§ 2. Sections eight hundred thirty-five and eight hundred thirtysix of such law are hereby repealed.

§ 3. This act shall take effect on the first day of July, in the year in which it shall have become a law.

CHAPTER 1044

AN ACT to amend the real property tax law, in relation to the determination of assessed valuation of certain telephone and telegraph equipment

Became a law June 23, 1973, with the approval of the Governor. Passed on message of necessity pursuant to Article III, section 14 of the Constitution by a majority vote, three-fifths being present

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section four hundred seventy of the real property tax law, as added by a chapter of the laws of nineteen hundred seventythree, entitled "An Act to amend the real property tax law, in relation to limiting the assessed valuation of certain telephone and telegraph equipment", is hereby amended to read as follows:

§ 470. Limitation on assessed valuation of certain telephone and telegraph equipment. Telephone and telegraph central office equipment, station equipment, station apparatus, station connections and private branch exchanges shall be exempt from taxation and exempt from special ad valorem levies and special assessments to the extent that the assessed valuation of such property exceeds the assessed valuation thereof appearing on the last assessment roll of the tax district completed prior to December thirty-first, nineteen hundred seventy-four. In the event of a tax district-wide revaluation had after December thirty-first, nineteen hundred seventy-four in the tax district in which such property is located, for each tax year following such revaluation the level of assessed valuation of such property in such district in excess of which such property shall be exempt shall be increased or decreased, as the case may be, in a proportionate amount equal to the difference between the equalization rate for such tax year and the equalization rate in effect on December thirty-first, nineteen hundred seventy-four.

§ 2. This act shall take effect December thirty-first, nineteen hundred seventy-four.

CHAPTER 1045

AN ACT to incorporate the Rombout Exempt Volunteer Firemen's Benevolent Association, and providing for its powers and duties

Became a law June 23, 1973, with the approval of the Governor. Passed by a majority vote, three-fifths being present

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Incorporation; membership. A not-for-profit corporation by the name of "Rombout Exempt Volunteer Firemen's

Benevolent Association" is hereby created. It shall be composed of such persons eligible to membership therein as hereinafter provided as shall (a) notify the secretary of the Rombout Fire Company, Inc., a volunteer fire company, in writing prior to the organization meeting hereinafter provided for of the corporation created by this act of their desire to become members, or (b) shall attend such meeting or an adjournment thereof, and also such persons so eligible as may thereafter become members of such corporation pursuant to its by-laws.

§ 2. Persons eligible to membership. All persons who are now, or have been, or hereafter shall be active volunteer members of the fire department of the Rombout Fire District, in the town of Fishkill, county of Dutchess, or of any fire company in such fire district and who have acquired or shall hereafter acquire the status of exempt volunteer firemen as defined in section two hundred of the general municipal law by virtue of having rendered service in such fire department or fire company, and all persons who are now or hereafter shall be active volunteer members of such fire department, shall be eligible for membership in the corporation created by this act, except that any fireman who has been removed for cause, expelled or dropped from the rolls of any fire company or fire department, and who has not been reinstated therein, shall not be eligible for membership in such corporation. The membership of any person in such corporation shall terminate when his membership as an active volunteer member of the fire department of the Rombout Fire District, shall terminate before such person shall have acquired the status of exempt fireman as defined in section two hundred of the general municipal law by virtue of having rendered service in such fire department.

§ 3. Purposes. The purposes of such corporation shall be the maintenance of suitable headquarters for, and the promotion of fraternal intercourse among the members of such corporation, the relief, aid and assistance of such members and their families who are disabled or indigent, and the promotion of the welfare of the volunteer fire service within the Rombout Fire District and territory provided with fire protection by contract with such fire district.

§ 4. Powers and duties. Such corporation shall have all the powers of a not-for-profit corporation, and the provisions of law relating to not-for-profit corporations shall apply to such corporation except where they conflict with the provisions of this act. However, unless the written approval of the state board of social services shall have first been obtained this corporation shall not establish and maintain any home or institution which, if separately incorporated, would require the approval of such board.

