§ 1232 — Legislative intent

New York § 1232

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 10-D: Nassau County Sewer and Storm Water Finance Authority
• Art. 5: Public Utility Authorities

Text

§ 1232. Legislative intent. The state legislature hereby recognizes\nthat the creation of a Nassau county sewer and storm water finance\nauthority will be an effective mechanism to achieve substantial savings\nfor past and prospective sewer and storm water capital investments.\nMoreover, such authority will help ensure the health and well-being of\nall Nassau county residents and promote local environmental protection.\nAs such, the state legislature herein effectuates these laudable public\npurposes through the establishment of said authority for the specific\nand limited objective of refinancing outstanding sewer and storm water\ndebt issued by or on behalf of the county and financing future sewer and\nstorm water projects. In no manner is this legislation designed to alter\nthe county's administration or delivery of sewer and storm water\nservices to county residents nor is the authority intended to impose any\nadditional pecuniary burden on its ratepayers. As a vehicle expressly\ncreated to consolidate existing sewer districts, refinance debt, provide\na means for financing new debt and prepare for pending federal storm\nwater regulatory requirements, the authority will serve as an important\ntool to aid the county's fiscal recovery and benefit county taxpayers.\nFurther, the State legislature recognizes that the enactment of chapter\nthree hundred fourteen of the laws of two thousand three, extending the\noversight capacity of the Nassau county interim finance authority (NIFA)\nthrough calendar year two thousand seven, together with the chapter of\nthe laws of two thousand three which added this title, offers an\nopportunity for NIFA to continue financing the county's tax certiorari\nsettlements, thereby providing additional budgetary relief and fiscal\nstability.\n