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History
- Signed chap.578
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading rules cal.617
- Substituted for A8097
- Referred to local governments
- Delivered to assembly
- Passed senateVote 61–1
- Home rule request
- Ordered to third reading cal.1252
Show 2 earlier actions
- Committee discharged and committed to rules
- Referred to local government
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 the village of Herkimer to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes
Assembly Floor Calendar · Sponsor Marc Butler
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5459
Title of bill
An act to authorize the Village of Herkimer to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes
Purpose
To allow the Village of Herkimer to bond for a period of ten years in order to pay a $1.6 million debt to the County of Herkimer.
Summary of provisions
Section one - authorizes the Village of Herkimer to issue serial bonds, subject to the provisions of section 10.10 of the Local Finance Law. The aggregate principal amount shall not exceed $1.6 million for the specific purpose of settling amounts owed to the County of Herkimer.
Section two - authorizes the period of probable usefulness to be fifteen (15) years.
Section three - authorizes the village board of the Village of Herkimer to levy a tax to be collected in annual installments and to adopt a bond resolution authorizing the issuance of serial bonds pursuant to this act.
Section four - confines any judgment of invalidity rendered by any court of competent jurisdiction in its operation to the specific clause of this act.
Section five - provides effective date.
Justification
This bill comes at the request of the village board of the Village of Herkimer. In a recent State supreme court decision, the Village of Herkimer owes the County of Herkimer $1.6 million for workers compensation costs. The Village does not have sufficient funds to satisfy the judgment and needs special authorization to issue serial bonds in order to settle the pending litigation.
Legislative history
New bill.
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.