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.

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S6814-2011 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

S6814-2011 Meetings

Local Government: Apr 19, 2012

S6814-2011 Calendars

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

S6814-2011 Votes

S6814-2011 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.

S6814-2011 Text

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

                                    6814

                              I N  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.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD15155-03-2