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NY S07285
Bill
Status
7/19/2023
Primary Sponsor
James Skoufis
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AI Summary
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Authorizes Village of Washingtonville in Orange County to issue up to $4,500,000 in serial bonds by November 30, 2024 to eliminate accumulated deficits in the general, water, sewer, and capital projects funds as of May 31, 2023.
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Permits bond anticipation notes to be issued in advance of the serial bond sales and allows Village Board of Trustees to adopt budget adjustments consistent with State Comptroller recommendations.
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Requires the Mayor to submit quarterly budget reports and trial balance statements within 30 days of each quarter-end to Village Board, State Comptroller, and state legislative committees tracking actual revenues and expenditures.
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Mandates preparation of a three-year financial plan within 30 days after annual budget adoption and submission to state officials and legislative chairs for each fiscal year bonds remain outstanding.
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Requires 15-day advance notification to State Comptroller before issuing any bonds, notes, or installment purchase contracts, allowing the Comptroller to review and recommend on affordability.
Legislative Description
Authorizes the village of Washingtonville, Orange county, to issue serial bonds, subject to the provisions of section 10.10 of the local finance law, on or before November 30, 2024, in an aggregate principal amount not to exceed $4,500,000 for the specific object or purpose of liquidating the accumulated deficits of the general fund, water fund, sewer fund and capital projects fund.
Last Action
SIGNED CHAP.206
7/19/2023