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NY S07874
Bill
Status
Introduced
6/16/2014
Primary Sponsor
George Maziarz
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AI Summary
- Authorizes the city of Lockport 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
- Requires the state comptroller to review and determine the actual deficit amounts before bonds are issued, with a 30-day review period following submission of a detailed deficit report and independent audit
- Establishes a 10-year period of probable usefulness for the debt, making the bonds general obligations backed by the city's full faith and credit with required annual appropriations for principal and interest payments
- Requires the city to submit quarterly budget reports, quarterly trial balance statements, three-year financial plans, and advance notice to the state comptroller before issuing additional debt while these bonds are outstanding
- Allows the city to privately sell bonds and bond anticipation notes subject to state comptroller approval, with reasonable underwriting fees permitted as preliminary costs
Legislative Description
Authorizes the city of Lockport, in the county of Niagara, to finance a certain deficit by the issuance of bonds.
Last Action
SUBSTITUTED BY A10131
6/20/2014
Committee Referrals
Rules6/16/2014
Full Bill Text
No bill text available