Bill Text: NY S06078 | 2011-2012 | General Assembly | Amended
Bill Title: Authorizes the town of Frankfurt to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2012-07-18 - SIGNED CHAP.194 [S06078 Detail]
Download: New_York-2011-S06078-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
S. 6078--B A. 8847--B
Cal. No. 220
S E N A T E - A S S E M B L Y
(PREFILED)
January 4, 2012
___________
IN SENATE -- Introduced by Sen. SEWARD -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Local Govern-
ment -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- reported favorably from
said committee, ordered to first and second report, ordered to a third
reading, amended and ordered reprinted, retaining its place in the
order of third reading
IN ASSEMBLY -- Introduced by M. of A. BUTLER -- read once and referred
to the Committee on Local Governments -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- 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 authorize the Town of Frankfort 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 Town of Frankfort, in the county of Herkimer, is hereby
2 authorized to issue serial bonds, on or before June 30, 2013, in an
3 aggregate principal amount not to exceed one million four hundred fifty
4 thousand dollars ($1,450,000) for the specific object or purpose of
5 settling pending litigation regarding amounts owed to the county for
6 workers' compensation costs. In anticipation of the issuance and sale of
7 such serial bonds, bond anticipation notes are hereby authorized to be
8 issued.
9 S 2. Notwithstanding the provisions of any other law, general, special
10 or local, to the contrary, including section 11.00 of the local finance
11 law, the specific object or purpose referred to in section one of this
12 act is hereby declared to be a public purpose which the Town of Frank-
13 fort is hereby authorized to accomplish and the period of probable
14 usefulness thereof is hereby authorized to be fifteen years.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13412-04-2
S. 6078--B 2 A. 8847--B
1 S 3. Notwithstanding the provisions of any other law, general, special
2 or local, the Board of the Town of Frankfort is hereby authorized to
3 levy a tax sufficient to pay the principal of and interest on said bonds
4 and bond anticipation notes and to adopt a bond resolution authorizing
5 the serial bonds authorized to be issued pursuant to this act.
6 S 4. If any clause, sentence, subdivision, paragraph, section or part
7 of this act be adjudged by any court of competent jurisdiction to be
8 invalid, such judgment shall not affect, impair or invalidate the
9 remainder thereof, but shall be confined in its operation to the clause,
10 sentence, subdivision, paragraph, section or part thereof directly
11 involved in the controversy in which such judgment shall have been
12 rendered.
13 S 5. This act shall take effect immediately.
