S6811A-2011 Actions

• Jun 29, 2012: SIGNED CHAP.81
• Jun 22, 2012: DELIVERED TO GOVERNOR
• Jun 21, 2012: returned to senate
• Jun 21, 2012: passed assembly
• Jun 21, 2012: home rule request
• Jun 21, 2012: ordered to third reading rules cal.485
• Jun 21, 2012: substituted for a9729a
• Jun 21, 2012: referred to ways and means
• Jun 21, 2012: RETURNED TO ASSEMBLY
• Jun 21, 2012: REPASSED SENATE
• Jun 21, 2012: HOME RULE REQUEST
• Jun 18, 2012: AMENDED ON THIRD READING 6811A
• Jun 18, 2012: VOTE RECONSIDERED - RESTORED TO THIRD READING
• Jun 18, 2012: returned to senate
• Jun 18, 2012: RECALLED FROM ASSEMBLY
• Apr 30, 2012: referred to local governments
• Apr 30, 2012: DELIVERED TO ASSEMBLY
• Apr 30, 2012: PASSED SENATE
• Apr 30, 2012: HOME RULE REQUEST
• Apr 26, 2012: ADVANCED TO THIRD READING
• Apr 25, 2012: 2ND REPORT CAL.
• Apr 19, 2012: 1ST REPORT CAL.558
• Mar 23, 2012: REFERRED TO LOCAL GOVERNMENT

S6811A-2011 Calendars

S6811A-2011 Votes

S6811A-2011 Memo

BILL NUMBER:S6811A

TITLE OF BILL:
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 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 585 of the laws of 2011 to delete a
reference to the local finance law.

SUMMARY OF PROVISIONS:
This is an amendment to S.5657, to delete
references to an inappropriate section of the local finance law and
to grant the municipality additional time to issue its notes or bonds.

EXISTING LAW:
Chapter 585 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 5657 was signed into law as chapter
585 of the laws of 2011. This bill amends the chapter.

FISCAL IMPLICATIONS:
None to the state.

EFFECTIVE DATE:
Immediate.

S6811A-2011 Text

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

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