This bill has been amended

Bill S6811-2011

Amends chapter 585 of 2011 authorizing the village of Ilion to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

Authorizes the village of Ilion to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes, in relation to the requirements of issuing and levying taxes on such bonds and notes.

Details

Actions

  • Jun 18, 2012: returned to senate
  • Jun 18, 2012: RECALLED FROM ASSEMBLY
  • Apr 30, 2012: referred to local governments
  • Apr 30, 2012: DELIVERED TO ASSEMBLY
  • Apr 30, 2012: PASSED SENATE
  • Apr 30, 2012: HOME RULE REQUEST
  • Apr 26, 2012: ADVANCED TO THIRD READING
  • Apr 25, 2012: 2ND REPORT CAL.
  • Apr 19, 2012: 1ST REPORT CAL.558
  • Mar 23, 2012: REFERRED TO LOCAL GOVERNMENT

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Local Government - Apr 19, 2012
Ayes (6): Martins, Little, McDonald, Ritchie, Stewart-Cousins, Klein
Nays (1): Ball
Excused (1): Oppenheimer

Memo

BILL NUMBER:S6811

TITLE OF BILL: 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 issuance of serial bonds and/or anticipation notes, in relation to the requirements of issuing and levying taxes on such bonds and notes

PURPOSE: To amend chapter 585 of the laws of 2011 to delete a reference to the local finance law.

SUMMARY OF PROVISIONS: This is an amendment to S.5657, to delete references to an inappropriate section of the local finance law and to grant the municipality additional time to issue its notes or bonds.

EXISTING LAW: Chapter 585 was signed into law on September 23, 2011. It inadvertently and incorrectly references section 10.10 of the local finance law.

JUSTIFICATION: The section of the local finance law referred to in the chapter permits a municipality to incur debt to liquidate an operating deficit, and requires the comptroller to certify the amount of the municipality's deficit. It further requires quarterly budget reporting by the municipality to the division of budget, the comptroller, and the chairmen of the legislature's respective finance committees - clearly not the intent of the legislation. This amendment corrects the error and grants the municipality additional time to issue its notes.

LEGISLATIVE HISTORY: Senate bill 5657 was signed into law as chapter 585 of the laws of 2011. This bill amends the chapter.

FISCAL IMPLICATIONS: None to the state.

EFFECTIVE DATE: Immediate.


Text

STATE OF NEW YORK ________________________________________________________________________ 6811 IN SENATE March 23, 2012 ___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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 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. 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, 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 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