NY S06478

Updates the local finance law to apply temporary flood relief financing provisions to municipalities and school districts with fiscal years commencing in 2011, replacing previous language referencing fiscal year 2005

Defines "extraordinary expenses of flood relief" as expenses incurred before July 1, 2012 for flood relief projects resulting from flooding that occurred during 2011, in excess of normal or budgeted amounts

Permits finance boards to issue serial bonds on or before December 31, 2012 to pay for flood relief expenses, reimburse funds that advanced money for such expenses, or replenish depleted accounts, with a five-year period of probable usefulness

Extends the final maturity date for serial bonds issued under this authority to December 31, 2017, allowing municipalities and school districts up to seven years to repay the debt

Allows extraordinary flood relief expenses to include interest payments on revenue anticipation notes issued in anticipation of state or federal disaster relief funding