* So in original.

§ 5. Organization meeting; by-laws. The secretary of the Rombout Fire Company, Inc. shall call a meeting for the organization of such corporation to be held not later than three months after this act takes effect, notice of which shall be given by him by posting or causing to be posted a notice thereof in five conspicuous places within the territory protected by the Rombout Fire Company, Inc. and also by publication of notice thereof in one or more newspapers having a general circulation within such territory, and such posting and publication shall be effected at least ten days prior to the date of such meeting. At such meeting or any adjournment thereof the members of such corporation present shall adopt by-laws and elect officers and trustees to serve until the first annual meeting which shall be held on a date to be fixed by the by-laws. Any member failing to comply with the by-laws, rules or regulations duly adopted by such corporation shall be subject to suspension and expulsion in such manner as may be provided for in such by-laws. Any member who ceases to be such, voluntarily or otherwise, shall forfeit all interest in the property of such corporation.

§ 6. Control and disposal of funds and property. The control and disposal of the funds and property of the said corporation, the exercise of its powers, and the management and control of its affairs shall be vested in and exercised by a board of trustees which shall consist of eight members of such corporation, viz: the president, the vice-president, the secretary, the treasurer, the financial secretary and three other members having the title of trustee. Such officers and trustees shall be elected at the annual meeting of such corporation in the manner prescribed by its by-laws.

§ 7. Precept for payment of foreign fire insurance premium taxes. Such corporation shall collect and there shall be paid by it all taxes imposed by section five hundred fifty-three of the insurance law for fire department use and benefit, upon premiums for insurance against loss or damage by fire covering property situated in the Rombout Fire District, in the town of Fishkill, county of Dutchess, or within any duly organized territory in which the fire district is or may be obligated to render fire protection. The officer of said corporation designated by its by-laws to collect and receive the aforesaid tax shall have all the powers and be subject to all the provisions of the insurance law, relating to treasurers of fire departments. Such corporation shall also be entitled to receive a share of the tax imposed by section five hundred fifty-four of the insurance law, based upon the business written in the territory with respect to which it is entitled to collect and receive the tax under section five hundred fifty-three of the insurance law. Such taxes shall only be used for the care and relief of disabled or indigent volunteer and exempt volunteer firemen and their families.

§ 8. This act shall take effect immediately but the provisions of section seven shall apply to taxes due on premiums received after January first, nineteen hundred seventy-three.

CHAPTER 1046*

AN ACT to amend the retirement and social security law, the civil service law, the insurance law, the general municipal law, the administrative code of the city of New York, chapter three hundred eighty-two of the laws of nineteen hundred seventy-three entitled "An Act to amend the civil service law, the education law, the executive law, the insurance law, the mental hygiene law, the retirement and social security law, the state finance law, chapter three hundred thirty-three of the laws of nineteen hundred sixty-nine, entitled "An act to amend the civil service law, the education law, the executive law, the correction law, and subdivision five of section thirteen of chapter one hundred twenty-eight of the laws of nineteen hundred sixty-eight, entitled 'An act to amend the civil service law, the education law, the executive law, and the correction law, in relation to salary increases for certain state officers and employees', in relation to salary increases for certain state officers and employees", and chapter four hundred fifty-eight of the laws of nineteen hundred seventy, entitled "An act to amend the civil service law, in relation to the effect of negotiated agreements on disciplinary proceedings; overtime compensation; deductions for employee organization dues and life insurance premiums for former state employees; dental coverage and health insurance contributions and to amend the conservation law, in relation to indemnification of certain employees of the conservation department and to amend the state finance law, in relation to employee payroll deductions for payments by state employees for credit unions and to amend section three of chapter five hundred eighty of the laws of nineteen hundred thirty-eight, entitled 'An act to amend the insurance law, in relation to the definition of group life insurance,' in relation to employee payroll deductions for premiums for employee organization sponsored life insurance", in relation to salary increases for certain state officers and employees, certain retirement benefits, the implementation of agreements between the state and employee organizations reached pursuant to article fourteen of the civil service law, repealing certain provisions relating thereto and making an appropriation therefor", chapter three hundred eighty-three of the laws of nineteen hundred seventy-three entitled "An act in relation to extending certain retirement benefits for public employees and to amend the retirement and social security law, education law and general municipal law relating to certain retirement benefits and to create a select committee to study and make recommendations concerning the public employee pension and retirement benefit systems, and making an appropriation therefor" and repealing sections four and five of such chapter and to amend the education law in relation to certain retirement and other benefits for public employees, and to repeal section one hundred fifty-eight of the civil service law and making an appropriation therefor

