Bill Text: NY S05657 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 5657 (Prior Session Legislation)

Introduced

Bill Title: Authorizes the village of Ilion to finance a litigation settlement regarding amounts owed to the county of Herkimer for workers' compensation costs, by the issuance of serial bonds and/or anticipation notes.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-09-23 - SIGNED CHAP.585 [S05657 Detail]

Download: New_York-2011-S05657-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5657
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                     June 9, 2011
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to authorize the Village of Ilion to finance a litigation settle-
         ment by the issuance of serial bonds and/or anticipation notes
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. The Village of Ilion, in the county of Herkimer, is hereby
    2  authorized to issue serial bonds, subject to the provisions  of  section
    3  10.10 of the local finance law, on or before June 30, 2012, in an aggre-
    4  gate  principal  amount  not  to exceed one million one hundred thousand
    5  dollars ($1,100,000) for the specific  object  or  purpose  of  settling
    6  pending  litigation  regarding  amounts  owed to the county for workers'
    7  compensation costs. In anticipation of the issuance  and  sale  of  such
    8  serial  bonds,  bond  anticipation  notes  are  hereby  authorized to be
    9  issued.
   10    S 2. Notwithstanding the provisions of any other law, general, special
   11  or local, to the contrary, including section 11.00 of the local  finance
   12  law,  the  specific object or purpose referred to in section one of this
   13  act is hereby declared to be a public purpose which the Village of Ilion
   14  is hereby authorized to accomplish and the period of probable usefulness
   15  thereof is hereby authorized to be fifteen years.
   16    S 3. Notwithstanding the provisions of any other law, general, special
   17  or local, the Village Board of the Village of Ilion is hereby authorized
   18  to levy a tax to be collected in annual installments sufficient  to  pay
   19  the  principal of and interest on said bonds and bond anticipation notes
   20  and to adopt a bond resolution authorizing the serial  bonds  authorized
   21  to be issued pursuant to this act.
   22    S  4. If any clause, sentence, subdivision, paragraph, section or part
   23  of this act be adjudged by any court of  competent  jurisdiction  to  be
   24  invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
   25  remainder thereof, but shall be confined in its operation to the clause,
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13045-01-1
       S. 5657                             2
    1  sentence, subdivision,  paragraph,  section  or  part  thereof  directly
    2  involved  in  the  controversy  in  which  such judgment shall have been
    3  rendered.
    4    S 5. This act shall take effect immediately.