NY A10131

City of Lockport authorized to issue serial bonds up to $5,350,000 on or before December 31, 2014 to liquidate deficits in the general fund, water fund, refuse fund, and sewer fund for fiscal years 2011-2013.

State comptroller must review and determine the amount of deficits before bonds are issued, with the city submitting detailed reports at least thirty days prior to issuance.

Bonds are general obligations of the city with a ten-year period of probable usefulness, and the city must make annual appropriations to pay principal and interest.

City must submit quarterly budget reports, quarterly trial balances, three-year financial plans, and tentative budgets to the state comptroller and legislative committees while debt is outstanding.

City may arrange private sales of bonds with state comptroller approval and may issue bond anticipation notes in advance of bond sales, subject to redemption if notes exceed amounts determined by the comptroller.