This bill has been amended

Bill S6078A-2011

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

Authorizes the town of Frankfurt to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes.

Details

Actions

  • Mar 26, 2012: AMENDED ON THIRD READING 6078B
  • Mar 5, 2012: ADVANCED TO THIRD READING
  • Mar 1, 2012: 2ND REPORT CAL.
  • Feb 29, 2012: 1ST REPORT CAL.220
  • Jan 25, 2012: PRINT NUMBER 6078A
  • Jan 25, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
  • Jan 4, 2012: REFERRED TO LOCAL GOVERNMENT

Votes

VOTE: COMMITTEE VOTE: - Local Government - Feb 29, 2012
Ayes (7): Martins, Ball, Little, McDonald, Ritchie, Stewart-Cousins, Klein
Excused (1): Oppenheimer

Memo

BILL NUMBER:S6078A

TITLE OF BILL: An act to authorize the Town of Frankfort to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

PURPOSE: To allow the Town of Frankfort to bond for a period of fifteen years in order to pay a one million four hundred fifty thousand dollars ($1,450,000) to the County of Herkimer.

SUMMARY OF PROVISIONS: Section one - authorizes the Town of Frankfort to issue serial bonds, subject to the provisions of section 10.10 of the Local Finance Law on or before June 30, 2013. The aggregate principal amount shall not exceed $1,450,000 for the specific purpose of settling amounts owed to the County of Herkimer.

Section two - authorizes the period of probable usefulness to be fifteen (15) years.

Section three - authorizes the Town Board of the Town of Frankfort to levy a tax to be collected in annual installments and to adopt a bond resolution authorizing the issuance of serial bonds pursuant to this act.

Section four - confines any judgment of invalidity rendered by any court to competent jurisdiction in its operation to the specific clause of this act.

Section five - provides effective date.

JUSTIFICATION: This bill comes at the request of the Town Board of the Town of Frankfort. In a recent State supreme court decision, the Town of Frankfort owes the County of Herkimer $1,450,000. for workers compensation costs. The Town does not have sufficient funds to satisfy the judgment and needs special authorization to issue serial bonds in order to settle the pending litigation.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to the state.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ S. 6078--A A. 8847--A S E N A T E - A S S E M B L Y (PREFILED) January 4, 2012 ___________
IN SENATE -- Introduced by Sen. SEWARD -- read twice and ordered print- ed, and when printed to be committed to the Committee on Local Govern- ment -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee IN ASSEMBLY -- Introduced by M. of A. BUTLER -- read once and referred to the Committee on Local Governments -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to authorize the Town of Frankfort 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 Town of Frankfort, 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, 2013, in an aggre- gate principal amount not to exceed one million four hundred fifty thou- sand dollars ($1,450,000) 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 Town of Frank- fort 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 Board of the Town of Frankfort 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, sentence, subdivision, paragraph, section or part thereof directly involved in the controversy in which such judgment shall have been rendered. S 5. This act shall take effect immediately.

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