What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Held for consideration in local governments
- Print number 6727a
- Amend (t) and recommit to local governments
- Referred to local governments
- Referred to local governments
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes village of Frankfort to finance a certain specific object or purpose over a period of ten years
In Assembly Committee · Local Governments · Sponsor James L. Seward
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A6727A REPLACEMENT 3/26/10
Title of bill
An act to authorize the village of Frankfort to finance a certain specific object or purpose over a period of ten years computed from the date of the first bond anticipation notes issued therefor
Purpose
The purpose of the legislation is to allow the village of Frankfort to increase the period of probable usefulness for repayment of serial bonds issued pursuant to the village's withdrawal from the Herkimer County workers' compensation self-insurance plan, from five years to ten years.
Summary of provisions
Section 1 provides legislative findings and determinations.
Section 2 authorizes the village of Frankfort to increase the period of probable usefulness and the maximum maturity of the serial bonds issued pursuant to the withdrawal from the county's workers' compensation self- insurance plan, from five years to ten years. Such authorization would be subject to the following conditions: (a) the period of probable usefulness and maximum maturity of serial bonds shall be computed from the date of issuance of the first bond anticipation note issued under each such bond resolution and (b) the bond resolution shall be adopted subject to permissive referendum.
Existing law
Subdivision 57 of section 11 of the local finance law provides that the period of probable usefulness for bond payments issued upon a municipality's withdrawal from a workers' compensation self-insu- rance plan is five years.
Justification
The village of Frankfort in the county of Herkimer has requested this legislation by resolution. The village of Frankfort recently withdrew from the county's workers' compensation self-insurance plan and adopted a bond resolution on August 20, 2009 authorizing $140,390 in serial bond payments to pay the cost of payment of the settled claim to the county. The current applicable period of probable usefulness of five years would cause a significant financial hardship for village taxpayers. As such, the bill would extend the period to ten years so as to reduce the burden on taxpayers associated with making these payments.
Legislative history
S.1153/A.6727 of 2009.
Fiscal implications
None to the state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.