senate Bill S6811

Signed by Governor Amended

Amends chapter 585 of 2011 authorizing the village of Ilion to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

download pdf

Sponsor

Bill Status


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

actions

  • 23 / Mar / 2012
    • REFERRED TO LOCAL GOVERNMENT
  • 19 / Apr / 2012
    • 1ST REPORT CAL.558
  • 25 / Apr / 2012
    • 2ND REPORT CAL.
  • 26 / Apr / 2012
    • ADVANCED TO THIRD READING
  • 30 / Apr / 2012
    • HOME RULE REQUEST
  • 30 / Apr / 2012
    • PASSED SENATE
  • 30 / Apr / 2012
    • DELIVERED TO ASSEMBLY
  • 30 / Apr / 2012
    • REFERRED TO LOCAL GOVERNMENTS
  • 18 / Jun / 2012
    • RECALLED FROM ASSEMBLY
  • 18 / Jun / 2012
    • RETURNED TO SENATE
  • 18 / Jun / 2012
    • VOTE RECONSIDERED - RESTORED TO THIRD READING
  • 18 / Jun / 2012
    • AMENDED ON THIRD READING 6811A
  • 21 / Jun / 2012
    • HOME RULE REQUEST
  • 21 / Jun / 2012
    • REPASSED SENATE
  • 21 / Jun / 2012
    • RETURNED TO ASSEMBLY
  • 21 / Jun / 2012
    • REFERRED TO WAYS AND MEANS
  • 21 / Jun / 2012
    • SUBSTITUTED FOR A9729A
  • 21 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.485
  • 21 / Jun / 2012
    • HOME RULE REQUEST
  • 21 / Jun / 2012
    • PASSED ASSEMBLY
  • 21 / Jun / 2012
    • RETURNED TO SENATE
  • 22 / Jun / 2012
    • DELIVERED TO GOVERNOR
  • 29 / Jun / 2012
    • SIGNED CHAP.81

Summary

Authorizes the village of Ilion to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes, in relation to the requirements of issuing and levying taxes on such bonds and notes.

do you support this bill?

Bill Details

Versions:
S6811
S6811A
Legislative Cycle:
2011-2012
Law Section:
Bonds and Notes
Laws Affected:
Amd ยงยง1 & 3, Chap 585 of 2011

Sponsor Memo

BILL NUMBER:S6811

TITLE OF BILL:
An act to amend chapter 585 of the laws of 2011 relating to authorizing
the village of Ilion to finance a litigation settlement by the issuance
of serial bonds and/or anticipation notes, in relation to the require-
ments of issuing and levying taxes on such bonds and notes

PURPOSE:
To amend chapter 585 of the laws of 2011 to delete a reference to the
local finance law.

SUMMARY OF PROVISIONS:
This is an amendment to S.5657, to delete references to an inappropriate
section of the local finance law and to grant the municipality addi-
tional time to issue its notes or bonds.

EXISTING LAW:
Chapter 585 was signed into law on September 23, 2011. It inadvertently
and incorrectly references section 10.10 of the local finance law.

JUSTIFICATION:
The section of the local finance law referred to in the chapter permits
a municipality to incur debt to liquidate an operating deficit, and
requires the comptroller to certify the amount of the municipality's
deficit. It further requires quarterly budget reporting by the munici-
pality to the division of budget, the comptroller, and the chairmen of
the legislature's respective finance committees - clearly not the intent
of the legislation. This amendment corrects the error and grants the
municipality additional time to issue its notes.

LEGISLATIVE HISTORY:
Senate bill 5657 was signed into law as chapter 585 of the laws of 2011.
This bill amends the chapter.

FISCAL IMPLICATIONS:
None to the state.

EFFECTIVE DATE:
Immediate.

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

                                  6811

                            I N  S E N A T E

                             March 23, 2012
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend chapter 585 of the laws of 2011 relating to  authorizing
  the  village  of Ilion to finance a litigation settlement by the issu-
  ance of serial bonds and/or anticipation notes,  in  relation  to  the
  requirements of issuing and levying taxes on such bonds and notes

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

  Section 1. Section 1 of chapter 585 of the laws of  2011  relating  to
authorizing  the  village of Ilion to finance a litigation settlement by
the issuance of serial bonds and/or anticipation notes,  is  amended  to
read as follows:
  Section  1. The Village of Ilion, 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, 2012] JANUARY
31, 2013, in an aggregate principal amount not to exceed one million one
hundred thousand dollars ($1,100,000) 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. Section 3 of chapter 585 of the laws of 2011 relating to  author-
izing  the  village  of  Ilion to finance a litigation settlement by the
issuance of serial bonds and/or anticipation notes, is amended  to  read
as follows:
  S 3. Notwithstanding the provisions of any other law, general, special
or local, the Village Board of the Village of Ilion 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 to adopt a bond resolution authorizing the serial  bonds  authorized
to be issued pursuant to this act.
  S 3. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15156-02-2

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.