This bill has been amended

Bill S1153-2009

Provides that the period of probable usefulness for certain payments by the village of Frankfort shall be 15 years

Authorizes village of Frankfort to finance a certain specific object or purpose over a period of ten years computed from the date of the first bond anticipation notes issued.

Details

Actions

  • Jan 6, 2010: REFERRED TO LOCAL GOVERNMENT
  • Jul 16, 2009: COMMITTED TO RULES
  • Apr 28, 2009: ADVANCED TO THIRD READING
  • Apr 27, 2009: 2ND REPORT CAL.
  • Apr 22, 2009: 1ST REPORT CAL.214
  • Jan 26, 2009: REFERRED TO LOCAL GOVERNMENT

Memo

 BILL NUMBER:  S1153

TITLE OF BILL : An act to provide that the period of probable usefulness for payments required of the village of Frankfort, in the county of Herkimer, to withdraw from the Herkimer county workers' compensation self-insurance plan shall be 15 years, and authorizing such village to issue bonds and notes therefor on the basis of such 15 year period of probable usefulness

PURPOSE : To allow the village of Frankfort to issue a 15 year bond for payments necessary to withdraw from the Herkimer County workers' compensation self-insurance plan.

SUMMARY OF PROVISIONS : Section 1 amends the local finance law to create a 15 year period of probably usefulness for payments necessary for the village of Frankfort to withdraw from the Herkimer County workers' compensation self-insurance plan.

Section 2 authorizes the village of Frankfort to issue bonds and notes with a 15 year maturity.

JUSTIFICATION : The village of Frankfort in the county of Herkimer has requested this legislation by resolution. The payments necessary for the village of Frankfort to withdraw from the Herkimer County workers' compensation self-insurance plan total approximately $730,000. The current applicable period of probable usefulness of 5 years would cause a significant financial hardship for village taxpayers. This bill would extend such period to 15 years to as to reduce the burden on taxpayers associated with making these payments.

LEGISLATIVE HISTORY : New bill.

FISCAL IMPLICATIONS : To be determined.

EFFECTIVE DATE : Immediately.

Text

STATE OF NEW YORK ________________________________________________________________________ 1153 2009-2010 Regular Sessions IN SENATE January 26, 2009 ___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to provide that the period of probable usefulness for payments required of the village of Frankfort, in the county of Herkimer, to withdraw from the Herkimer county workers' compensation self-insurance plan shall be 15 years, and authorizing such village to issue bonds and notes therefor on the basis of such 15 year period of probable usefulness THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding the provisions of clause (a) of subdivision 57 of paragraph a of section 11.00 of the local finance law or any other provision of law to the contrary, the period of probable usefulness for payments required of the village of Frankfort, in the county of Herkim- er, to withdraw from the Herkimer county workers' compensation self-in- surance plan shall be 15 years. Provided, further, that the village of Frankfort is hereby authorized to issue bonds and notes with a 15 year maturity for the purpose of financing such payments. S 2. This act shall take effect immediately.

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