BILL NUMBER: S7028C
SPONSOR: WALCZYK
 
TITLE OF BILL:
An act in relation to authorizing the city of Little Falls, in the coun-
ty of Herkimer, to finance certain deficits by the issuance of bonds
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill authorizes the city of Little Falls to finance deficits via
bonds.
 
SUMMARY OF PROVISIONS:
Section 1: Names the bill.
Section 2: Authorizes the city of Little Falls to issue up to $3.4
million in serial bonds on or before October 1, 2026.
Section 3: Establishes that the Comptroller must review the necessity of
bonds prior to their issuance. The bill also requires the city to submit
a report to the chairs of the Senate Finance Committee and Assembly Ways
and Means Committee.
Section 4: Sets out terms for bonds.
Section 5: Requires the city of Little Falls to produce quarterly
reports on expenditures and ledger accounts.
Section 6: Establishes a severability clause.
Section 7: Sets the effective date.
 
JUSTIFICATION:
The city of Little Falls is in dire financial straits due to fiscal
mismanagement. This bill would allow the city to authorize $3.4 million
in bonds to set Little Falls on a better financial path. The city has
requested this piece of home rule legislation.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the state; $3.4 million in bonds for the city of Little Falls.
 
LEGISLATIVE HISTORY:
New bill.
 
EFFECTIVE DATE:
This Act shall take effect immediately.