senate Bill S6814

Signed By Governor
2011-2012 Legislative Session

Amends chapter 578 of 2011 authorizing the village of Herkimer to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

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Archive: Last Bill Status - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 29, 2012 signed chap.82
Jun 22, 2012 delivered to governor
Jun 20, 2012 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.484
substituted for a9698
Apr 30, 2012 referred to local governments
delivered to assembly
passed senate
home rule request
Apr 26, 2012 advanced to third reading
Apr 25, 2012 2nd report cal.
Apr 19, 2012 1st report cal.559
Mar 26, 2012 referred to local government

Votes

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Apr 19, 2012 - Local Government committee Vote

S6814
6
1
committee
6
Aye
1
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
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Local Government Committee Vote: Apr 19, 2012

nay (1)
excused (1)

S6814 - Bill Details

See Assembly Version of this Bill:
A9698
Law Section:
Bonds and Notes
Laws Affected:
Amd ยงยง1 & 3, Chap 578 of 2011

S6814 - Bill Texts

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Amends provisions authorizing the village of Herkimer 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 NUMBER:S6814

TITLE OF BILL:
An act
to amend chapter 578 of the laws of 2011 relating to authorizing the
village of Herkimer 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 578 of the laws of 2011 to delete a reference
to the local finance law.

SUMMARY OF PROVISIONS:
This is an amendment to S.5459, to delete
references to an inappropriate section of the local finance law; to
grant the municipality additional time to issue its notes or bonds;
and to raise its authorized bonding amount.

EXISTING LAW:
Chapter 578 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 5459 was signed into law as chapter
578 of the laws of 2011. This bill amends the chapter.

FISCAL IMPLICATIONS:
None to the state.

EFFECTIVE DATE:
Immediate.

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

                                  6814

                            I N  S E N A T E

                             March 26, 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 578 of the laws of 2011 relating to  authorizing
  the  village  of  Herkimer  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

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

  Section  1.  Section  1 of chapter 578 of the laws of 2011 relating to
authorizing the village of Herkimer 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  Herkimer, 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] DECEMBER
31,  2012,  in  an  aggregate  principal  amount not to exceed [one] TWO
million [six hundred] FOUR HUNDRED SIXTY thousand dollars [($1,600,000)]
($2,460,000) for the specific object  or  purpose  of  settling  pending
litigation  regarding  amounts  owed  to the county for workers' compen-
sation 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 578 of the laws of 2011 relating to author-
izing the village of Herkimer 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 Herkimer is hereby author-
ized 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.
                                                           LBD15155-03-2

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