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S06078 Summary:

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S06078 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
            S. 6078--B                                            A. 8847--B
            Cal. No. 220
 
                SENATE - ASSEMBLY
 
                                       (Prefiled)
 
                                     January 4, 2012
                                       ___________
 
        IN  SENATE -- Introduced by Sen. SEWARD -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Local Govern-
          ment -- committee  discharged,  bill  amended,  ordered  reprinted  as
          amended  and  recommitted to said committee -- reported favorably from

          said committee, ordered to first and second report, ordered to a third
          reading, amended and ordered reprinted, retaining  its  place  in  the
          order of third reading
 
        IN  ASSEMBLY  -- Introduced by M. of A. BUTLER -- read once and referred
          to the Committee on Local Governments --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee -- reported and referred to the Committee on  Ways  and  Means  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
 
        AN ACT to authorize the  Town  of  Frankfort  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 Town of Frankfort, in the county of Herkimer, is hereby
     2  authorized to issue serial bonds, on or before  June  30,  2013,  in  an
     3  aggregate  principal amount not to exceed one million four hundred fifty
     4  thousand dollars ($1,450,000) for the  specific  object  or  purpose  of
     5  settling  pending  litigation  regarding  amounts owed to the county for
     6  workers' compensation costs. In anticipation of the issuance and sale of
     7  such serial bonds, bond anticipation notes are hereby authorized  to  be
     8  issued.
     9    § 2. Notwithstanding the provisions of any other law, general, special
    10  or  local, to the contrary, including section 11.00 of the local finance
    11  law, the specific object or purpose referred to in section one  of  this
    12  act  is  hereby declared to be a public purpose which the Town of Frank-
    13  fort is hereby authorized to  accomplish  and  the  period  of  probable

    14  usefulness thereof is hereby authorized to be fifteen years.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13412-04-2
        S. 6078--B                          2                         A. 8847--B
 
     1    § 3. Notwithstanding the provisions of any other law, general, special
     2  or  local,  the  Board  of the Town of Frankfort is hereby authorized to
     3  levy a tax sufficient to pay the principal of and interest on said bonds
     4  and bond anticipation notes and to adopt a bond  resolution  authorizing
     5  the serial bonds authorized to be issued pursuant to this act.
     6    §  4. If any clause, sentence, subdivision, paragraph, section or part

     7  of this act be adjudged by any court of  competent  jurisdiction  to  be
     8  invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
     9  remainder thereof, but shall be confined in its operation to the clause,
    10  sentence, subdivision,  paragraph,  section  or  part  thereof  directly
    11  involved  in  the  controversy  in  which  such judgment shall have been
    12  rendered.
    13    § 5. This act shall take effect immediately.