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Saturday, March 28, 2015

Senate OKs $12 million bond measure for Long Beach
Lawmakers approve Sandy aid package
Courtesy N.Y. State Senate
State Sen. Dean Skelos said the bill would help Long Beach cover “extraordinary expenses” associated with Sandy.

Two months after the State Assembly overwhelmingly passed legislation that would allow the city to borrow millions of dollars in serial bonds to cover costs associated with Hurricane Sandy — and pay down the remainder of a $9.2 million budget gap — the Senate followed suit, saying that Long Beach is facing extraordinary expenses.

On Monday, the Senate voted 56-0 to allow the city to issue up to $12 million in serial bonds, to be paid over 10 years, “to finance extraordinary expenses incurred as a result of Superstorm Sandy that are not eligible to be reimbursed from state and federal government grants,” and “for the purposes of liquidating current deficits in its general fund, sewer fund, water fund and risk management fund as of June 30, 2012.”

The bill — which must be signed by Governor Cuomo — was part of a comprehensive, bipartisan legislative package of 22 bills the Senate passed that provide relief to people and communities affected by Sandy, aid rebuilding efforts and increase disaster preparedness. The measures include tax assessment relief for properties catastrophically damaged by the storm, revisions to regulatory obstacles that slow down the rebuilding process, and improvement and continued examination of state insurance laws to help policyholders receive funds following a disaster, among others.

“It has been over seven months since Hurricane Sandy left its mark, and as people and governments continue to rebuild, the Senate is implementing measures that will help make that process easier both now and in the future,” Senate Majority Coalition Co-Leader Dean Skelos (R-Rockville Centre), who sponsored the bill, said in a statement. “Many members of the Senate have worked together to develop legislation that will provide effective relief to those who are impacted by Sandy and will help mitigate the effects of storms that have yet to come.”

Comments

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MerlinJones

It is not a "policy question", but an integrity question. Integrity calls for reduction of the surcharge to give very-needed relief to the residents of Long Beach.

Thursday, June 20, 2013 | Report this
Sandeep

But how do you determine who these much need people are? Is it income based? Do we carve out everyone in a coop or condo above second floor? Do we carve out everyone with flood insurance whose house was not deemed ICC?

You cant afford to waive everyone from the surcharge. What about folks in rare houses that were no impacted? What about folks who bought after Sandy?

Maybe it should be just folks who received the Max $31,900 from FEMA on their primary residence who have AGI under 100K. Also do we include landlords who dont live in Long Beach. What about commercial properties? Not all stores were equally impacted. Some such as a hardware or plumbing store actually made money off Sandy. Some had flood insurance some did not.

Also you are just kicking the can down the road by waiving surcharge. Long term Long Beach would better off doing a one time surcharge to raise the $12 million than issuing bonds. Bond yields have shot up last few days and taking long term bonds just sticks you folks with higher taxes for years to come. There is no easy solution.

Part of problem has nothing to do with Sandy, Long Beach did not prepare for a rainy day. Look at Atlantic Beach the 7-1-2013 tax came out recently and because of Sandy taxes are only going up 1%. Why, if you read their letter on Sandy related taxes, Fema covered 90%. AB has a surplus budget of which will pay for remaining 9% of damage and residents will take a hit in a lump sum due July 1% to pay remaining 1%. Yep they go less damage. But being in good financial shape with adequate reserve funds would have spared Long Beach a lot of pain in Sandy.

Friday, June 21, 2013 | Report this
MerlinJones

Sandeep -- the city council said the surcharge would be reduced or eliminated if the financining went through. it went through. that is my point, only. by the way a new bond issue is coming to pay the police.

Tuesday, July 2, 2013 | Report this
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