Enacts the "city of Little Falls deficit financing act" authorizing the city of Little Falls, in the county of Herkimer, to finance certain deficits by the issuance of bonds, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7028--C
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 28, 2025
                                ___________
 
 Introduced  by  Sen. WALCZYK -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   reported  favorably from said committee and committed to the Committee
   on Finance -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said  committee  --  committee  discharged,
   bill  amended,  ordered  reprinted  as amended and recommitted to said
   committee -- committee discharged, bill amended, ordered reprinted  as
   amended and recommitted to said committee
 
 AN ACT in relation to authorizing the city of Little Falls, in the coun-
   ty of Herkimer, to finance certain deficits by the issuance of bonds
 
   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 "city of Little Falls deficit financing act".
   §  2.  The city of Little Falls, county of Herkimer, is hereby author-
 ized to issue serial bonds, subject to the provisions of  section  10.10
 of  the  local finance law, on or before November 30, 2026, in an aggre-
 gate principal amount not to exceed three million four hundred  thousand
 dollars  ($3,400,000)  for the specific object or purpose of liquidating
 deficits in its general, golf, and water funds expected at the close  of
 its  fiscal year ending December 31, 2025, including the remaining prin-
 cipal amount of any  budget,  deficiency,  and/or  revenue  anticipation
 notes  outstanding  at the time of said issuance of said serial bonds or
 notes authorized pursuant to this act. In anticipation of  the  issuance
 and  sale  of  such  serial  bonds,  bond  anticipation notes are hereby
 authorized to be issued.
   § 3. The city of Little Falls shall be subject to  the  provisions  of
 section  10.10 of the local finance law except that, notwithstanding any
 inconsistent provision of paragraph d of  section  10.10  of  the  local
 finance  law, the city council of Little Falls shall make adjustments to

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11156-08-5
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 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 city of Little Falls 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 appro-
 priations  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
 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  thirty days after the end of each quarter and shall be submitted
 to each member of the common council of the city of  Little  Falls,  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 city of Little Falls 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 thirty days after the end of each quarterly period  and
 shall  be  submitted to each member of the common council of the city of
 Little Falls, 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 ninety 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  city
 of  Little Falls or other officer or officers responsible for the prepa-
 ration of the tentative budget of the city of Little Falls, within thir-
 ty 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 officer of the city of
 Little Falls, 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 city of Little Falls 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 city of Little Falls  shall  notify
 the state comptroller at least fifteen 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 city of Little Falls of any such proposed issuance
 or contract. The state comptroller may require  the  submission  by  the
 S. 7028--C                          3
 
 city  of Little Falls of such information as the state comptroller shall
 deem necessary to complete such state comptroller's review.
   § 5. Severability clause. If any clause, sentence, paragraph, subdivi-
 sion,  section  or  part  of  this act shall be adjudged by any court of
 competent jurisdiction to be invalid, such judgment  shall  not  affect,
 impair,  or  invalidate  the remainder thereof, but shall be confined in
 its operation to the clause, sentence, paragraph,  subdivision,  section
 or part thereof directly involved in the controversy in which such judg-
 ment  shall  have been rendered. It is hereby the intent of the legisla-
 ture that this  act  would  have  been  enacted  even  if  such  invalid
 provisions had not been included herein.
   § 6. This act shall take effect immediately.