Bill S6814-2011

Amends chapter 578 of 2011 authorizing the village of Herkimer to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes

Amends provisions authorizing the village of Herkimer 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 29, 2012: SIGNED CHAP.82
  • Jun 22, 2012: DELIVERED TO GOVERNOR
  • Jun 20, 2012: returned to senate
  • Jun 20, 2012: passed assembly
  • Jun 20, 2012: home rule request
  • Jun 20, 2012: ordered to third reading rules cal.484
  • Jun 20, 2012: substituted for a9698
  • 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.559
  • Mar 26, 2012: REFERRED TO LOCAL GOVERNMENT

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:S6814

TITLE OF BILL: An act to amend chapter 578 of the laws of 2011 relating to authorizing the village of Herkimer 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 578 of the laws of 2011 to delete a reference to the local finance law.

SUMMARY OF PROVISIONS: This is an amendment to S.5459, to delete references to an inappropriate section of the local finance law; to grant the municipality additional time to issue its notes or bonds; and to raise its authorized bonding amount.

EXISTING LAW: Chapter 578 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 5459 was signed into law as chapter 578 of the laws of 2011. This bill amends the chapter.

FISCAL IMPLICATIONS: None to the state.

EFFECTIVE DATE: Immediate.


Text

STATE OF NEW YORK ________________________________________________________________________ 6814 IN SENATE March 26, 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 578 of the laws of 2011 relating to authorizing the village of Herkimer 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 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 1 of chapter 578 of the laws of 2011 relating to authorizing the village of Herkimer 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 Herkimer, 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] DECEMBER 31, 2012, in an aggregate principal amount not to exceed [one] TWO million [six hundred] FOUR HUNDRED SIXTY thousand dollars [($1,600,000)] ($2,460,000) for the specific object or purpose of settling pending litigation regarding amounts owed to the county for workers' compen- sation 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 578 of the laws of 2011 relating to author- izing the village of Herkimer 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 Herkimer is hereby author- ized 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.

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