senate Bill S1153

Amended

Authorizes village of Frankfort to finance a certain specific object or purpose over a period of ten years

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 26 / Jan / 2009
    • REFERRED TO LOCAL GOVERNMENT
  • 22 / Apr / 2009
    • 1ST REPORT CAL.214
  • 27 / Apr / 2009
    • 2ND REPORT CAL.
  • 28 / Apr / 2009
    • ADVANCED TO THIRD READING
  • 16 / Jul / 2009
    • COMMITTED TO RULES
  • 06 / Jan / 2010
    • REFERRED TO LOCAL GOVERNMENT
  • 24 / Mar / 2010
    • AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT
  • 24 / Mar / 2010
    • PRINT NUMBER 1153A
  • 03 / Jun / 2010
    • 1ST REPORT CAL.732
  • 07 / Jun / 2010
    • 2ND REPORT CAL.
  • 08 / Jun / 2010
    • ADVANCED TO THIRD READING
  • 25 / Jun / 2010
    • HOME RULE REQUEST
  • 25 / Jun / 2010
    • PASSED SENATE
  • 25 / Jun / 2010
    • DELIVERED TO ASSEMBLY
  • 25 / Jun / 2010
    • REFERRED TO LOCAL GOVERNMENTS

Summary

Authorizes village of Frankfort to finance a certain specific object or purpose over a period of ten years computed from the date of the first bond anticipation notes issued.

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Bill Details

See Assembly Version of this Bill:
A6727
Versions:
S1153
S1153A
Legislative Cycle:
2009-2010
Current Committee:
Law Section:
Herkimer County

Sponsor Memo

BILL NUMBER: S1153

TITLE OF BILL :
An act to provide that the period of probable usefulness for payments
required of the village of Frankfort, in the county of Herkimer, to
withdraw from the Herkimer county workers' compensation self-insurance
plan shall be 15 years, and authorizing such village to issue bonds
and notes therefor on the basis of such 15 year period of probable
usefulness


PURPOSE :
To allow the village of Frankfort to issue a 15 year bond for payments
necessary to withdraw from the Herkimer County workers' compensation
self-insurance plan.

SUMMARY OF PROVISIONS :
Section 1 amends the local finance law to create a 15 year period of
probably usefulness for payments necessary for the village of
Frankfort to withdraw from the Herkimer County workers' compensation
self-insurance plan.

Section 2 authorizes the village of Frankfort to issue bonds and notes
with a 15 year maturity.

JUSTIFICATION :
The village of Frankfort in the county of Herkimer has requested this
legislation by resolution. The payments necessary for the village of
Frankfort to withdraw from the Herkimer County workers' compensation
self-insurance plan total approximately $730,000. The current
applicable period of probable usefulness of 5 years would cause a
significant financial hardship for village taxpayers. This bill would
extend such period to 15 years to as to reduce the burden on taxpayers
associated with making these payments.

LEGISLATIVE HISTORY :
New bill.

FISCAL IMPLICATIONS :
To be determined.

EFFECTIVE DATE :
Immediately.
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