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Assembly Bill A5140

2023-2024 Legislative Session

Authorizes the town of Massena to issue bonds to cover the cost of pension contributions due by the town for employees of the former Massena Memorial Hospital

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Archive: Last Bill Status - In Assembly Committee

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2023-A5140 (ACTIVE) - Details

See Senate Version of this Bill:
S3094
Current Committee:
Assembly Local Governments
Law Section:
Towns
Versions Introduced in Other Legislative Sessions:
2021-2022: A10409, S9104
2025-2026: A47, S692

2023-A5140 (ACTIVE) - Summary

Authorizes the town of Massena to issue bonds to cover the cost of pension contributions due by the town for employees of the former Massena Memorial Hospital.

2023-A5140 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5140
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 2, 2023
                                ___________
 
 Introduced  by  M. of A. GRAY -- read once and referred to the Committee
   on Local Governments
 
 AN ACT to authorize the town of Massena to issue bonds to cover the cost
   of pension contributions due by the town for employees of  the  former
   Massena Memorial Hospital
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. (a) The town of Massena, county of Saint Lawrence, is here-
 by authorized to issue  serial  bonds,  subject  to  the  provisions  of
 section 10.10 of the local finance law, in an aggregate principal amount
 not to exceed five million dollars ($5,000,000), for the specific object
 or  purpose  of  liquidating  actual deficits in its general fund at the
 close of the fiscal year as  certified  by  the  state  comptroller.  In
 anticipation  of the issuance and sale of such serial bonds, bond antic-
 ipation notes are hereby authorized to be issued.
   (b) The specific object or purpose of this issuance is hereby declared
 to be a public purpose which the town is hereby authorized to accomplish
 and the period of probable usefulness thereof is hereby authorized to be
 thirty years.
   (c) Notwithstanding the provisions of any other law, general,  special
 or  local,  the  town  board  is  hereby  authorized to levy a tax to be
 collected in annual installments sufficient to pay the principal of  and
 interest  on  said bonds and bond anticipation notes and to adopt a bond
 resolution authorizing the serial bonds authorized to be issued pursuant
 to this section.
   (d) Amounts provided from the proceeds of obligations issued  pursuant
 to  this  section in excess of the amount of the deficit as confirmed by
 the state comptroller shall be accounted  for  in  the  same  manner  as
 prescribed by the state comptroller pursuant to section 36 of the gener-
 al municipal law.
   ยง 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07232-01-3

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