Bill S1153A-2009

Authorizes village of Frankfort to finance a certain specific object or purpose over a period of ten 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

  • Jun 25, 2010: referred to local governments
  • Jun 25, 2010: DELIVERED TO ASSEMBLY
  • Jun 25, 2010: PASSED SENATE
  • Jun 25, 2010: HOME RULE REQUEST
  • Jun 8, 2010: ADVANCED TO THIRD READING
  • Jun 7, 2010: 2ND REPORT CAL.
  • Jun 3, 2010: 1ST REPORT CAL.732
  • Mar 24, 2010: PRINT NUMBER 1153A
  • Mar 24, 2010: AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT
  • 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

Votes

VOTE: COMMITTEE VOTE: - Local Government - Jun 3, 2010
Ayes (7): Stewart-Cousins, Oppenheimer, Valesky, Thompson, Johnson C, Little, Bonacic
Excused (1): Morahan

Memo

 BILL NUMBER:  S1153A

TITLE OF BILL : An act to authorize the 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 therefor

PURPOSE : The purpose of the legislation is to allow the village of Frankfort to increase the period of probable usefulness for repayment of serial bonds issued pursuant to the village's withdrawal from the Herkimer County workers' compensation self-insurance plan, from five years to ten years.

SUMMARY OF PROVISIONS : Section 1 provides legislative findings and determinations.

Section 2 authorizes the village of Frankfort to increase the period of probable usefulness and the maximum maturity of the serial bonds issued pursuant to the withdrawal from the county's workers' compensation self-insurance plan, from five years to ten years. Such authorization would be subject to the following conditions: (a) the period of probable usefulness and maximum maturity of serial bonds shall be computed from the date of issuance of the first bond anticipation note issued under each such bond resolution and (b) the bond resolution shall be adopted subject to permissive referendum.

EXISTING LAW : Subdivision 57 of section 11 of the local finance law provides that the period of probable usefulness for bond payments issued upon a municipality's withdrawal from a workers' compensation self-insurance plan is five years.

JUSTIFICATION : The village of Frankfort in the county of Herkimer has requested this legislation by resolution. The village of Frankfort recently withdrew from the county's workers' compensation self-insurance plan and adopted a bond resolution on August 20,2009 authorizing $140,390 in serial bond payments to pay the cost of payment of the settled claim to the county. The current applicable period of probable usefulness of five years would cause a significant financial hardship for village taxpayers. As such, the bill would extend the period to ten years so as to reduce the burden on taxpayers associated with making these payments.

LEGISLATIVE HISTORY : S.1153/A.6727 of 2009.

FISCAL IMPLICATIONS : None to the state.

EFFECTIVE DATE : Immediately.

Text

STATE OF NEW YORK ________________________________________________________________________ 1153--A 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 -- recom- mitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to authorize the 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 therefor THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings. It is hereby found and determined as follows: that, the village board of trustees of the village of Frank- fort duly adopted a bond resolution on August 20, 2009, authorizing, $140,390 serial bonds to pay the cost of payment of a settled claim to the county of Herkimer as a result of termination of workers' compen- sation coverage for water department employees for said village; that, the authorizing bond resolution assigned a period of probable usefulness of five years to such specific object or purpose; that, the authorizing bond resolution restricted the maximum maturity of the serial bonds authorized by such bond resolution to five years; that the board of trustees of said village, finding that the financing of the aforesaid specific object or purpose over a period of five years computed from the date of the first bond anticipation note issued under such bond resol- ution, is financially burdensome, and, therefore, said village board of trustees is desirous of amending such bond resolution to provide for a period of probable usefulness of ten years, so that the serial bonds to be issued therefor may mature over a period up to ten years, computed from the date of the first bond anticipation note issued under such bond resolution; and that, bond counsel for the village has advised village officials that such bond resolution legally may not be so amended under existing law, for the reason that it is not now possible, under existing
law, to provide the financing of such specific object or purpose for a period of up to ten years. S 2. The village board of trustees of the village of Frankfort is hereby authorized to amend the bond resolution described in section one of this act, to increase the period of probable usefulness, as set forth in such bond resolution, and the maximum maturity of the serial bonds as authorized in such bond resolution, from five years to ten years, subject to the following conditions: (a) Such period of probable usefulness and such maturity of serial bonds shall be computed from the date of issuance of the first bond anticipation note issued under each such bond resolution; and (b) The amendatory bond resolution shall be adopted subject to permis- sive referendum in accordance with the provisions of section 36.00 of the local finance law. S 3. This act shall take effect immediately.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus