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NY S07555
Bill
Status
7/18/2012
Primary Sponsor
Jack Martins
Click for details
AI Summary
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Amends the timeframe for governing boards to review state comptroller recommendations on budgets from 15 days after receipt to no later than 5 days prior to budget adoption.
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Adds "deficiency notes" to the list of obligations that municipalities and school districts may issue under Local Finance Law section 20.00.
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Eliminates the June 1, 2012 expiration date for provisions of chapter 386 of the laws of 2010 relating to private sale of bonds, making those provisions permanent.
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Applies budget review requirements to municipalities and school districts authorized to incur debt to finance a deficit through the final fiscal year in which such debt remains outstanding.
Legislative Description
Relates to the time frame in which municipalities and school districts that incur debt can make adjustments to their budget, updating the types of obligations and other technical amendments.
Last Action
SIGNED CHAP.255
7/18/2012