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NY S06078
Bill
Status
7/18/2012
Primary Sponsor
James Seward
Click for details
AI Summary
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Town of Frankfort in Herkimer County authorized to issue serial bonds up to $1,450,000 by June 30, 2013 to settle pending litigation regarding workers' compensation costs owed to the county
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Bond anticipation notes authorized to be issued in advance of serial bond sales
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Litigation settlement declared a public purpose with a 15-year period of probable usefulness, notwithstanding other provisions of law
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Town Board authorized to levy annual taxes sufficient to pay principal and interest on bonds and bond anticipation notes, and to adopt a bond resolution
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Act takes effect immediately
Legislative Description
Authorizes the town of Frankfurt to finance a litigation settlement by the issuance of serial bonds and/or anticipation notes.
Last Action
SIGNED CHAP.194
7/18/2012