S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7633--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2023
                                ___________
 
 Introduced  by M. of A. MAHER -- read once and referred to the Committee
   on Local Governments -- committee discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  in relation to enacting the "village of Washingtonville 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 Washingtonville deficit financing act".
   § 2. Bonds. The village of Washingtonville, Orange county,  is  hereby
 authorized  to  issue serial bonds, subject to the provisions of section
 10.10 of the local finance law, on or before November 30,  2024,  in  an
 aggregate  principal  amount  not  to exceed $4,500,000 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,
 2023, 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.
   § 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.
   § 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 Washingtonville shall prepare a quarterly report
 of  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
 appropriations 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
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11571-03-3
 A. 7633--A                          2
 
 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  30  days after the end of each quarter and shall be submitted to
 each member of the village board of the village of Washingtonville,  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 Washingtonville 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 30 days after the end of each quarterly period and
 shall be submitted to each member of the village board of the village of
 Washingtonville, 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.
   (c) Within 90 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
 Washingtonville or other officer or officers responsible for the  prepa-
 ration of the tentative budget of the village of Washingtonville, within
 30  days  after the final adoption of the budget for the next succeeding
 fiscal year, shall prepare a three-year financial plan covering the next
 succeeding fiscal year and the two fiscal years thereafter.  The  finan-
 cial  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  Washingtonville,  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  Washingtonville  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 Washingtonville shall
 notify the state comptroller at least 15 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 Washingtonville of any such proposed
 issuance  or  contract. The state comptroller may require the submission
 by the village of Washingtonville of such information as the state comp-
 troller shall deem necessary to complete his or her review.
   § 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
 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.
   § 6. This act shall take effect immediately.