Assembly Bill A5550

Signed By Governor
2013-2014 Legislative Session

Authorizes the expenditure and temporary transfer of reserve funds for expenses related to the storm commonly known as Sandy

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Sponsored By

Archive: Last Bill Status - Signed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A5550 (ACTIVE) - Details

See Senate Version of this Bill:
S4726
Law Section:
Municipalities

2013-A5550 (ACTIVE) - Summary

Authorizes the expenditure and temporary transfer of reserve funds for the expenses related to the storm commonly known as Sandy; authorizes such transfers for both capital costs and operating costs; provides a timetable for reimbursement of funds transferred for operating costs.

2013-A5550 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5550

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 28, 2013
                               ___________

Introduced  by  M. of A. MAGNARELLI, LAVINE, ROBERTS, ROBINSON, LUPARDO,
  RIVERA, ZEBROWSKI, JAFFEE, SKARTADOS, WEISENBERG, OTIS, THIELE, SKOUF-
  IS, COOK -- Multi-Sponsored by -- M. of A. BRENNAN, GLICK,  GOLDFEDER,
  GOTTFRIED,  MAGEE, McDONALD, SWEENEY -- (at request of the State Comp-
  troller) -- read once and referred to the Committee on  Local  Govern-
  ments

AN  ACT  authorizing  the  expenditure and temporary transfer of reserve
  funds for expenses related to the storm commonly known as Sandy

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

  Section  1. Notwithstanding any provision of section 6-c or 6-g of the
general municipal law or section  3651  of  the  education  law  to  the
contrary,  the  governing  board of a town, village, county, city, water
improvement district,  sewer  improvement  district,  fire  district  or
school  district, by resolution which shall not be subject to referendum
requirements, may authorize expenditures from capital reserve funds  for
capital costs attributable to the storm commonly known as Sandy.
  S  2.  Notwithstanding any provision of the general municipal law, the
town law or the education law to the contrary, the governing board of  a
town,  village, county, city, water improvement district, sewer improve-
ment district, fire district or school  district,  by  resolution  which
shall  not  be subject to referendum requirements, if any, may authorize
the temporary transfer of moneys from reserve funds to pay for operating
costs attributable to the storm commonly known as Sandy, provided,  that
the reserve fund from which the funds were temporarily transferred shall
be reimbursed from the fund to which the transfer was made over a period
of  not  more  than  five  fiscal  years,  starting with the fiscal year
following the transfer.  At least twenty percent of the moneys temporar-
ily transferred shall be reimbursed each fiscal year.   Such  reimburse-
ment  shall  include an additional amount reasonably estimated to be the
amount that would have been earned on the investment of the  transferred
moneys had they been retained in the capital reserve fund.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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