State Comptroller Thomas P. DiNapoli has commended the State Assembly and State Senate for passing legislation to help local governments deal with the financial impact of "Superstorm" Sandy. The three bills submitted by DiNapoli will now go to Gov. Andrew Cuomo.
"Sandy devastated many of our communities and her effects are continuing," DiNapoli said. "The bills passed by the Assembly and Senate give local governments some additional financial tools to reduce the fiscal impact of this storm on local taxpayers. I encourage the governor to sign these bills so these communities can continue to rebuild and recover."
The comptroller's bills are:
•Use of Reserve Funds - Temporarily eases restrictions on the use of reserve funds to allow impacted local governments and school districts to pay for Sandy-related expenses;
•Issuance of Storm Bonds - Provide local governments flexibility in borrowing to pay for storm costs. The proposed changes would allow local governments to issue bonds to be repaid over five years to finance extraordinary costs of storm relief. The proposed changes would also provide options not available under current law in connection with the issue of budget notes to finance these costs.
•Extend Repayment of Inter-fund Advances - Inter-fund advances normally must be repaid within the fiscal year in which they occur. This proposal would extend the time for repaying these internal loans.
For copies of the complete legislation, visit: http://www.osc.state.ny.us/legislation/.