S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7285--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 19, 2023
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   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
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11571-02-3
 S. 7285--A                          2
 
 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 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.