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date of this act and shall submit such report to the state comptroller. Within thirty days after receiving such report the state comptroller shall perform such reviews as may be necessary to determine the amount of each such deficit. Bonds or bond anticipation notes to liquidate either or both of such deficits shall not be issued in an amount exceeding the respective amounts of such deficits as determined by the state comptroller

(b) Notwithstanding anything in this act to the contrary, the town of Wallkill, Orange county, shall not issue any bonds for the

purpose

of liquidating, the projected deficit in either its general fund or its highway fund at the close of its current fiscal year ending December thirty-first, nineteen hundred ninety-two until the amount of each such respective deficit is determined by the state comptroller,

The town shall prepare a report detailing the amount and cause of each such deficit after the close of such fiscal year and submit such report the state comptroller. Within thirty days after receiving such report the state comptroller shall perform such reviews as may be necessary to determine the amount of each such deficit. Bonds to liquidate either or both of such deficits shall not be issued in amount exceeding the respective amounts of such deficits as determined by the state comptroller. Nothing herein provided shall prevent such town from authorizing the issuance of bonds bond anticipation notes for the purpose of liquidating either of such deficits or from issuing bond anticipation notes therefor prior to a determination by the state comptroller of the amount of either of such deficits. In the event that bond anticipation notes are issued in an amount in excess of the amount of either of such deficits as determined by the state comptroller, such town shall redeem, from funds other than the proceeds of bonds or bond anticipation notes, such bond anticipation notes in the amount by which the amount of such bond anticipation notes exceed the amount of such respective deficits as determined by the state comptroller.

§ 3. It is hereby determined that the financing of the deficits hereinbefore described is an object or purpose of said town of Wallkili for which indebtedness may be incurred, the period of probable usefulness of which is hereby determined to be ten years, computed from the date of such bonds or from the date of the first bond anticipation note issued in anticipation of the sale of such bonds, whichever date earlier. Such bonds or bond anticipation notes shall be general obligations of the town of Wallkill, to which the faith and credit of the town is pledged, and the town shall make an annual, appropriation sufficient to pay the principal of and interest on such obligations as the same shall become due.

§ 4. Except hereinafter provided, all proceedings in connection with the authorization and issuance of bonds or bond anticipation notes authorized to be issued by this act shall be had and taken in accordance with the provisions of the local finance law, except that any resolution authorizing the issuance of such serial bonds shall not be subject to either mandatory or permissive referendum.

§. 5. For each fiscal year occurring during the time bonds or bond an-
ticipation notes issued pursuant to this act are outstanding, the town
supervisor shall monitor all budgets and, for each such budget, 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 reports shall compare revenue estimates
and appropriations as set forth in such budget with the actual revenues
and expenditures made to date. All quarterly reports shall be accompa-
nied by a recommendation from the town supervisor to the town board set-
țing forth any remedial action necessary to resolve any unfavorable
budget variance including the over-estimation of revenues and the under-
estimation of appropriations. The town supervisor shall also prepare а
quarterly trial balance of general ledger accounts. Each such quarterly
budgetary report and trial balance shall be prepared in accordance with
generally accepted accounting principles and shall include the general
and highway funds. Each quarterly report shall be completed within
thirty days after the end of each quarter and shall be submitted to the
town board, state division of the budget, office of the state comp-
troller, chairman of the assembly ways and means committee, and chairman
of the senate finance committee.
EXPLANATION—Matter in italics is new; matter in brackets [ ) is old law

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§ 6. To facilitate the marketing of bonds and bond anticipation notes authorized to be issued by this

act, the town of Wallkill may, notwithstanding any limitations on the private sales of bonds provided by law, and subject to the approval by the state comptroller of the terms and conditions of such sales: (a) arrange for the underwriting of its bonds and notes at private sale through negotiated fees or by Sale of such bonds or notes to an underwriter at a price of less than the sum of par value of, and the accrued interest on, such obligations;

(b) arrange for the private sale of its bonds or notes through negotiated agreement, compensation for such sales to be provided by negotiated fee, if required. The cost of such underwriting or private placement shall be deemed a preliminary cost for purposes of section 11.00 of the local finance law.

