Bill Text: NY A08097 | 2011-2012 | General Assembly | Introduced

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Bill Title: Authorizes the village of Herkimer 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: (Introduced - Dead) 2011-06-23 - substituted by s5459 [A08097 Detail]

Download: New_York-2011-A08097-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8097
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 1, 2011
                                      ___________
       Introduced by M. of A. BUTLER -- read once and referred to the Committee
         on Local Governments
       AN  ACT  to  authorize  the  Village of Herkimer to finance a litigation
         settlement 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  Herkimer, in the county of Herkimer, is
    2  hereby authorized to issue serial bonds, subject to  the  provisions  of
    3  section  10.10  of the local finance law, on or before June 30, 2012, in
    4  an aggregate principal amount not to  exceed  one  million  six  hundred
    5  thousand  dollars  ($1,600,000)  for  the  specific object or purpose of
    6  settling pending litigation regarding amounts owed  to  the  county  for
    7  workers' compensation costs. In anticipation of the issuance and sale of
    8  such  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
   14  Herkimer  is  hereby authorized to accomplish and the period of probable
   15  usefulness 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 Herkimer is hereby author-
   18  ized to levy a tax to be collected in annual installments sufficient  to
   19  pay  the  principal  of and interest on said bonds and bond anticipation
   20  notes and to adopt  a  bond  resolution  authorizing  the  serial  bonds
   21  authorized 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.
                                                                  LBD11810-01-1
       A. 8097                             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.