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NY S08941
Bill
Status
4/1/2024
Primary Sponsor
George Borrello
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AI Summary
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Authorizes the City of Dunkirk to issue up to $18,500,000 in deficit bonds and notes to liquidate deficits in its general fund, water fund, sewer fund, and capital projects fund by December 31, 2025.
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Requires the State Comptroller to review and certify the existence and amount of deficits before any bonds may be issued, and establishes a 15-year period for repayment of the debt.
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Mandates the City Treasurer to submit quarterly budget reports and trial balances to state officials, and requires the City Fiscal Affairs Officer to prepare three-year financial plans with revenue and expenditure projections.
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Requires the City Fiscal Affairs Officer to submit proposed budgets to the State Comptroller for review and recommendations at least 30 days before city council adoption.
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Establishes a special debt service fund held by the State Comptroller to ensure timely debt service payments, with portions of state aid and city tax revenues deposited into the fund as determined necessary; act automatically repeals 15 years after first bond issuance.
Legislative Description
Enacts the city of Dunkirk fiscal recovery act; authorizes the issuance of deficit bonds and notes not to exceed eighteen million five hundred thousand dollars for the purpose of liquidating actual deficits in its general fund, water fund, and the capital projects fund of such city; requires review of city budgets and financial reports by the state comptroller; repeals provisions after 15 years.
Last Action
REFERRED TO CITIES 2
4/1/2024