Bill > S00692

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 bonds can be issued in accordance with local finance law, and the town is permitted to issue bond anticipation notes in advance of the full bond issuance. The town board is authorized to levy annual taxes to repay the principal and interest on these bonds, and the period of probable usefulness is set at thirty years. Any bond proceeds exceeding the confirmed deficit will be accounted for according to state municipal law. The bill provides a specific legal mechanism for the town to address its financial obligations, particularly those related to past hospital employee pension contributions, and allows the town to spread the cost of these obligations over an extended period through bond financing. The act will take effect immediately upon passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S692