S T A T E O F N E W Y O R K
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8141--A
I N S E N A T E
June 11, 2010
___________
Introduced by Sen. SALAND -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to authorize the town of Fishkill to issue bonds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The town of Fishkill (hereinafter the "town"), in the
county of Dutchess, is hereby authorized to issue serial bonds, subject
to the provisions of section 10.10 of the local finance law, on or
before December 31, 2011, in an aggregate principal amount not to exceed
six million five hundred thousand dollars ($6,500,000) for the specific
object or purpose of liquidating an actual deficit (hereinafter the
"deficit") in its general fund and highway fund accumulated as of the
close of its fiscal year ending December 31, 2010 if such issuance is
approved by the qualified voters of such town at a public referendum. In
anticipation of the issuance and sale of such serial bonds, bond antic-
ipation notes are hereby authorized to be issued. Payment of principal
of and interest on such bonds and notes shall be a general fund charge.
S 2. (a) As additional security for any issue of general obligation
serial bonds and/or bond anticipation notes issued pursuant to this act,
the town board of the town is hereby authorized to irrevocably pledge to
the payment of the principal of and interest on such bonds and/or bond
anticipation notes the town's share of the net collections, as such term
is defined in section 1262 of the tax law, from taxes imposed by the
county of Dutchess pursuant to the authority of section 1210 of the tax
law, as amended, or any successor law thereto, and which such town may
be entitled to receive from such taxes, or such portion of such net
collections determined by said town at the time of issuance of said
bonds and/or bond anticipation notes to be necessary to do so addi-
tionally secure such bonds and/or bond anticipation notes, subject to
the following limitations and conditions:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17716-02-0
S. 8141--A 2
(i) Any such pledge shall become effective on the date of issue of any
bonds and/or bond anticipation notes the payment of which is secured by
such pledge;
(ii) Any such pledge may be made subject to such terms and conditions,
not inconsistent with this act, as may be determined necessary or appro-
priate by such town board; and
(iii) Any such pledge shall not be authorized by such town board
unless such town board shall have determined that such pledge is neces-
sary and in the public interest.
(b) Any pledge made pursuant to this section shall be valid and bind-
ing from the time when such pledge takes effect, and the net collections
so pledged and thereafter received by the town shall immediately be
subject to the lien of such pledge without any physical delivery thereof
or further act. The lien of any such pledge shall be valid and binding
as against all parties having claims of any kind in tort, contract or
otherwise against the town irrespective of whether such parties have
notice thereof. Neither the resolution nor any other instrument by which
such a pledge is created need be filed or recorded.
(c) The state does hereby pledge and agree with the holders of any
issue of bonds and/or bond anticipation notes secured by such a pledge
that the state will not limit or alter the rights hereby vested in the
town to fulfill the terms of any agreements made with said holders
pursuant to this act, or in any way impair the rights and remedies of
such holders or the security for said bonds and/or bond anticipation
notes, until such bonds and/or bond anticipation notes, together with
the interest thereon and all costs and expenses in connection with any
action or proceedings by or on behalf of such holders, are fully paid
and discharged; provided, however, that this pledge shall be subject to
the reserved right of the state to alter the base, rate, method of taxa-
tion and exemptions from taxation or the method of distribution of the
taxes which may be imposed by the county of Dutchess, the net
collections from which may be pledged, pursuant to this act, as addi-
tional security for any issue of general obligation serial bonds and/or
bond anticipation notes of such town. The town is authorized to include
this pledge and agreement of the state, subject to the state's reserved
right, in any agreement with the holders of such bonds and/or bond
anticipation notes.
S 3. This act shall take effect immediately.