New York A 47: 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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A00047 Summary:

BILL NOA00047 

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SAME ASSAME AS S00692

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SPONSORGray

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COSPNSR

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MLTSPNSR

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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.

Go to top A00047 Actions:

BILL NOA00047 

&nbsp

01/08/2025referred to local governments

01/07/2026referred to local governments

Go to topA00047 Committee&nbspVotes:

Go to topA00047 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA00047 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 47

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 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:

 1 Section 1. (a) The town of Massena, county of Saint Lawrence, is here-
 2 by authorized to issue serial bonds, subject to the provisions of
 3 section 10.10 of the local finance law, in an aggregate principal amount
 4 not to exceed five million dollars ($5,000,000), for the specific object
 5 or purpose of liquidating actual deficits in its general fund at the
 6 close of the fiscal year as certified by the state comptroller. In
 7 anticipation of the issuance and sale of such serial bonds, bond antic-
 8 ipation notes are hereby authorized to be issued.
 9 (b) The specific object or purpose of this issuance is hereby declared
 10 to be a public purpose which the town is hereby authorized to accomplish
 11 and the period of probable usefulness thereof is hereby authorized to be
 12 thirty years.
 13 (c) Notwithstanding the provisions of any other law, general, special
 14 or local, the town board is hereby authorized to levy a tax to be
 15 collected in annual installments sufficient to pay the principal of and
 16 interest on said bonds and bond anticipation notes and to adopt a bond
 17 resolution authorizing the serial bonds authorized to be issued pursuant
 18 to this section.
 19 (d) Amounts provided from the proceeds of obligations issued pursuant
 20 to this section in excess of the amount of the deficit as confirmed by
 21 the state comptroller shall be accounted for in the same manner as
 22 prescribed by the state comptroller pursuant to section 36 of the gener-
 23 al municipal law.
 24 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00101-01-5

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