after the end of each quarter and shall be submitted to the county executive, the county comptroller, each member of the county board of supervisors, the director of the New York state 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.

(b) For each fiscal year occurring during the time bonds and/or bond anticipation notes issued pursuant to this act are outstanding, the county comptroller shall prepare a semi-annual trial balance of general fund ledger accounts. Each such semi-annual trial balance shall be prepared in accordance with generally accepted accounting principles. Each such semi-annual trial balance shall be completed within a reasonable time after the end of each semi-annual period and shall be submitted to the county executive, the county comptroller, each member of the county board of supervisors, the director of the New York state 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.

§ 7. (a) Effective January 1, 1994, in accordance with the provisions of section 253-c of the tax law, 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, the board of supervisors of the county of Nassau is hereby authorized to pledge to the payment of the principal of and interest on such bonds and/or bond anticipation notes the proceeds to be received by such county from additional taxes authorized by section 253-c of the tax law, or any successor law thereto, required for the payment of debt service on such bonds and bond anticipation 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 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 board of supervisors, subject, however, to any prior rights of holders of outstanding bonds and/or bond anticipation notes secured by a pledge of such tax proceeds and shall be deemed to be in effect only while bonds and/or bond anticipation notes which are secured by such pledge are outstanding.

(b) Any pledge made pursuant to this section shall be valid and binding from the time when such pledge takes effect, and the moneys SO 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 or 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 Nassau, 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 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.

§ 9. In each year in which the bonds or bond anticipation notes authorized by this act remain outstanding, the state comptroller shall: (a) examine and review the proposed 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;

8

(b) review and comment upon the annual financial audit of the county; review and comment upon the corrective action plan submitted by the county 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 county executive, the county comptroller, each member of the county board of supervisors, the director of the New York 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 created by section eleven of this act.

§ 10. 1. In each year in which the bonds or bond anticipation notes authorized by this act remain outstanding, within forty-five days of the adoption of the county budget, the county executive shall submit a corrective action plan to the county comptroller, each member of the county board of supervisors, the state comptroller, the director of the New York 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 created 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) details on anticipated revenues;

(d) details 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;

not

(8) detail on specific actions, both short and long term, to be taken to ensure a balance between revenues and expenditures including but limited to measures to minimize, control or reduce local taxes.

2. The county executive shall consider the recommendations of the local advisory board as well as the state 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 Nassau a local advisory board for the purposes of advising the county executive and the county board of supervisors 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 remain outstanding.

2. The local advisory board shall consist of five members who shall be initially appointed not later than ninety days after the effective date of this act or thirty days after authorization by the board of supervisors for the issuance of bonds or bond anticipation notes authorized by this act, whichever date is earlier: one appointed by the county executive of Nassau county, one appointed by the county comptroller, one appointed by the county treasurer, one appointed by the members of the Nassau county board of supervisors who are members of the same political party as the vice-chair of such board, and one appointed by the remaining members of the Nassau county board of supervisors. The board members shall have knowledge and expertise in financial matters and shall not be public officers, candidates for public office or public employees. All members of the local advisory board shall be residents of the county of Nassau. 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 local advisory board shall maintain records of its proceedings in such form as it may determine and shall submit its formal review and recommendations to the county executive, the county comptroller, each member of the county board of supervisors, the director of the New York state 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 local advisory board may request and shall receive such information and assistance from the county executive, the county comptroller, the county budget director, the county board of supervisors and the agencies of the county as such member shall deem necessary or desirable to accomplish the purposes of the board.

EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

§ 12. The tax law is amended by adding a new section 253-c to read as follows:

§ 253-c. Recording tax imposed by the county of Nassau. 1. Nassau county, acting through its local legislative body, is hereby authorized and empowered to adopt and amend local laws imposing in any such county during the period beginning September first, nineteen hundred ninety-two and ending the earlier of August thirty-first, nineteen hundred ninetyeight or the last day of the month next succeeding the month in which the commissioner of taxation and finance receives notice of sufficient revenues pursuant to paragraph (b) of subdivision five of this section, a tax of one dollar for each one hundred dollars and each remaining major fraction thereof of principal debt or obligation which is or under any contingency may be secured at the date of execution thereof, or at any time thereafter, by a mortgage on real property situated within such county and recorded on or after the date upon which such tax takes effect and a tax of one dollar on such mortgage if the principal debt or obligation which is or by any contingency may be secured by such mortgage is less than one hundred dollars.

