Assemblymembers Kenneth Zebrowski and Ellen Jaffee along with Senator David Carlucci have introduced a bill (A10707, S7736) that will allow
the county to issue up to $80 million in bonds to pay off its deficit for the fiscal years 2010, 2011 and 2012. This bill, the Rockland
County Deficit Financing Act will require strict oversight by the State Comptroller.
The state legislators co-authored this bill in response to the county’s home rule request for authorization to finance its projected
accumulated deficit. This bill authorizes the county to issue bonds on or before December 31, 2013 not to exceed $80 million in order to
cover its projected deficit in the general fund.
The bill requires the county to submit the proposed budget, as well as quarterly revenue reports, to the state comptroller every year until
the bonds are paid off, for a maximum period of ten years. The state comptroller will examine each proposed county budget and then make
recommendations to the county. Any recommendations by the Comptroller shall be binding upon the County.
The bill requires a home rule request passed by the county on Tuesday’s legislative meeting in order to be taken up by the state legislature.