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NY A09823
Bill
Status
5/23/2014
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
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Amends the Local Finance Law to allow the Financial Restructuring Board for Local Governments to reimburse counties, cities (excluding those with population over 1 million), towns, and villages for costs of external financial advisors for multi-year financial planning
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Eligible municipalities must have elected to engage in multi-year planning with an external financial advisor and be identified as experiencing fiscal stress to qualify for reimbursement
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Reimbursement funding comes from monies appropriated to the Financial Restructuring Board for grants and loans, and does not require a prior determination of fiscal eligibility
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Board may propose fiscal accountability measures including multi-year financial planning as part of comprehensive municipal reviews, with awards capped at $5 million per municipality and loans limited to 10-year terms
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Takes effect immediately upon enactment
Legislative Description
Assists certain municipalities in adopting multi-year financial planning; and provides for the payment of such planning from monies appropriated to the financial restructuring board for local governments.
Last Action
substituted by s7352
6/17/2014