NY A09211

Amends Local Finance Law Section 26.10 to update flood relief financing provisions from the 2005 flooding event to cover the 2011 flooding event for municipalities and school districts in New York.

Redefines "extraordinary expenses of flood relief" to include expenses incurred before July 1, 2012 for flood relief projects resulting from flooding occurring during 2011, in excess of normal or budgeted amounts.

Permits municipalities and school districts to issue serial bonds on or before December 31, 2012 to pay for extraordinary flood relief expenses, reimburse funds advanced for such expenses, or replenish depleted accounts.

Sets the period of probable usefulness for flood relief bonds at five years with a maximum final maturity date of December 31, 2017.

Allows interest payments on revenue anticipation notes issued to municipalities and school districts in anticipation of state or federal disaster relief funds to be classified as extraordinary flood relief expenses.