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.

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S6811-2011 Actions

• Jun 29, 2012: SIGNED CHAP.81
• Jun 22, 2012: DELIVERED TO GOVERNOR
• Jun 21, 2012: returned to senate
• Jun 21, 2012: passed assembly
• Jun 21, 2012: home rule request
• Jun 21, 2012: ordered to third reading rules cal.485
• Jun 21, 2012: substituted for a9729a
• Jun 21, 2012: referred to ways and means
• Jun 21, 2012: RETURNED TO ASSEMBLY
• Jun 21, 2012: REPASSED SENATE
• Jun 21, 2012: HOME RULE REQUEST
• Jun 18, 2012: AMENDED ON THIRD READING 6811A
• Jun 18, 2012: VOTE RECONSIDERED - RESTORED TO THIRD READING
• 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

S6811-2011 Meetings

Local Government: Apr 19, 2012

S6811-2011 Calendars

Active List: Apr 30, 2012 , Floor Calendar: Apr 25, 2012 , Floor Calendar: Apr 26, 2012 , Floor Calendar: Apr 30, 2012

S6811-2011 Votes

S6811-2011 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 require-
ments 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 addi-
tional 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 munici-
pality 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.

S6811-2011 Text

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

                                    6811

                              I N  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.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD15156-02-2