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History
- Signed chap.82
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading rules cal.484
- Substituted for A9698
- Referred to local governments
- Delivered to assembly
- Passed senateVote 57–1
- Home rule request
- Advanced to third reading
Show 3 earlier actions
- 2nd report cal.
- 1st report cal.559
- 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.
Amends chapter 578 of 2011 authorizing 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:S6814
Title of bill
An act to amend chapter 578 of the laws of 2011 relating to authorizing the village of Herkimer to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes, in relation to the requirements of issuing and levying taxes on such bonds and notes
Purpose
To amend chapter 578 of the laws of 2011 to delete a reference to the local finance law.
Summary of provisions
This is an amendment to S.5459, to delete references to an inappropriate section of the local finance law; to grant the municipality additional time to issue its notes or bonds; and to raise its authorized bonding amount.
Existing law
Chapter 578 was signed into law on September 23, 2011. It inadvertently and incorrectly references section 10.10 of the local finance law.
Justification
The section of the local finance law referred to in the chapter permits a municipality to incur debt to liquidate an operating deficit, and requires the comptroller to certify the amount of the municipality's deficit. It further requires quarterly budget reporting by the municipality to the division of budget, the comptroller, and the chairmen of the legislature's respective finance committees - clearly not the intent of the legislation. This amendment corrects the error and grants the municipality additional time to issue its notes.
Legislative history
Senate bill 5459 was signed into law as chapter 578 of the laws of 2011. This bill amends the chapter.
Fiscal implications
None to the state.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.