2. The taxes imposed under the authority of this section shall be administered and collected in the same manner as the taxes imposed under subdivision one of section two hundred fifty-three and paragraph (b) of subdivision one of section two hundred fifty-five of this chapter. Except as otherwise provided in this section, all the provisions of this article relating to or applicable to the administration and collection of the taxes imposed by such subdivisions shall apply to the taxes imposed under the authority of this section with such modifications as may be necessary to adapt such language to the tax so authorized. Such provisions shall apply with the same force and effect as if those provisions had been set forth in full in this section except to the extent that any provision is either inconsistent with a provision of this tion or not relevant to the tax authorized by this section. For purposes of this section, any reference in this article to the tax or taxes imposed by this article shall be deemed to refer to a tax imposed pursuant to this section, and any reference to the phrase "within this state" shall be read as "within Nassau county", unless a different meaning is clearly required.

sec

3. Where the real property covered by the mortgage subject to the tax imposed pursuant to the authority of this section is situated in this state but within and without a county imposing such tax, the amount of such tax due and payable to such county shall be determined in a manner similar to that prescribed in the first paragraph of section two hundred sixty of this chapter which concerns real property situated in two or

more counties. Where such property is situated both within such county and without the state, the amount due and payable to such county shall be determined in the manner prescribed in the second paragraph of such section two hundred sixty which concerns property situated within and without the state. Where real property is situated within and without the county imposing such tax, the recording officer of the jurisdiction in which the mortgage is first recorded shall be required to collect the taxes imposed pursuant to this section.

4. A tax imposed pursuant to the authority of this section shall be in addition to the taxes imposed by section two hundred fifty-three.

5. (a) Notwithstanding any provision of this article to the contrary, the balance of all moneys paid to the recording officer of the county of Nassau during each month upon account of the tax imposed pursuant to the authority of this section, after deducting the necessary expenses of his office as provided in section two hundred sixty-two of this chapter, except taxes paid upon mortgages which under the provisions of this section or section two hundred sixty of this chapter are first to be apportioned by the commissioner of taxation and finance, shall be paid over by such officer on or before the tenth day of each succeeding month to the county treasurer of Nassau county and, after the deduction by such county treasurer of the necessary expenses of his or her office provided in section two hundred sixty-two of this chapter shall: (i) if paid to such recording officer during the first sixteen months of imposition of such tax, be deposited in the general fund of such county for expenditure on county purposes; (ii) if so paid at any time thereafter, be deposited in a special fund, to be designated the Nassau county deficit bond fund, to be created by the county of Nassau separate and apart from any other funds and accounts of the county. Notwithstanding the provisions of the preceding sentence, the tax so imposed and paid upon mortgages covering real property situated in two or more counties, which un

der the provisions of this section or section two hundred sixty of this chapter are first to be apportioned by the commissioner of taxation and finance, shall be paid over by the recording officer receiving the same as provided by the determination of said commissioner.

or

(b) Except as otherwise provided in this section, moneys in the Nassau county bond deficit fund may be appropriated from and transferred to expended in any fiscal year only for the purpose of payment of the principal of and interest on bonds and notes authorized by a chapter of the laws of nineteen hundred ninety-two, entitled "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 on obligations secured by a mortgage on 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". When the amount of moneys in such fund is sufficient to pay all future debt service on such notes and bonds, the comptroller of the county of Nassau shall so notify the commissioner of taxation and finance by certified mail. When no such bonds or notes remain outstanding, such fund shall terminate and moneys remaining therein shall be deposited in the general fund of such county for expenditure on county purposes.

6. Any local law imposing a tax pursuant to the authority of this section or repealing or suspending such a tax shall take effect only on the first day of a calendar month or in September of nineteen hundred ninety-two on the sixth, thirteenth, twentieth or twenty-seventh day of such month. Such a local law shall not be effective unless a certified copy thereof is mailed by registered or certified mail to the commissioner of taxation and finance at the commissioner's office in Albany at least thirty days prior to the date the local law shall take effect.

7. Certified copies of any local law described in this section shall also be filed with the county clerk, the secretary of state and the state comptroller within five days after the date it is duly enacted.

§ 13. Notwithstanding any other provision of law to the contrary, any local law enacted or amended by the county of Nassau to impose tax as authorized by this act shall take effect in accordance with the provisions of subdivision 6 of section 253-c of the tax law, as added by this act, except that the minimum notice requirements to the commissioner of taxation and finance shall be deemed to have been complied with upon the mailing of a certified copy of such local law by registered or certified mail to the commissioner of taxation and finance at his office in Albany on or before August 1, 1992, with respect to such local law taking effect on September 1, 1992; provided, however, that if this act takes effect after July 27, 1992, and before August 3, 1992, such minimum notice requirements with respect to such local law taking effect on September 1, 1992, shall be deemed complied with upon the mailing of such local law by registered mail or certified mail to the commissioner of taxation and finance provided such mailing is made not later than August 12, 1992.

