•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

A00047 Summary:

BILL NOA00047
 
SAME ASSAME AS S00692
 
SPONSORGray
 
COSPNSR
 
MLTSPNSR
 
 
Authorizes 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.
Go to top

A00047 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A47
 
SPONSOR: Gray
  TITLE OF BILL: 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   PURPOSE: Allows the Town of Massena to issue bonds not to exceed $5 million to cover the cost of the pension contributions due by the town for employ- ees of the former Massena Memorial Hospital.   SUMMARY OF PROVISIONS: Section 1 details the amount and provisions related to the bonding authority of the Town of Massena. Section 2 marks the effective date.   JUSTIFICATION: The Town of Massena recently transferred its municipal hospital to St. Lawrence Health Systems with the help of the New York State Department of Health. Unfortunately, there was not sufficient funding to cover all of the outstanding liabilities, including the town's obligations to St. Lawrence County for its workers' compensation insurance and pension liabilities. Though the town used assets and reserves to satisfy the county, the pension liability remains too large for the town to pay from reserves and current revenues. This bill would provide Massena with the ability to bond the liability detailed above and pay the pension system. This would allow the town to pay the bonds over time in an effort to minimize the overall impact on taxpayers.   LEGISLATIVE HISTORY: A10409 of 2021-2022; referred to local governments 2023-2024 - Referred to Local Governments   EFFECTIVE DATE: This act shall take effect immediately
Go to top

A00047 Text:



 
                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 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
Go to top