BILL NUMBER: S692
SPONSOR: STEC
 
TITLE OF BILL:
An act to authorize the town of Massena to issue bonds to cover the cost
of pension contributions due by the town for employees of the former
Massena Memorial Hospital
 
PURPOSE:
Allows the Town of Massena to issue bonds not to exceed $5 million to
cover the cost of the pension contributions due by the town for employ-
ees of the former Massena Memorial Hospital.
 
SUMMARY OF PROVISIONS:
Section 1 - details the amount and provisions related to the bonding
authority of the Town of Massena.
Section 2 - marks the effective date.
 
JUSTIFICATION:
The Town of Massena recently transferred its municipal hospital to St.
Lawrence Health Systems with the help of the New York State Department
of Health. Unfortunately, there was not sufficient funding to cover all
of the outstanding liabilities, including the town's obligations to St.
Lawrence County for its workers' compensation insurance and pension
liabilities.
Though the town used assets and reserves to satisfy the county, the
pension liability remains too large for the town to pay from reserves
and current revenues.
This bill would provide Massena with the ability to bond the liability
detailed above and pay the pension system. This would allow the town to
pay the bonds over time in an effort to minimize the overall impact on
taxpayers.
 
LEGISLATIVE HISTORY:
2023-2024: S3094 reported to Finance; A5140 referred to Local Govern-
ments
2021-2022: S9104 Passed Senate, A10409 referred to local governments
 
EFFECTIVE DATE:
This act shall take effect immediately.