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(b) arrange for the private sale of their bonds through negotiated agreement, compensation for such sale to be provided by negotiated fee, if required.

The cost of any such underwriting or private placement shall be deemed a preliminary cost for purposes of section 11.00 of the local finance law.

$ 6. A11 other proceedings in connection with the 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 bonds not be subject to either mandatory or permissive referendum.

$. 7. For each fiscal year occurring during the time bonds or bond anticipation notes issued pursuant to this act are outstanding, the supervisor of the town of Frankfort and the supervisor of the town of German Flatts shall monitor all budgets of their respective towns, 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 accompanied by a recommendation from each such

supervisor to the town board of his or her respective town setting forth any remedial action necessary to resolve any unfavorable budget variance including the over-estimation of revenues and underestimation of appropriations. Each such supervisor shall also prepare a quarterly trial balance of general ledger, accounts. The above quarterly budgetary reports and trial balances shall be prepared in accordance with generally accepted accounting principles. These reports shall be completed within sixty days after the end of each quarter and shall be submitted to the town board of each respective town, the state division of the budget, office of the state comptroller, chairman of the assembly ways and

committee and chairman of the senate finance committee. Aíl such reports shall include the general fund of the Mohawk Valley General Hospital for any period during which the same is operated as a public general hospital of either or both of said towns.

§ 8. (a) In the event that any property, either real, personal or mixed, owned by the town of Frankfort and for the town of German Flatts, respectively, and

and used solely and exclusively in connection with the operation or maintenance of the Mohawk Valley General Hospital shall be sold, the proceeds of said sale, if subject to the provisions of section 6-1 of the general municipal

shall be applied in the manner required by such section 6-1.

(b) In the event that any property, either real, personal or mixed, owned by the town of Frankfort and/or the town of German Flatts, respectively, and used solely and exclusively in connection with the operation or maintenance of the Mohawk Valley, General Hospital shall be sold, the proceeds of said sale, insofar as they are not subject to the provisions of section 6-1 of the general municipal law, shall be placed in a mandatory reserve fund which shall be established for the purpose of retiring obligations issued pursuant to this act. The entire proceeds of such

well as any other sums received in connection with or on account of said hospital, shall be deposited to the credit of such fund, provided however, that if the aggregate amount thereof shall exceed the principal of such'obligations due to or to become due, or if, when all such outstanding obligations have been retired, any moneys remain unexpended in the reserve fund, such excess moneys may

be used

for

any lawful municipal purpose. Appropriations from such funds shall be made only for the payment or payments of all part of said outstanding obligations. However, any

balance remaining therein upon the payment thereof may be expended for any lawful purpose of the town which has established such fund. The provisions of subdivisions 4, 5, 6 and 7 of said section 6-1 shall apply to such mandatory reserve funds' and to the amounts on deposit therein.

(c) The provisions of this section shall not apply in a case where a
provision of any other law requires that the proceeds of the sale of
capital improvement shall be deposited in a reserve fund established for
the purpose of retiring outstanding obligations.

§ 9. This act shall take effect immediately.
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AN ACT to authorize the town of Huntington, Suffolk county, to finance a

certain deficit by the issuance of bonds Became a law July 31, 1992, with the approval of the Governor. Passed on 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 The town of Huntington, county of Suffolk, is hereby authorized to issue serial bonds in an aggregate amount not to

exceed six million nine hundred thousand dollars $6,900,000), up to six million dollars ($6,000,000), of which shall be

for the purpose of liquidating dèficit in the town general fund and up to nine hundred thousand dollars ($900,000), of which shall be for the purpose of liquidating deficit in the part-town fund, in each case incurred during the fiscal year ending December 31, 1991 and for the payment of costs of issuance associated with such issue. In anticipation of the issuance of such bonds authorized to be issued, bond anticipation notes are hereby authorized to be issued. The town shall prepare a report detailing the size and cause of the deficit within thirty days from the effective date of this act and submit such report to the state comptroller. Within thirty days after receiving the report, the state comptroller shall perform such reviews as may be necessary and confirm the existence of a deficit and the amount thereof. The town' shall not authorize the issuance of bonds or bond anticipation notes unless or until the existence of the deficit and the amount thereof is reviewed and confirmed by the state comptroller.

