Assembly Bill A9698

Signed By Governor
2011-2012 Legislative Session

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

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Archive: Last Bill Status Via S6814 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A9698 (ACTIVE) - Details

See Senate Version of this Bill:
S6814
Law Section:
Bonds and Notes
Laws Affected:
Amd §§1 & 3, Chap 578 of 2011

2011-A9698 (ACTIVE) - Summary

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.

2011-A9698 (ACTIVE) - Bill Text download pdf

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

                                  9698

                          I N  A S S E M B L Y

                             March 27, 2012
                               ___________

Introduced by M. of A. BUTLER -- read once and referred to the Committee
  on Local Governments

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

              

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