Bill > A00047

This bill authorizes the town of Massena in Saint Lawrence County to issue serial bonds up to $5 million to cover deficits in its general fund, specifically related to pension contributions for employees of the former Massena Memorial Hospital. The town is permitted to issue bond anticipation notes in advance of selling the full bonds, with the bond repayment period authorized for up to 30 years. The town board is granted the authority to levy annual taxes to repay the principal and interest on these bonds, and any bond proceeds exceeding the confirmed deficit must be accounted for according to state comptroller guidelines. This legislation provides a financial mechanism for the town to address historical pension-related financial challenges by allowing them to spread the cost over three decades, which could help manage the immediate fiscal burden while ensuring long-term funding for past employee pension obligations.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A47