Bill Text: NY A09729 | 2011-2012 | General Assembly | Amended
Bill Title: Authorizes the village of Ilion 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) 2012-06-21 - substituted by s6811a [A09729 Detail]
Download: New_York-2011-A09729-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
9729--A
I N A S S E M B L Y
March 29, 2012
___________
Introduced by M. of A. BUTLER -- read once and referred to the Committee
on Local Governments -- reported and referred to the Committee on Ways
and Means -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend chapter 585 of the laws of 2011 relating to authorizing
the village of Ilion to finance a litigation settlement by the issu-
ance 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 585 of the laws of 2011 relating to
2 authorizing the village of Ilion to finance a litigation settlement by
3 the issuance of serial bonds and/or anticipation notes, is amended to
4 read as follows:
5 Section 1. The Village of Ilion, in the county of Herkimer, is hereby
6 authorized to issue serial bonds[, subject to the provisions of section
7 10.10 of the local finance law,] on or before [June 30, 2012] JANUARY
8 31, 2013, in an aggregate principal amount not to exceed one million one
9 hundred thousand dollars ($1,100,000) for the specific [object] OBJECTS
10 or [purpose] PURPOSES of (I) settling pending litigation regarding
11 amounts owed to the county for workers' compensation costs, AND (II)
12 REFUNDING AN OUTSTANDING BOND OF THE VILLAGE IN THE PRINCIPAL AMOUNT OF
13 $1,167,400, ISSUED ON APRIL 5, 2012, AND BEARING INTEREST AT THE RATE OF
14 1.75% PER ANNUM (THE "OUTSTANDING BOND"). In anticipation of the issu-
15 ance and sale of such serial bonds, bond anticipation notes are hereby
16 authorized to be issued.
17 S 2. Section 3 of chapter 585 of the laws of 2011 relating to author-
18 izing the village of Ilion to finance a litigation settlement by the
19 issuance of serial bonds and/or anticipation notes, is amended to read
20 as follows:
21 S 3. Notwithstanding the provisions of any other law, general, special
22 or local TO THE CONTRARY, INCLUDING PARAGRAPH C OF SECTION 90.00 OF THE
23 LOCAL FINANCE LAW, (I) THE OUTSTANDING BOND MAY BE REFUNDED (A) WITHIN
24 FIVE YEARS AFTER THE DATE OF ITS ORIGINAL ISSUANCE AND (B) WHERE THE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15156-06-2
A. 9729--A 2
1 PRESENT VALUE OF THE REFUNDING BOND IS NOT LESS THAN THE PRESENT VALUE
2 OF THE OUTSTANDING BONDS, AND (II), the Village Board of the Village of
3 Ilion is hereby authorized to levy a tax [to be collected in annual
4 installments] sufficient to pay the principal of and interest on said
5 bonds and bond anticipation notes and to adopt a bond resolution author-
6 izing the serial bonds authorized to be issued pursuant to this act.
7 S 3. If any clause, sentence, subdivision, paragraph, section or part
8 of this act be adjudged by any court of competent jurisdiction to be
9 invalid, such judgment shall not affect, impair or invalidate the
10 remainder thereof, but shall be confined in its operation to the clause,
11 sentence, subdivision, paragraph, section or part thereof directly
12 involved in the controversy in which such judgment shall have been
13 rendered.
14 S 4. This act shall take effect immediately.