§ 7. This act shall take effect immediately.

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CHAPTER 713

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AN ACT authorizing the county of Suffolk to issue serial bonds and/or bond anticipation notes for the purpose of liquidating deficits in the county's general fund and to amend the tax law, in relation to sales

and use taxes to be imposed in the county of Suffolk Became a law July 31, 1992, with the approval of the Governor. Passed on

message of necessity pursuant to Article III, section 14 and Home Rule request pursuant to Article IX, section 2(b) (2) of the Constitution by a majority vote, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Legislative findings, and statement of purposes. It is hereby found and declared that an imbalance between the revenues and expenditures of a locality is contrary to the public interest of such locality and the state and threatens a decline in the general prosperity and economic welfare of the inhabitants of such locality and the people of this state. Accordingly, it is a matter of substantial and imperative concern that a locality not fail to meet its obligations and thereby suffer the above consequences.

The legislature further finds and declares that a credible and comprehensive plan to restore a locality to financial solvency must include significant local actions over a multi-year period.

The program embodied in this act authorizes necessary assistance required by the county of Suffolk at this time and provides for: (i) the creation of a local advisory board to review the financial management of such county; (ii) the review and audit of county fiscal

operations by the state comptroller; and (iii) the development of a corrective action plan by the elected executive of such county.

This legislative program is intended to accomplish the objectives described above and thereby to insure the continuity of governmental operations.

§ 2. The county of Suffolk is hereby authorized to issue serial bonds on or before December 31, 1993 (i) in an aggregate principal amount

not to exceed thirty-six million dollars for the specific object or purpose of liquidating the cumulative deficit of thirty-six million dollars in its general

fund at the close of its fiscal year ending December 31, 1991, and (ii) in an aggregate principal amount not to exceed the amount of the projected deficit in its general fund at the close of its current fiscal year ending December 31, 1992, to be determined by the independent financial audit of such fiscal year and by the state comptroller pursuant to subdivision (b) of section three of this act, for the spe: cific object or purpose of liquidating such deficit. In anticipation of the issuance of the bonds authorized to be issued by this act, bond anticipation notes are hereby authorized to be issued. Full public disclosure shall be made of all fees, commissions and interest costs

associated with any bonds or bond anticipation notes issued pursuant to this act.

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§ 3. (a) Notwithstanding anything in this act to the contrary, the county of Suffolk shall not issue any bonds or bond anticipation notes for the purpose of liquidating the cumulative deficit in its general fund at the close of the fiscal year ended December 31, 1991 until the amount of such deficit is determined by the staté comptroller. The county shall prepare a report detailing the amount and cause of such deficit within thirty days from the effective date of this act and shall submit such report to the state comptroller. Within thirty days after receiving such report the state comptroller shall perform such reviews as may be necessary to determine the amount of such deficit. Bonds bond anticipation notes to liquidate such deficit shall not be issued in an amount exceeding the amount of such deficit determined by the state comptroller.

(b) Notwithstanding anything in this act to the contrary, the county of Suffolk shall not issue any bonds for the purpose of liquidating the projected deficit in its general fund at the close of its current fiscal year ending December 31, 1992 until the amount of such deficit is determined by the state comptroller. The county shall prepare a report detailing the amount and cause of such deficit as soon practicable after the close of such fiscal year and submit such report, together with the independent financial audit of such fiscal year, to the state comptroller. Within thirty days after receiving such report the state comptroller shall perform such reviews as may be necessary to determine the amount of such deficit. Bonds to liquidate such deficit shall not be issued in an amount exceeding the amount of such deficit

as determined by the state comptroller. Nothing herein provided shall prevent such county from authorizing the issuance of bond anticipation notes budget notes for the purpose of liquidating such deficit prior to a determination by the state comptroller of the amount of such deficit. In the event that bond anticipation notes are issued in an amount in excess of the amount of such deficit as determined by the state comptroller, such county shall, from funds other than the proceeds of bonds or bond anticipation notes, either redeem such bond anticipation notes in the amount by which the amount of such bond anticipation notes exceed the amount of such deficit as determined by the state comptroller deposit the amount by which such bond anticipation notes exceed the amount of such deficit as determined by the state comptroller into a reserve fund for the payment of bonded indebtedness established pursuant to section six-h of the general municipal law. Nothing herein provided shall prevent such county from authorizing the issuance of budget notes in the fiscal year ending December 31, 1992 as provided by law.

