senate Bill S1153A

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

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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:
A6727A
Versions:
S1153
S1153A
Legislative Cycle:
2009-2010
Current Committee:
Law Section:
Herkimer County

Sponsor Memo

BILL NUMBER: S1153A

TITLE OF BILL :
An act to authorize the 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 therefor


PURPOSE :
The purpose of the legislation is to allow the village of Frankfort to
increase the period of probable usefulness for repayment of serial
bonds issued pursuant to the village's withdrawal from the Herkimer
County workers' compensation self-insurance plan, from five years to
ten years.

SUMMARY OF PROVISIONS :
Section 1 provides legislative findings and determinations.

Section 2 authorizes the village of Frankfort to increase the period
of probable usefulness and the maximum maturity of the serial bonds
issued pursuant to the withdrawal from the county's workers'
compensation self-insurance plan, from five years to ten years. Such
authorization would be subject to the following conditions: (a) the
period of probable usefulness and maximum maturity of serial bonds
shall be computed from the date of issuance of the first bond
anticipation note issued under each such bond resolution and (b) the
bond resolution shall be adopted subject to permissive referendum.

EXISTING LAW :
Subdivision 57 of section 11 of the local finance law provides that
the period of probable usefulness for bond payments issued upon a
municipality's withdrawal from a workers' compensation self-insurance
plan is five years.

JUSTIFICATION :
The village of Frankfort in the county of Herkimer has requested this
legislation by resolution. The village of Frankfort recently withdrew
from the county's workers' compensation self-insurance plan and
adopted a bond resolution on August 20,2009 authorizing $140,390 in
serial bond payments to pay the cost of payment of the settled claim
to the county. The current applicable period of probable usefulness of
five years would cause a significant financial hardship for village
taxpayers. As such, the bill would extend the period to ten years so
as to reduce the burden on taxpayers associated with making these
payments.

LEGISLATIVE HISTORY :
S.1153/A.6727 of 2009.

FISCAL IMPLICATIONS :
None to the state.

EFFECTIVE DATE :
Immediately.
view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 1153--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 26, 2009
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government -- recom-
  mitted to the Committee on Local Government in accordance with  Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to authorize the  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 therefor

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Legislative findings. It is hereby found and determined as
follows:    that, the village board of trustees of the village of Frank-
fort duly adopted a bond resolution on  August  20,  2009,  authorizing,
$140,390  serial  bonds to pay the cost of payment of a settled claim to
the county of Herkimer as a result of termination  of  workers'  compen-
sation  coverage  for water department employees for said village; that,
the authorizing bond resolution assigned a period of probable usefulness
of five years to such specific object or purpose; that, the  authorizing
bond  resolution  restricted  the  maximum  maturity of the serial bonds
authorized by such bond resolution to five  years;  that  the  board  of
trustees  of  said  village, finding that the financing of the aforesaid
specific object or purpose over a period of five years computed from the
date of the first bond anticipation note issued under such  bond  resol-
ution,  is financially burdensome, and, therefore, said village board of
trustees is desirous of amending such bond resolution to provide  for  a
period  of probable usefulness of ten years, so that the serial bonds to
be issued therefor may mature over a period up to  ten  years,  computed
from the date of the first bond anticipation note issued under such bond
resolution;  and  that, bond counsel for the village has advised village
officials that such bond resolution legally may not be so amended  under
existing law, for the reason that it is not now possible, under existing

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05333-03-0

S. 1153--A                          2

law,  to  provide the financing of such specific object or purpose for a
period of up to ten years.
  S  2.  The  village  board  of trustees of the village of Frankfort is
hereby authorized to amend the bond resolution described in section  one
of this act, to increase the period of probable usefulness, as set forth
in such bond resolution, and the maximum maturity of the serial bonds as
authorized  in  such  bond  resolution,  from  five  years to ten years,
subject to the following conditions:
  (a) Such period of probable usefulness and  such  maturity  of  serial
bonds  shall  be  computed  from  the date of issuance of the first bond
anticipation note issued under each such bond resolution; and
  (b) The amendatory bond resolution shall be adopted subject to permis-
sive referendum in accordance with the provisions of  section  36.00  of
the local finance law.
  S 3. This act shall take effect immediately.

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