Washingtonville, Orange county, is hereby
5 authorized to issue serial bonds, subject to the provisions of section
6 10.10 of the local finance law, on or before [November 30, 2024] June
7 30, 2025, in an aggregate principal amount not to exceed $4,500,000 for
8 the specific object or purpose of liquidating the accumulated deficits
9 of the general fund, water fund, sewer fund and capital projects fund as
10 of [May 31, 2023] February 28, 2023, including the remaining principal
11 amount of any budget, deficiency and/or revenue anticipation notes
12 outstanding at the time of said issuance of said serial bonds or notes
13 authorized pursuant to this act. In anticipation of the issuance and
14 sale of such serial bonds, bond anticipation notes are hereby authorized
15 to be issued.
16 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14730-02-4
