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NY A10261
Bill
Status
7/18/2012
Primary Sponsor
Brian Curran
Click for details
AI Summary
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Amends Local Finance Law section 11.00 to add new subdivision 106 authorizing the Village of Lynbrook in Nassau County to amortize separation payments to employees over 10 years
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Applies to payments made on or after April 1, 2011, including cash separation incentives and monetary value of unused sick leave, personal leave, holiday leave, vacation time, and overtime compensation alternatives
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Allows the Village of Lynbrook to spread the cost of these employee separation payments across a 10-year amortization period rather than paying them in a single fiscal year
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Takes effect immediately upon enactment
Legislative Description
Authorizes the village of Lynbrook, in the county of Nassau, to finance employee separation costs over a period of 10 years.
Last Action
signed chap.170
7/18/2012