S T A T E   O F   N E W   Y O R K
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                                 6822--B
                                                        Cal. No. 379

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              April 6, 2015
                               ___________

Introduced by M. of A. JAFFEE -- read once and referred to the Committee
  on  Ways  and  Means  --  committee  discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee  --  passed  by
  Assembly  and  delivered to the Senate, recalled from the Senate, vote
  reconsidered, bill amended, ordered reprinted, retaining its place  on
  the order of third reading

AN ACT in relation to enacting the "village of Suffern deficit financing
  act"

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "village of Suffern deficit financing act".
  S 2. Bonds. The village of Suffern is hereby authorized to issue seri-
al  bonds,  subject  to  the  provisions  of  section 10.10 of the local
finance law, on or before March 31,  2016,  in  an  aggregate  principal
amount  not to exceed five million dollars ($5,000,000) for the specific
object or purpose of liquidating the accumulated deficits of the general
fund, water fund, sewer fund and capital projects fund  as  of  May  31,
2015, including the remaining principal amount of any budget, deficiency
and/or  revenue anticipation notes outstanding at the time of said issu-
ance of said serial bonds or notes authorized pursuant to this  act.  In
anticipation  of the issuance and sale of such serial bonds, bond antic-
ipation notes are hereby authorized to be issued.
  S 3. The village shall be subject to the provisions of  section  10.10
of  the  local finance law except that, notwithstanding any inconsistent
provision in paragraph d of section 10.10 of the local finance law,  the
village  board of trustees shall make adjustments to the proposed budget
consistent with any recommendations made by the state comptroller.
  S 4. (a) For each fiscal year occurring during the time  bonds  and/or
bond anticipation notes issued pursuant to this act are outstanding, the
mayor  of  the  village  of  Suffern shall prepare a quarterly report of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD09955-07-5

A. 6822--B                          2

summarized budget data depicting overall trends of actual  revenues  and
budget  expenditures  for  the entire budget rather than individual line
items. Such budgetary reports shall compare revenue estimates and appro-
priations  as  set  forth  in  such  budget with the actual revenues and
expenditures made to date. All such quarterly budgetary reports shall be
accompanied by recommendations of the mayor setting forth  any  remedial
action necessary or desirable to resolve any unfavorable budget variance
including  the  over-estimation  of revenues and the under-estimation of
expenditures. Each such quarterly budgetary report  shall  be  completed
within  thirty days after the end of each quarter and shall be submitted
to each member of the village board  of  the  village  of  Suffern,  the
director  of  the division of the budget, the state comptroller, and the
chairs of the senate finance committee and the assembly ways  and  means
committee.
  (b)  For  each fiscal year occurring during the time bonds and/or bond
anticipation notes issued pursuant to  this  act  are  outstanding,  the
mayor  of  the  village  of Suffern shall also prepare a quarterly trial
balance of general and special fund ledger accounts. Each such quarterly
trial balance shall be prepared in accordance  with  generally  accepted
accounting  principles.  Each  such  quarterly  trial  balance  shall be
completed within thirty days after the end of each quarterly period  and
shall  be  submitted to each member of the common council of the village
of Suffern, the director of the division of the budget, the state  comp-
troller, and the chairs of the senate finance committee and the assembly
ways and means committee.
  (c)  Within  ninety  days of the issuance of any debt pursuant to this
act and for each fiscal year thereafter during which such  debt  or  any
debt  incurred  to  refund  such  debt  is outstanding, the mayor of the
village of Suffern or other officer  or  officers  responsible  for  the
preparation  of  the  tentative budget of the village of Suffern, within
thirty days after the final adoption of the budget for the next succeed-
ing fiscal year, shall prepare a three-year financial plan covering  the
next  succeeding  fiscal  year  and the two fiscal years thereafter. The
financial plan shall, at minimum, contain the information required to be
provided in a three-year financial plan as prescribed by subdivision  10
of  section  54  of  the state finance law. Copies of the financial plan
shall be provided to the mayor and chief fiscal officers of the  village
of Suffern, the director of the budget, the state comptroller, the chair
of  the  assembly  ways  and means committee and the chair of the senate
finance committee. This financial plan requirement shall  not  apply  to
the  extent  the village of Suffern is subject to a different multi-year
financial plan requirement under state law.
  (d) For each fiscal year occurring during the time bonds  and/or  bond
anticipation  notes  issued  pursuant  to  this act are outstanding, the
mayor or chief fiscal officer of the village of Suffern shall notify the
state comptroller at least fifteen days prior to  the  issuance  of  any
bonds  or  notes  or entering into any installment purchase contract and
the state comptroller may review and make recommendations regarding  the
affordability to the village of Suffern of any such proposed issuance or
contract.  The  state  comptroller  may  require  the  submission by the
village of Suffern of such information as the  state  comptroller  shall
deem necessary to complete his or her review.
  S  5. Severability clause. If any clause, sentence, paragraph, section
or part of this act shall be adjudged by any court of  competent  juris-
diction to be invalid, such judgment shall not affect, impair or invali-
date  the  remainder  thereof, but shall be confined in its operation to

A. 6822--B                          3

the clause, sentence, paragraph, section or part involved in the contro-
versy in which such judgment shall have been rendered. The provisions of
this act shall be liberally construed to assist the effectuation of  the
public purposes furthered hereby.
  S 6. This act shall take effect immediately.