Loading chat...
NY S07028
Bill
Status
6/26/2025
Primary Sponsor
Mark Walczyk
Click for details
AI Summary
-
Authorizes the City of Little Falls (Herkimer County) to issue serial bonds up to $3,400,000 by October 1, 2026, to liquidate deficits in its general, golf, and water funds expected at the close of fiscal year ending December 31, 2025
-
Requires the State Comptroller to review and certify the existence and amounts of deficits before any bonds can be issued, with the city submitting a report detailing causes of deficits at least 30 days prior to bond issuance
-
Establishes a 10-year repayment period for the bonds, which are backed by the full faith and credit of the city with annual appropriations required for principal and interest payments
-
Mandates quarterly budget reports and trial balances from the mayor while bonds are outstanding, comparing actual revenues and expenditures to estimates, with submissions to the common council, state comptroller, and legislative committee chairs
-
Requires preparation of a three-year financial plan within 90 days of debt issuance and annually thereafter, and obligates the city to notify the state comptroller 15 days before any new bond or note issuance for affordability review
Legislative Description
Authorizes the city of Little Falls, in the county of Herkimer, to issue serial bonds in an aggregate principal amount not to exceed three million four hundred thousand dollars for the purpose of liquidating deficits in its general, golf, and water funds; requires that the city of Little Falls prepare quarterly budget reports, quarterly trial balances and a three-year financial plan.
Last Action
SIGNED CHAP.176
6/26/2025