senate Bill S6078A

Signed by Governor Amended

Authorizes the town of Frankfort to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

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Bill Status


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

  • 04 / Jan / 2012
    • REFERRED TO LOCAL GOVERNMENT
  • 25 / Jan / 2012
    • AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • 25 / Jan / 2012
    • PRINT NUMBER 6078A
  • 29 / Feb / 2012
    • 1ST REPORT CAL.220
  • 01 / Mar / 2012
    • 2ND REPORT CAL.
  • 05 / Mar / 2012
    • ADVANCED TO THIRD READING
  • 26 / Mar / 2012
    • AMENDED ON THIRD READING 6078B
  • 25 / Apr / 2012
    • HOME RULE REQUEST
  • 25 / Apr / 2012
    • PASSED SENATE
  • 25 / Apr / 2012
    • DELIVERED TO ASSEMBLY
  • 25 / Apr / 2012
    • REFERRED TO WAYS AND MEANS
  • 14 / Jun / 2012
    • SUBSTITUTED FOR A8847B
  • 14 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.189
  • 14 / Jun / 2012
    • HOME RULE REQUEST
  • 14 / Jun / 2012
    • PASSED ASSEMBLY
  • 14 / Jun / 2012
    • RETURNED TO SENATE
  • 06 / Jul / 2012
    • DELIVERED TO GOVERNOR
  • 18 / Jul / 2012
    • SIGNED CHAP.194

Summary

Authorizes the town of Frankfurt to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes.

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Bill Details

See Assembly Version of this Bill:
A8847A
Versions:
S6078
S6078A
S6078B
Legislative Cycle:
2011-2012
Law Section:
Herkimer County

Votes

7
0
7
Aye
0
Nay
0
aye with reservations
0
absent
1
excused
0
abstained
show Local Government committee vote details

Sponsor Memo

BILL NUMBER:S6078A

TITLE OF BILL:
An act
to authorize the Town of Frankfort to finance a litigation settlement
by the issuance of serial bonds and/or anticipation notes

PURPOSE:
To allow the Town of Frankfort to bond for a period of
fifteen years in order to pay a one million four hundred fifty
thousand dollars ($1,450,000) to the County of Herkimer.

SUMMARY OF PROVISIONS:
Section one - authorizes the Town of Frankfort
to issue serial bonds, subject to the provisions of section 10.10 of
the Local Finance Law on or before June 30, 2013. The aggregate
principal amount shall not exceed $1,450,000 for the specific purpose
of settling amounts owed to the County of Herkimer.

Section two - authorizes the period of probable usefulness to be
fifteen (15) years.

Section three - authorizes the Town Board of the Town of Frankfort to
levy a tax to be collected in annual installments and to adopt a bond
resolution authorizing the issuance of serial bonds pursuant to this
act.

Section four - confines any judgment of invalidity rendered by any
court to competent jurisdiction in its operation to the specific
clause of this act.

Section five - provides effective date.

JUSTIFICATION:
This bill comes at the request of the Town Board of the
Town of Frankfort.
In a recent State supreme court decision, the Town of Frankfort owes
the County of Herkimer $1,450,000. for workers compensation costs.
The Town does not have sufficient funds to satisfy the judgment and
needs special authorization to issue serial bonds in order to settle
the pending litigation.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None to the state.

EFFECTIVE DATE:
This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    S. 6078--A                                            A. 8847--A

                      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

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

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:

  Section 1. The Town of Frankfort, in the county of Herkimer, is hereby
authorized to issue serial bonds, subject to the provisions  of  section
10.10 of the local finance law, on or before June 30, 2013, in an aggre-
gate principal amount not to exceed one million four hundred fifty thou-
sand dollars ($1,450,000) for the specific object or purpose of settling
pending  litigation  regarding  amounts  owed to the county for workers'
compensation costs. In anticipation of the issuance  and  sale  of  such
serial  bonds,  bond  anticipation  notes  are  hereby  authorized to be
issued.
  S 2. Notwithstanding the provisions of any other law, general, special
or local, to the contrary, including section 11.00 of the local  finance
law,  the  specific object or purpose referred to in section one of this
act is hereby declared to be a public purpose which the Town  of  Frank-
fort  is  hereby  authorized  to  accomplish  and the period of probable
usefulness thereof is hereby authorized to be fifteen years.
  S 3. Notwithstanding the provisions of any other law, general, special
or local, the Board of the Town of Frankfort  is  hereby  authorized  to
levy  a tax to be collected in annual installments sufficient to pay the
principal of and interest on said bonds and bond anticipation notes  and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13412-03-2

S. 6078--A                          2                         A. 8847--A

to adopt a bond resolution authorizing the serial bonds authorized to be
issued pursuant to this act.
  S  4. If any clause, sentence, subdivision, paragraph, section or part
of this act be adjudged by any court of  competent  jurisdiction  to  be
invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentence, subdivision,  paragraph,  section  or  part  thereof  directly
involved  in  the  controversy  in  which  such judgment shall have been
rendered.
  S 5. This act shall take effect immediately.

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