§ 14. Section 306 of the county government law of Nassau county Nassau County Charter), as renumbered and amended by chapter 618 of the laws of 1937, is amended to read as follows:

the

§ 306. Tax levy; town budgets. 1. When the county budget shall have been finally adopted, an appropriation ordinance for such budget, with such amendments as may be necessary to make it conform to the budget as adopted, shall be passed by the board of supervisors, and taxes for ensuing year, including state, county, town and special district taxes and assessments, shall be levied not later than the third Monday in December. The board of supervisors shall fix by ordinance the time at which town budgets shall be filed for the purpose of making such levy. 2. In the event that a county budget shall not have been finally adopted by the third Monday in December, the clerk of the board of supervisors shall certify that the budget has not been adopted and shall further certify the amount of the levy for the current fiscal year. The filing of such certificate in the office of the board of assessors shall have the force and effect of a levy of an exigency tax in the amount specified in such certificate. The amount so levied shall be referred to as the exigency tax for the ensuing fiscal year. The exigency tax shall be in an amount equal to one hundred percent of the amount that was EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

levied for county purposes for the current fiscal year. The board of supervisors shall finally adopt a budget as soon thereafter as is possible and thereupon may levy a residual tax. The residual tax shall be in an amount equal to the difference between the taxes required by such budget and the amount levied as the exigency tax.

§ 15. Section 607 of the county government law of Nassau county (Nassau County Charter), as amended by chapter 444 of the laws of 1949, is amended to read as follows:

§ 607. Correction of roll; extension of taxes. For the purpose of expediting the hearing of complaints, any member of the board of assessors or a deputy assessor, designated by the chairman, may sit to hear complaints and report their recommendations thereon with the reasons therefor to the board of assessors. Such hearing shall have the same effect as a hearing before the full board of assessors. a. When all the complaints have been heard, the board of assessors shall make corrections, if any, in the assessment roll as [they deem necessary] shall be required by law and, shall transmit to the board of supervisors a statement, verified by oath of the chairman of the board of assessors, of the total assessed valuation of the county and of each town, city, village, school district and each special district and works benefit area, and a similar statement of the assessed valuation of each city and village to the respective governing bodies thereof.

b. When the board of supervisors shall have adopted the budget by the third Monday of December and shall have levied the taxes and assessments on the properties in the towns and cities for the ensuing fiscal year, the board of assessors shall extend such taxes and assessments by placing on the roll opposite the valuation of each parcel of property in the towns and cities the sum to be paid in taxes thereon on account of such levy.

C. When the taxes and assessments have been so extended, a copy of that portion of the roll which contains the properties situated in each town or city shall be delivered to the receiver of taxes thereof [and the]. The board of assessors shall file with the clerk of the board of supervisors a certificate to the effect that such taxes and assessments have been so extended in accordance with the ordinance levying such taxes and assessments or in accordance with subdivision 2 of section 306 of this county government law (Nassau County Charter). Such certificate of the board of assessors when so filed shall be conclusive as to the extension of such taxes and assessments in accordance with such ordinance, and thereupon a].

d. A warrant for the collection of such taxes and assessments shall thereupon be delivered to the receiver of each town or city, which warrant shall be sealed with the seal of the county and signed by the county executive or, in his absence or inability to act, by the vice chairman of the board of supervisors and by the clerk of the board of supervisors and shall be in such form as may be otherwise provided by law and shall be annexed by the clerk of the board of supervisors to such portion of said roll delivered to each receiver at the end thereof. e. The receivers of taxes of the towns and cities shall attend at the office of the clerk of the board of supervisors with the portion of said roll to which said warrant is to be annexed and to receive the warrant so annexed.

f. Any surplus existing or hereafter arising from the extension of taxes in excess of the amounts raised for the adopted budget shall be credited to the county, and any deficiencies existing or hereafter arising from the extension of taxes for the adopted the adopted budgets shall be a county charge.

§ 16. Section 307 of the county government law of Nassau county (Nassau County Charter), as amended by chapter 710 of the laws of 1943, is amended to read as follows:

§ 307. Transfers of appropriations; supplemental appropriations. No money shall be spent by the county, nor shall any obligation for the spending of money be incurred, unless in pursuance of the annual appropriation ordinance therefor, except as provided in this section, and the unexpended balance of each appropriation, less the commitments outstanding at the close of the fiscal year for which it was made, shall lapse at the close of such fiscal year; provided, that nothing herein contained shall be taken to prevent the making of contracts for improvements or works not to be completed during the fiscal year, and any appropriation in furtherance thereof shall continue in force until the purpose for which it was made shall have been accomplished or abandoned. Notwithstanding the foregoing, in the event the budget for

any fiscal