Bill Text: NY A08264 | 2011-2012 | General Assembly | Introduced

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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: (Introduced - Dead) 2011-06-17 - substituted by s5657 [A08264 Detail]

Download: New_York-2011-A08264-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8264
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 9, 2011
                                      ___________
       Introduced by M. of A. BUTLER -- read once and referred to the Committee
         on Local Governments
       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
       A. 8264                             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.