S T A T E O F N E W Y O R K
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6727--A
2009-2010 Regular Sessions
I N A S S E M B L Y
March 11, 2009
___________
Introduced by M. of A. BUTLER -- read once and referred to the Committee
on Local Governments -- recommitted to the Committee on Local Govern-
ments in accordance with Assembly Rule 3, sec. 2 -- 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.
LBD05333-04-0
A. 6727--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.