Bill Text: NY A09698 | 2011-2012 | General Assembly | Introduced

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Bill Title: Amends provisions authorizing the village of Herkimer to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes, in relation to the requirements of issuing and levying taxes on such bonds and notes.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-20 - substituted by s6814 [A09698 Detail]

Download: New_York-2011-A09698-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9698
                                 I N  A S S E M B L Y
                                    March 27, 2012
                                      ___________
       Introduced by M. of A. BUTLER -- read once and referred to the Committee
         on Local Governments
       AN  ACT to amend chapter 578 of the laws of 2011 relating to authorizing
         the village of Herkimer to finance  a  litigation  settlement  by  the
         issuance of serial bonds and/or anticipation notes, in relation to the
         requirements of issuing and levying taxes on such bonds and notes
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 1 of chapter 578 of the laws of  2011  relating  to
    2  authorizing  the  village of Herkimer to finance a litigation settlement
    3  by the issuance of serial bonds and/or anticipation notes, is amended to
    4  read as follows:
    5    Section 1. The Village of Herkimer, in  the  county  of  Herkimer,  is
    6  hereby  authorized  to issue serial bonds[, subject to the provisions of
    7  section 10.10 of the local finance law,] on or before [June 30] DECEMBER
    8  31, 2012, in an aggregate principal  amount  not  to  exceed  [one]  TWO
    9  million [six hundred] FOUR HUNDRED SIXTY thousand dollars [($1,600,000)]
   10  ($2,460,000)  for  the  specific  object  or purpose of settling pending
   11  litigation regarding amounts owed to the  county  for  workers'  compen-
   12  sation  costs.  In  anticipation of the issuance and sale of such serial
   13  bonds, bond anticipation notes are hereby authorized to be issued.
   14    S 2. Section 3 of chapter 578 of the laws of 2011 relating to  author-
   15  izing  the village of Herkimer to finance a litigation settlement by the
   16  issuance of serial bonds and/or anticipation notes, is amended  to  read
   17  as follows:
   18    S 3. Notwithstanding the provisions of any other law, general, special
   19  or local, the Village Board of the Village of Herkimer is hereby author-
   20  ized  to  levy a tax [to be collected in annual installments] sufficient
   21  to pay the principal of and interest on said bonds and bond anticipation
   22  notes and to adopt  a  bond  resolution  authorizing  the  serial  bonds
   23  authorized to be issued pursuant to this act.
   24    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15155-03-2