senate Bill S6811A

Signed by Governor

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

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Sponsor

Bill Status


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

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Bill Details

See Assembly Version of this Bill:
A9729A
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:S6811A

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 requirements
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 additional 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 municipality 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--A
    Cal. No. 558

                            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  --
  reported  favorably  from  said committee, ordered to first and second
  report, ordered to a third reading, passed by Senate and delivered  to
  the  Assembly, recalled, vote reconsidered, restored to third reading,
  amended and ordered reprinted, retaining its place  in  the  order  of
  third reading

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] OBJECTS
or [purpose] PURPOSES  of  (I)  settling  pending  litigation  regarding
amounts  owed  to  the  county for workers' compensation costs, AND (II)
REFUNDING AN OUTSTANDING BOND OF THE VILLAGE IN THE PRINCIPAL AMOUNT  OF
$1,167,400, ISSUED ON APRIL 5, 2012, AND BEARING INTEREST AT THE RATE OF
1.75%  PER ANNUM (THE "OUTSTANDING BOND").  In anticipation of the issu-
ance 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:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15156-05-2

S. 6811--A                          2

  S 3. Notwithstanding the provisions of any other law, general, special
or local TO THE CONTRARY, INCLUDING PARAGRAPH C OF SECTION 90.00 OF  THE
LOCAL  FINANCE  LAW, (I) THE OUTSTANDING BOND MAY BE REFUNDED (A) WITHIN
FIVE YEARS AFTER THE DATE OF ITS ORIGINAL ISSUANCE  AND  (B)  WHERE  THE
PRESENT  VALUE  OF THE REFUNDING BOND IS NOT LESS THAN THE PRESENT VALUE
OF THE OUTSTANDING BONDS, AND (II), 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 author-
izing the serial bonds authorized to be issued pursuant to this act.
  S  3. 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 4. This act shall take effect immediately.

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