Authorizes the town of Massena to issue bonds to cover pension contributions for former Massena Memorial Hospital employees.
This bill authorizes the town of Massena to issue bonds up to $5,000,000 to cover pension contributions due for employees of the former Massena Memorial Hospital. The proceeds will be used to liquidate the deficit confirmed by the state comptroller. The bonds will be issued in serial form, with a probable useful life of thirty years. Any excess proceeds will be accounted for by the state comptroller.
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