Became a law July 31, 1973, with the approval of the Governor. Passed on message of necessity pursuant to Article III, section 14 of the Constitution by a majority vote, three-fifths being present

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subdivision i of section thirteen of the retirement and social security law, as last amended by chapter three hundred

*NOTE.-Sections four and five of chapter three hundred eighty-three of the laws of nineteen hundred seventy-three, proposed to be repealed by this act, relate to limited retirement benefits of members of certain retirement systems and optional retirement systems. Section one hundred fifty-eight of the civil service law, proposed to be repealed by this act, relates to group term life insurance and accident and health insurance plans on behalf of state employees.

FISCAL NOTE.-I. Certain benefits for members of the New York State Employees' Retirement System are made permanent under provisions of this

eighty-two of the laws of nineteen hundred seventy-three, is hereby amended to read as follows:

i. At the close of each fiscal year, the average rate of investment earnings of the retirement system shall be computed by the actuary and certified to the comptroller. This rate shall be determined from the investment earnings during the calendar year which ended three months prior to the close of the fiscal year. For any year that such average rate of earnings is in excess of three per centum but not in excess of four per centum, the comptroller shall declare a rate of special interest, for members earning regular interest of three per centum, equal to the difference between such average rate of earnings and three per centum expressed to the lower one-tenth of one per centum, but not in excess of one per centum. For any year, commencing with the fiscal year the first day of which is April first, nineteen hundred seventy, that such average rate of earnings is in excess of four per centum, the special rate of interest for members earning regular interest of three per centum shall be equal to the difference between such average rate of earnings and three per centum expressed to the lower one-tenth of one per centum, but not in excess of two per centum, and for members earning regular interest of four per centum, it shall be the difference between such average rate of earnings and four per centum, expressed to the lower one-tenth of one per centum, but not in excess of one per centum. Special interest at such rates, shall be credited by the comptroller at the same time that regular interest is credited, to the individual annuity savings accounts of persons who are members as of the close of the fiscal year. Special interest shall not be considered in determining rates of contribution of members. In the case of persons [in the employ of the state] who last became members on or after July first, nineteen hundred seventy-three, act. However, there will be no additional annual cost to such Retirement System inasmuch as Chapter 382 of the laws of 1973 extended these benefits for a one year period.

For other retirement systems in the State the following are annual estimated costs for extending certain retirement benefits to employees of various retirement plans:

II. New York State Policemen's and Firemen's Retirement System,

a. Special interest. There will be no direct annual cost to the New York State Policemen's and Firemen's Retirement System as the result of the enactment of this measure. This is because the funds which will be credited to the annuity savings account of each member of the Retirement System represents interest earned from the investment of accumulated contributions. Assuming an average rate of earnings at 4.8 per centum, the approximate amount of interest to be credited as a result of this act to the members of the New York State Policemen's and Firemen's Retirement System is $1,643,000. Assuming an average rate of earnings at 5.0 per centum or greater, the approximate maximum amount of interest to be credited as a result of this act to the members of the New York State Policemen's and Firemen's Retirement System is $1,938,000.

b. Withdrawal of excess contributions. There would be no cost to the State of New York because the amounts withdrawn would be employee contributions. c. Credit for certain leaves without pay. The estimated annual cost of this temporary retirement benefit is less than 0.1% of payroll for the New York State Policemen's and Firemen's Retirement System.