Bill Text: NY S05459 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes the village of Herkimer to finance a litigation settlement regarding amounts owed to the county of Herkimer for workers' compensation costs, by the issuance of serial bonds and/or anticipation notes.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-09-23 - SIGNED CHAP.578 [S05459 Detail]

Download: New_York-2011-S05459-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5459
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     May 24, 2011
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to authorize the Village of  Herkimer  to  finance  a  litigation
         settlement by the issuance of serial bonds and/or anticipation notes
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The Village of Herkimer, in  the  county  of  Herkimer,  is
    2  hereby  authorized  to  issue serial bonds, subject to the provisions of
    3  section 10.10 of the local finance law, on or before June 30,  2012,  in
    4  an  aggregate  principal  amount  not  to exceed one million six hundred
    5  thousand dollars ($1,600,000) for the  specific  object  or  purpose  of
    6  settling  pending  litigation  regarding  amounts owed to the county for
    7  workers' compensation costs. In anticipation of the issuance and sale of
    8  such serial bonds, bond anticipation notes are hereby authorized  to  be
    9  issued.
   10    S 2. Notwithstanding the provisions of any other law, general, special
   11  or  local, to the contrary, including section 11.00 of the local finance
   12  law, the specific object or purpose referred to in section one  of  this
   13  act  is  hereby  declared  to  be  a public purpose which the Village of
   14  Herkimer is hereby authorized to accomplish and the period  of  probable
   15  usefulness thereof is hereby authorized to be fifteen years.
   16    S 3. Notwithstanding the provisions of any other law, general, special
   17  or local, the Village Board of the Village of Herkimer is hereby author-
   18  ized  to levy a tax to be collected in annual installments sufficient to
   19  pay the principal of and interest on said bonds  and  bond  anticipation
   20  notes  and  to  adopt  a  bond  resolution  authorizing the serial bonds
   21  authorized to be issued pursuant to this act.
   22    S 4. If any clause, sentence, subdivision, paragraph, section or  part
   23  of  this  act  be  adjudged by any court of competent jurisdiction to be
   24  invalid, such judgment  shall  not  affect,  impair  or  invalidate  the
   25  remainder thereof, but shall be confined in its operation to the clause,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11810-01-1
       S. 5459                             2
    1  sentence,  subdivision,  paragraph,  section  or  part  thereof directly
    2  involved in the controversy in  which  such  judgment  shall  have  been
    3  rendered.
    4    S 5. This act shall take effect immediately.