S T A T E   O F   N E W   Y O R K
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                                 6811--A
    Cal. No. 558

                            I N  S E N A T E

                             March 23, 2012
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  reported  favorably  from  said committee, ordered to first and second
  report, ordered to a third reading, passed by Senate and delivered  to
  the  Assembly, recalled, vote reconsidered, restored to third reading,
  amended and ordered reprinted, retaining its place  in  the  order  of
  third reading

AN  ACT to amend chapter 585 of the laws of 2011 relating to authorizing
  the village of Ilion to finance a litigation settlement by  the  issu-
  ance  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 585 of the laws of 2011 relating to
authorizing the village of Ilion 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 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]  JANUARY
31, 2013, in an aggregate principal amount not to exceed one million one
hundred  thousand dollars ($1,100,000) for the specific [object] OBJECTS
or [purpose] PURPOSES  of  (I)  settling  pending  litigation  regarding
amounts  owed  to  the  county for workers' compensation costs, AND (II)
REFUNDING AN OUTSTANDING BOND OF THE VILLAGE IN THE PRINCIPAL AMOUNT  OF
$1,167,400, ISSUED ON APRIL 5, 2012, AND BEARING INTEREST AT THE RATE OF
1.75%  PER ANNUM (THE "OUTSTANDING BOND").  In anticipation of the issu-
ance and sale of such serial bonds, bond anticipation notes  are  hereby
authorized to be issued.
  S  2. Section 3 of chapter 585 of the laws of 2011 relating to author-
izing the village of Ilion to finance a  litigation  settlement  by  the
issuance  of  serial bonds and/or anticipation notes, is amended to read
as follows:

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

                                                           LBD15156-05-2

S. 6811--A                          2

  S 3. Notwithstanding the provisions of any other law, general, special
or local TO THE CONTRARY, INCLUDING PARAGRAPH C OF SECTION 90.00 OF  THE
LOCAL  FINANCE  LAW, (I) THE OUTSTANDING BOND MAY BE REFUNDED (A) WITHIN
FIVE YEARS AFTER THE DATE OF ITS ORIGINAL ISSUANCE  AND  (B)  WHERE  THE
PRESENT  VALUE  OF THE REFUNDING BOND IS NOT LESS THAN THE PRESENT VALUE
OF THE OUTSTANDING BONDS, AND (II), 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 author-
izing the serial bonds authorized to be issued pursuant to this act.
  S  3. 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,
sentence, subdivision,  paragraph,  section  or  part  thereof  directly
involved  in  the  controversy  in  which  such judgment shall have been
rendered.
  S 4. This act shall take effect immediately.