§.4It is hereby determined that the financing of the deficits
hereinbefore described is an object or purpose of the county of Suffolk
for which indebtedness may be incurred, the period of probable useful-
ness of which is hereby determined to be six years, computed from the
date of such bonds or from the date of the first bond anticipation note
issued in anticipation of the sale of such bonds, whichever date is
earlier. Such bonds and/or bond anticipation notes shall be general
obligations of the county of Suffolk to which the faith and credit of
the county is pledged, and the county shall make an annual appropriation
sufficient to pay the principal of and interest on such obligations
the same shall become due.

§ 5. Except hereinafter provided, the provisions of the local
finance law shall be applicable to the authorization and issuance of the
bonds and/or bond anticipation notes authorized to be issued by this
act.

§ 6. For each fiscal year occurring during the time bonds and/or bond anticipation notes issued pursuant to this act or budget notes issued in 1992 are outstanding, the budget director of the county 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.

A11 such quarterly budgetary reports shall be accompanied by a recommendation from the budget director of the county setting forth' any remedial action necessary to resolve any unfavorable budget variance including the over-estimation of revenues and the under-estimation of appropriations. The county comptroller shall prepare a quarterly trial balance of general fund ledger accounts. EXPLANATION—Matter in italics is new; matter in brackets [] is old law

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Each such quarterly budgetary report and trial balance shall be pleted within thirty days after the end of each quarter and shall be submitted to the county executive, the county comptroller, each member of the county legislature, the director of the division of the budget the state comptroller, the chairs of the senate finance committee and the assembly ways and means committee, and each member of the local advisory board created pursuant to section eleven of this act. Each such quarterly budgetary report and trial balance shall also be prepared in accordance with generally accepted accounting principles and shall be distributed within a reasonable time after the end of each quarter.

§ 7. (a) As additional security for any issue of bonds and/or bond anticipation notes authorized to be issued pursuant to this act and issued prior to December 31, 1993 or budget notes issued in 1992, the county legislature of the county of Suffolk is hereby authorized to pledge to the payment of the principal of and interest on such bonds, bond antici, pation notes and/or budget notes the proceeds to be received by such county from additional taxes authorized by section 1210 of the tax law pursuant to this act or any successor law, thereto, required for the payment of debt service on such bonds, bond anticipation notes and/or budget notes, subject to the following limitations and conditions:

(i) The maximum proceeds to be so pledged shall not exceed any limitations set forth in the act authorizing such additional taxes, if any;

(ii) Any such pledge shall become effective on the date of issue of any bonds and/or bond anticipation notes, or budget notes issued in 1992 the payment of which is secured by such pledge; and

(iii) Any such pledge may be made subject to such terms and conditions, not inconsistent with this act, as may be determined necessary or appropriate by such county legislature, subject, however, to any prior rights to holders of outstanding bonds and/or bond anticipation notes secured by a pledge of such sales tax proceeds and shall be deemed to be in effect only while bonds and/or bond anticipation notes, or budget notes issued in 1992 which are secured by such pledge are outstanding.

(b) Any pledge made pursuant to this section shali be valid and binding from the time when such pledge takes effect, and the moneys pledged and thereafter received by, the county shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any

kind in tort, contract otherwise against the county irrespective of whether such parties have notice thereof. Neither the resolution or any other instrument by which such a pledge is created need to be filed or recorded.

$ 8. To facilitate the marketing of the bonds and/or bond anticipation notes authorized to be issued by this act, the county of Suffolk,' may, notwithstanding any limitations on the private sales of bonds provided by law, and subject to the approval by the state comptroller of the terms and conditions of such sales: (a) arrange for the underwriting of its bonds and/or bond anticipation notes at private sale through negotiated fees or by sale of such bonds and/or bond anticipation notes to an underwriter at a price of less than the sum of par value of, and the accrued interest on, such obligations; or (b) arrange for the private sale of its bonds and/or bond anticipation notes through negotiated agree ment compensation

for such sales to be provided by negotiated fee, if required. The cost of such underwriting or private placement shall be deemed preliminary cost for purposes of section 11.00 of the local finance law. § 9.

