Assembly Bill A8097

Signed By Governor
2011-2012 Legislative Session

Authorizes 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 Via S5459 - 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-A8097 (ACTIVE) - Details

See Senate Version of this Bill:
S5459
Law Section:
Local Finance

2011-A8097 (ACTIVE) - Summary

Authorizes the village of Herkimer 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-A8097 (ACTIVE) - Bill Text download pdf 

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

                                  8097

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 1, 2011
                               ___________

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

AN  ACT  to  authorize  the  Village of Herkimer to finance a litigation
  settlement 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  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, 2012, in
an aggregate principal amount not to  exceed  one  million  six  hundred
thousand  dollars  ($1,600,000)  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
Herkimer  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 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  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.
                                                           LBD11810-01-1

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