A 7902: 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 - New York

A7902B → A7902C · 2 edits

MINOR

This bill was amended to change the fiscal year deadline for debt liquidation from May 31, 2025 to December 31, 2025, and to add a procedural step requiring the bill to be reported from committee again after amendment. The substantive requirements for financial reporting and budget oversight remain unchanged.

Scope change

The bill's scope remains the same, but the fiscal year deadline for which deficits can be financed was extended from May 31, 2025 to December 31, 2025.

TIMELINE

The deadline for liquidating deficits in the city's general, golf, and water funds was changed from the end of the fiscal year ending May 31, 2025 to the end of the fiscal year ending December 31, 2025.

TECHNICAL

The legislative history section was updated to reflect that the bill was reported from committee again with amendments before being recommitted.

A7902A → A7902B · 7 edits

MODERATE

The bill was amended to change the title from 'fiscal recovery act' to 'deficit financing act,' extend the bond issuance deadline from October 1 to November 30, 2026, and shift the fiscal year end date from December 31 to May 31. The most significant change is the removal of the requirement for the state comptroller to review and certify deficits before bonds can be issued, replacing it with a provision that allows the city council to adjust budgets based on comptroller recommendations.

Scope change

The bill's scope shifted from requiring state comptroller pre-approval of deficits to allowing bond issuance without that prior review, though the comptroller retains the ability to make recommendations on budget adjustments.

TIMELINE

Bond issuance deadline extended from October 1, 2026 to November 30, 2026.

Fiscal year end date changed from December 31, 2025 to May 31, 2025.

REQUIREMENT

Removed the requirement that the state comptroller must review and certify deficits before the city can issue bonds.

Added a new requirement that the city council must adjust proposed budgets consistent with state comptroller recommendations.

Added a new section requiring the mayor to prepare a three-year financial plan within 90 days of debt issuance.

Added a new requirement for the mayor to notify the state comptroller 15 days before issuing bonds or entering installment purchase contracts.

TECHNICAL

Added a severability clause to ensure the remainder of the act remains valid if any part is found unconstitutional.

A7902 → A7902A · 1 edit

MINOR

The bill was amended to reflect its progress through the legislative process, including committee discharge and recommitment. The substantive policy content regarding bond financing for the City of Little Falls remains unchanged, with no modifications to financial thresholds, reporting requirements, or eligibility criteria.

TECHNICAL

Bill number updated from A7902 to A7902-A to reflect amendment status; committee status updated to show bill was discharged, amended, and recommitted; document control numbers updated from LBD11156-02-5 to LBD11156-04-5

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

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