Assembly Bill A8264

Signed By Governor
2011-2012 Legislative Session

Authorizes the village of Ilion to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

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Archive: Last Bill Status Via S5657 - Signed by Governor

  • 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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2011-A8264 (ACTIVE) - Details

See Senate Version of this Bill:
S5657
Law Section:
Ilion, Village of

2011-A8264 (ACTIVE) - Summary

Authorizes the village of Ilion to finance a litigation settlement regarding amounts owed to the county of Herkimer for workers' compensation costs, by the issuance of serial bonds and/or anticipation notes.

2011-A8264 (ACTIVE) - Bill Text download pdf 

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

                                  8264

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 9, 2011
                               ___________

Introduced by M. of A. BUTLER -- read once and referred to the Committee
  on Local Governments

AN ACT to authorize the Village of Ilion to finance a litigation settle-
  ment by the issuance of serial bonds and/or anticipation notes

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT 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, in an aggre-
gate principal amount not to exceed one  million  one  hundred  thousand
dollars  ($1,100,000)  for  the  specific  object or purpose of settling
pending litigation regarding amounts owed to  the  county  for  workers'
compensation  costs.  In  anticipation  of the issuance and sale of such
serial bonds, bond  anticipation  notes  are  hereby  authorized  to  be
issued.
  S 2. Notwithstanding the provisions of any other law, general, special
or  local, to the contrary, including section 11.00 of the local finance
law, the specific object or purpose referred to in section one  of  this
act is hereby declared to be a public purpose which the Village of Ilion
is hereby authorized to accomplish and the period of probable usefulness
thereof is hereby authorized to be fifteen years.
  S 3. Notwithstanding the provisions of any other law, general, special
or local, 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 authorizing the serial bonds authorized
to be issued pursuant to this act.
  S 4. 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,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13045-01-1

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