Senate Bill S8141B

2009-2010 Legislative Session

Authorizes the town of Fishkill to issue serial bonds

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Archive: Last Bill Status - In Senate Committee Local Government Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 30, 2010	print number 8141b
Jun 30, 2010	amend and recommit to local government
Jun 23, 2010	print number 8141a
Jun 23, 2010	amend and recommit to local government
Jun 11, 2010	referred to local government

Bill Amendments

2009-S8141 - Details

See Assembly Version of this Bill:: A11416
Current Committee:: Senate Local Government
Law Section:: Bonds and Notes

2009-S8141 - Summary

Authorizes the town of Fishkill to issue serial bonds in an amount not to exceed $6,500,000 for the purpose of liquidating an actual deficit in the general fund and highway fund, if approved by a majority of the electors of such town at a mandatory referendum.

2009-S8141 - Sponsor Memo

                                BILL NUMBER:S8141

TITLE OF BILL:
An act to authorize the town of Fishkill to issue bonds

PURPOSE:
This bill authorizes the town of Fishkill to issue serial bonds, as well
as bond anticipation notes in anticipation of the issuance of such seri-
al bonds, on or before December 31, 2011 to fund an aggregate deficit
not exceeding $6,500,000 accumulates as of the close its fiscal year
ending December 31, 2010.

SUMMARY OF PROVISIONS:
Section one authorizes the town to issue serial bonds as well as bond
anticipation notes in anticipation of the sale of such serial bonds in
accordance with Section 10.10 of the local finance law. Debt service is
a town wide charge.

Section two allows the town to pledge its share of sales tax collections
toward the repayment of such bonds or notes.

Section three sets forth an immediate effective date.

JUSTIFICATION:
Like many municipalities across the state, the town of Fishkill has
experienced a sharp decline in revenues over the last several years.

While the town has worked diligently to contain expenditures and limit
the burden on taxpayers, the town has not been spared from the effects
of revenue decreases.

In light of the current fiscal situation, the town board and its admin-
istration are committed to taking all steps necessary to cure the defi-
cit. Allowing for the issuance of serial bonds and bond anticipation
notes, will enable the town to move toward curing this deficit. Further-
more, the town remains focused on ensuring that the proper financial
controls and policies are in place to prevent a recurrence of future
deficits.

As the legislature has approved similar legislation in the past for both
municipalities and school districts, there is precedent for this legis-
lation.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None to the state.

EFFECTIVE DATE:
This act shall take effect immediately.

2009-S8141 - Bill Text download pdf

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

                                  8141

                            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

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. In anticipation of
the issuance and sale of such serial bonds, bond anticipation 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:
  (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;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD17716-01-0

S. 8141                             2

  (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.

2009-S8141A - Details

See Assembly Version of this Bill:: A11416
Current Committee:: Senate Local Government
Law Section:: Bonds and Notes

2009-S8141A - Summary

2009-S8141A - Sponsor Memo

                                BILL NUMBER:S8141A

TITLE OF BILL:
An act
to authorize the town of Fishkill to issue bonds

PURPOSE:
This bill authorizes the town of Fishkill to
issue serial
bonds, as well as bond anticipation notes in anticipation of the
issuance of such serial bonds, on or before December 31, 2011 to fund
an aggregate deficit not exceeding $6,500,000 accumulates as of the
close its fiscal year ending December 31, 2010.

SUMMARY OF PROVISIONS:

Section one authorizes the town to issue serial bonds as well as bond
anticipation notes in anticipation of the sale of such serial bonds
in accordance with Section 10.10 of the local finance law, provided
such issuance is approved by a public referendum. Debt service is a
town wide charge.

Section two allows the town to pledge its share of sales tax
collections toward the repayment of such bonds or notes.

Section three sets forth an immediate effective date.

JUSTIFICATION:

Like many municipalities across the state, the town of Fishkill has
experienced a sharp decline in revenues over the last several years.
While the town has worked diligently to contain expenditures and
limit the burden on taxpayers, the town has not been spared from the
effects of revenue decreases.

In light of the current fiscal situation, the town board and its
administration are committed to taking all steps necessary to cure
the deficit. Allowing for the issuance of serial bonds and bond
anticipation notes, will enable the town to move toward curing this
deficit. Furthermore, the town remains focused on ensuring that the
proper financial controls and policies are in place to prevent a
recurrence of future deficits.

As the legislature has approved similar legislation in the past for
both municipalities and school districts, there is precedent for this
legislation.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:
This act shall take effect immediately.

2009-S8141A - Bill Text download pdf

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

                                 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.

2009-S8141B (ACTIVE) - Details

See Assembly Version of this Bill:: A11416
Current Committee:: Senate Local Government
Law Section:: Bonds and Notes

2009-S8141B (ACTIVE) - Summary

2009-S8141B (ACTIVE) - Sponsor Memo

2009-S8141B (ACTIVE) - Bill Text download pdf

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

                                 8141--B

                            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 -- 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.   Any action  of  the
town  board authorizing the issuance of such serial bonds shall not take
effect until approved by the affirmative vote of a majority of the elec-
tors of the town voting thereon. The mandatory referendum shall be on  a
date  to  be  selected  by resolution of the town board, but shall be no
later than November 2, 2010. In anticipation of the issuance and sale of
such serial bonds, bond anticipation notes are hereby authorized  to  be
issued.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD17716-06-0

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Senate Bill S8141B

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee

Actions

Bill Amendments

2009-S8141 - Details

2009-S8141 - Summary

2009-S8141 - Sponsor Memo

2009-S8141 - Bill Text download pdf

2009-S8141A - Details

2009-S8141A - Summary

2009-S8141A - Sponsor Memo

2009-S8141A - Bill Text download pdf

2009-S8141B (ACTIVE) - Details

2009-S8141B (ACTIVE) - Summary

2009-S8141B (ACTIVE) - Sponsor Memo

2009-S8141B (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Stephen M. Saland

Archive: Last Bill Status - In Senate Committee Local Government Committee

Actions

Bill Amendments

2009-S8141 - Details

2009-S8141 - Summary

2009-S8141 - Sponsor Memo

2009-S8141 - Bill Text download pdf

2009-S8141A - Details

2009-S8141A - Summary

2009-S8141A - Sponsor Memo

2009-S8141A - Bill Text download pdf

2009-S8141B (ACTIVE) - Details

2009-S8141B (ACTIVE) - Summary

2009-S8141B (ACTIVE) - Sponsor Memo

2009-S8141B (ACTIVE) - Bill Text download pdf

Comments