NY A10514

Monroe County is authorized to issue bonds to pre-pay three service contract obligations: an Energy Supply Agreement with Monroe Newpower Corporation (dated December 31, 2012), a Security and Safety Systems Services Agreement with Monroe Security & Safety Systems Local Development Corporation (dated January 10, 2010), and a Master Systems and Service Agreement with Upstate Telecommunications Corporation (dated February 7, 2005)

Financing one service contract obligation constitutes a specific object or purpose of the county, while financing two or more constitutes a class of objects or purposes

The period of probable usefulness for financing these service contract obligations is set at twenty years

Monroe County may sell the bonds at public sale under Title 4 of the local finance law, with underwriting costs deemed incidental expenses; bond anticipation notes may also be issued at public or private sale

The act takes effect immediately upon enactment