Senate Bill S5657

Signed By Governor
2011-2012 Legislative Session

Authorizes the village of Ilion to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

download bill text pdf

Sponsored By

Archive: Last Bill Status - 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-S5657 (ACTIVE) - Details

See Assembly Version of this Bill:
A8264
Law Section:
Ilion, Village of

2011-S5657 (ACTIVE) - Summary

Authorizes the village of Ilion 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-S5657 (ACTIVE) - Sponsor Memo

2011-S5657 (ACTIVE) - Bill Text download pdf 

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

                                  5657

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 9, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to authorize the Village of Ilion to finance a litigation settle-
  ment 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 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, in an aggre-
gate  principal  amount  not  to exceed one million one hundred thousand
dollars ($1,100,000) 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 Ilion
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 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 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.
                                                           LBD13045-01-1

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