In each year in which the bonds or bond anticipation notes authorized by this act or budget notes issued in 1992 remain outstanding, the state comptroller shall:

(a) examine and review the tentative budget of the county and make recommendations thereon as required by paragraph b of section

10.00 of the local finance law within ten days of its submission; (b) review and comment upon the annual financial audit of the county;

(c) review and comment upon the corrective action plan submitted by the élected executive of the county pursuant to section ten of this act;

(d) include in such reviews comments upon the reasonableness of revenue and expenditure projections; and

(e) simultaneously transmit copies of such reviews and recommendations to the elected executive, the county comptroller, each member of the county legislature, the director of the state division of the budget, the chairs of the sénate finance committee and the assembly ways and means committee, and each member of the local advisory board created by section eleven of this act.

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§ 10. 1. In each year in which the bonds or bond anticipation notes authorized by this act or budget notes issued in 1992 remain outstanding, within forty-five days of the adoption of the county budget, the elected executive shall submit a corrective action plan to the county comptroller, each member of the county legislature, the state comptroller, the director of the state division of the budget, the chairs of the senate finance committee and the assembly ways and means committee, and each member of the local advisory board established pursuant to section eleven of this act. The corrective action plan shall describe the county and its actions to stabilize revenues and expenditures, including but not limited to:

(a) an overall statement of financial condition;
b) the economic assumptions underlying the budget;
c) detail on anticipated revenues;
d) detail on anticipated expenditures;

e) a statement of indebtedness including projected debt service costs and projections for future indebtedness;

(f) monthly detail on actual and projected cash flow, borrowings and balances;

(8) detail on specific actions, both short and long term, to be taken to ensure a balance between revenues and expenditures including but not limited to measures to minimize, control or reduce local taxes.

2. The corrective action plan shall also include statements of estimated revenues, expenditures and cash flow projections of each public authority public benefit corporation which receives or may receive moneys directly, indirectly or contingently, other than moneys received for the sale of goods or the rendering of services, from the county.

3. The elected executive shall consider the recommendations of the local advisory board as well as the comptroller's recommendations

made pursuant to this act in formulating the corrective action plan.

$ 11. 1. Local advisory board; created. There shall be created for the county of Suffolk a local advisory board for the purposes of advising the elected county executive and the county legislature and making recommendations regarding the county's budget and the corrective action plan required by section ten of this act. The board shall continue in existence as long as the bonds or bond anticipation notes authorized by this act or budget notes issued in 1992 remain outstanding.

2. The board shall consist of five members who shall be initially appointed not later than sixty days after the effective date of this act: one appointed by the elected executive of Suffolk county, one appointed by the county comptroller, one appointed by the county treasurer, one appointed by the members of the Suffolk county legislature who are members of the same political party as the minority leader of such legislature and appointed by the remaining members of the Suffolk county legislature. The board members shall have knowledge and expertise in financial matters. All members of the local advisory board shall be residents of the county of Suffolk. Each member of the local advisory board shall serve at the pleasure of the appointing official. The members of the board shall elect a chair who shall preside over the meetings of the board. The board shall convene as frequently as it deems necessary to accomplish its purposes, but no less than quarterly.

3. The board shall maintain records of its proceedings in such form as it may determine and shall submit its formal review and recommendations to the elected county executive, the county comptroller, each member of the county legislature, 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.

4. Each member of the board may request and shall receive such information and assistance from the elected county executive,

the county comptroller, the county budget director, the county legislature and the agencies of the county as such member shall deem necessary or desirable to accomplish the purposes of the board.

$ 12. The opening paragraph of section 1210 of the tax law, as amended by chapter 2 of the laws of 1992, is amended to read as follows: Notwithstanding any

other provision of law to the contrary, but subject to the limitations and exemptions in part II of this article, any city in this state county in this state, except a county wholly within a city, acting through its

local legislative body, is hereby authorized and empowered to adopt and amend local laws, ordinances or EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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