§ 2. Such bonds and bond anticipation notes authorized to be issued by this act, shall be authorized, executed, issued, sold and delivered in the manner provided by the local finance law for the issuance of serial bonds and bond anticipation notes, subject to the conditions hereinafter set forth.

§ 3. It is hereby determined that the financing of the deficit hereinbefore described is an object or purpose of said town of Huntington, for which indebtedness may be incurred, the period of probable usefulness of which is hereby determined to be five 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 bond anticipation notes shall be general obligations of the town of Huntington, to which the faith and credit of such town is pledged, and such town shall make an annual appropriation sufficient to pay the principal of and interest on such obligations as the same shall become due.

§ 4. All other proceedings in connection with the 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 or resolutions authorizing the issuance of such bonds shall be subject to either a mandatory or permissive referendum and the provisions of section 107.00 of the local finance law shall not be applicable to the issuance of such bonds or bond anticipation notes with respect to any requirements for a down payment.

§ 5. For each fiscal year occurring during the time bonds or bond anticipation notes issued pursuant to this act are outstanding, the chief fiscal officer of the town shall monitor budgets and for each budget; prepare a quarterly report of summarized budget data depicting trends of actual revenues and budget expenditures for the entire budget rather than individual line items. Such reports shall compare estimates and appropriations as set forth in such budget with the actual revenues and expenditures made to date. All quarterly reports shall be accompanied by

a recommendation from the town supervisor setting forth any remedial action necessary to resolve any unfavorable budget variance including the overestimation of revenues and the underestimation of appropriations. The chief fiscal officer of the town shall also prepare

quarterly trial balance of general ledger accounts. The above quarterly budgetary report and trial balance shall be prepared in accordance with generally accepted accounting principles. These reports shall be prepared within sixty days after the end of each quarter and shall be

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submitted to the town supervisor, the town board, the state division of
budget, the office of the state comptroller, the chairman of the assem-
bly ways and means committee and the chairman of the senate finance
committee.

§ 6. If any clause, sentence, subdivision, paragraph, section or part
of this act, be adjudged by any court of competent jurisdiction to be in-
valid, such judgment shall not affect, impair or invalidate the remain-
der thereof, but shall be confined in its operation to the clause,
tence, subdivision, paragraph, section or part, thereof directly involved
in the controversy in which such judgment shall have been rendered.
§ 7. This act shall take effect immediately.

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AN ACT to authorize the Beacon city school district to finance the accu

mulated deficit as of June 30, 1992 by the issuance and sale of serial
bonds
Became a law July 31, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. The Beacon city school district is hereby authorized to is-
şue serial bonds in the aggregate principal sum not to exceed four hun-
dred thirteen thousand dollars for the specific object and purpose of
providing for the funding of an accumulated deficit as of June 30, 1992,
including, any revenue anticipation notes which may be a part of the
deficit. In anticipation of the issuance and sale of such serial bonds,
bond anticipation notes are hereby authorized to be issued.

§ 2. The specific object or purpose referred to in section one of this
act is hereby declared to be a public purpose which the Beacon city
school district is hereby authorized to accomplish and the period of
probable usefulness thereof is hereby authorized to be five years.

Notwithstanding the provisions of any other law, general, special or
local, the board of education of the district is hereby authorized
levy á tax to be collected in installments sufficient to pay the princi-
pal and the interest on said bonds and bond anticipation notes and to
adopt a bond resolution authorizing the serial bonds herein authorized
to be issued.

§ 3. Except as otherwise provided in this act, such serial bonds and
any bond anticipation notes, including notes in renewal thereof, issued
in anticipation of the sale of such bonds, shall be authorized, sold,
executed and issued and shall mature in the manner prescribed by the
local finance law.

