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STATE OF NEW YORK
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9729--A

IN ASSEMBLY

March 29, 2012
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Introduced by M. of A. BUTLER -- read once and referred to the Committee
  on Local Governments -- reported and referred to the Committee on Ways
  and  Means -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

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:
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15156-06-2
A. 9729--A                          2

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.