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S05657 Summary:

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S05657 Floor Votes:

S05657 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5657
 
                               2011-2012 Regular Sessions
 
                    IN SENATE
 
                                      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    § 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    § 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    §  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    § 5. This act shall take effect immediately.