$ 4. The chief fiscal officer or the individual or individuals respon-
sible for the preparation of the tentative budget shall submit in each
fiscal year beginning with the fiscal year during which the school dis-
trict is authorized by law to incur such debt,, to and including the last
fiscal year during which such debt or any debt incurred to refund such
debt is outstanding, such tentative budget to the state comptroller
within five days after its preparation. The state comptroller shall in
each such year examine such proposed budget and make his recommendations
thereon to the school district. Such recommendations shall be made af-
ter examination into the estimates of revenues and expenditures of such
government and shall be made prior to the adoption of such budget. The
action or inaction of the state comptroller under this paragraph shall
not be construed to affect the legal validity of any budget of the
school district nor to affect the powers or duties of the school dis-
trict with respect to the local budget process.

The chief fiscal officer of the school district shall, within thirty
days from the effective date of the law authorizing the incurrence of
such debt, prepare a report detailing the dollar amount and cause of the
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[Chap. deficit and submit such report to the state comptroller. Within thirty days after receiving the report, the state comptroller shall perform such reviews as may be necessary to confirm the existence of a deficit and the amount thereof. The school district shall not authorize the issuance of any such debt unless or until the existence and the amount of the deficit is reviewed and confirmed by the state comptroller, and shall not authorize the issuance of any such debt in an amount in excess of the amount confirmed by the state comptroller.

For each fiscal year beginning with the fiscal year during which the school district is authorized by law to incur such debt, to and including the last fiscal year during which such debt or any'debt incurred to refund such debt is outstanding, the chief fiscal officer shall monitor all budgets and for each such budget, 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 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 accompanied by a recommendation from the chief executive or chief fiscal officer to the finance board setting forth any remedial action necessary to resolve any unfavorable budget variance including the overestimation of revenues and underestimation of appropriations. The chief fiscal officer shall also prepare, as part of such report, a quarterly trial balance of general ledger accounts in accordance with generally accepted accounting principles as prescribed by the state comptroller. All reports shall be completed within sixty days after the end of each quarter and shall be submitted to the chief executive officer and finance board of the school district, the state division of the budget, the office of the state comptroller, the chairman of the assembly ways and means committee and the chairman of the senate finance committee.

§ 5. This act shall take effect immediately.

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CHAPTER 717

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AN ACT authorizing the county of Nassau 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 authorizing the county, of Nassau to impose a county recording tax obligations secured by a mortgage real property; to amend the county government law of Nassau county (Nassau County Charter) and the Nassau county administrative code, in relation to the imposition of an

exigency tax 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 Assenbly, do enact as follows:

Section 1. Legislative findings and statement hereby found and declared that an imbalance between the revenues and ex

of purposes. It is penditures of 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 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 Nassau 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

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

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

§ 2. The county of Nassau is hereby authorized to issue serial bonds on or before December 31, 1993, in an aggregate principal amount not to exceed sixty-five million dollars for the specific object or purpose of liquidating the projected deficit in its general fund at the close of its current fiscal year ending December 31, 1992. 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.

§. 3. Notwithstanding anything in this act to the contrary, the county of Nassau 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

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 determined by the state comptroller. Nothing herein provided shall prevent such county from authorizing the issuance of bond anticipation 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 exceeds the amount of such deficit as determined by the state comptroller or deposit the amount by which such bond anticipation notes exceeds 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.

§ 4. It is hereby determined that the financing of the deficit hereinbefore described is an object or purpose of the county of Nassau for which indebtedness may be incurred, the period of probable usefulness 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 Nassau 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 as the same shall become due. § 5. Except, as

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 provided, however, that any ordinance or resolution authorizing the issuance of such bonds shall not be subject to either mandatory or permissive referendum.

$ 6...(a) For each fiscal year occurring during the time bonds and/or bond anticipation notes issued pursuant to this act 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 set forth in such budget with the actual revenues and expenditures made to date. All such quarterly budgetary reports shall be accompanied by county recommendations setting forth any remedial action necessary to resolve any unfavorable budget variance including the overestimation of revenues and the under-estimation of expenditures. Each such quarterly budgetary report shall be completed within thirty days EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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