Fishkill 6.5 M bill in Albany

http://assembly.state.ny.us/leg/?default_fld=&bn=S08141%09%09&Summary=Y&Actions=Y&Votes=Y&Memo=Y&Text=Y

S08141 Summary:
BILL NO S08141

Authorizes the town of Fishkill to issue serial bonds in an amount not to
exceed $6,500,000 for the purpose of liquidating an actual deficit in the
general fund and highway fund of such town.


S08141 Text:
S T A T E O F N E W Y O R K
________________________________________________________________________

8141

I N S E N A T E

June 11, 2010
___________

Introduced by Sen. SALAND -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government

AN ACT to authorize the town of Fishkill to issue bonds

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

1 Section 1. The town of Fishkill (hereinafter the "town"), in the
2 county of Dutchess, is hereby authorized to issue serial bonds, subject
3 to the provisions of section 10.10 of the local finance law, on or
4 before December 31, 2011, in an aggregate principal amount not to exceed
5 six million five hundred thousand dollars ($6,500,000) for the specific
6 object or purpose of liquidating an actual deficit (hereinafter the
7 "deficit") in its general fund and highway fund accumulated as of the
8 close of its fiscal year ending December 31, 2010. In anticipation of
9 the issuance and sale of such serial bonds, bond anticipation notes are
10 hereby authorized to be issued. Payment of principal of and interest on
11 such bonds and notes shall be a general fund charge.
12 S 2. (a) As additional security for any issue of general obligation
13 serial bonds and/or bond anticipation notes issued pursuant to this act,
14 the town board of the town is hereby authorized to irrevocably pledge to
15 the payment of the principal of and interest on such bonds and/or bond
16 anticipation notes the town's share of the net collections, as such term
17 is defined in section 1262 of the tax law, from taxes imposed by the
18 county of Dutchess pursuant to the authority of section 1210 of the tax
19 law, as amended, or any successor law thereto, and which such town may
20 be entitled to receive from such taxes, or such portion of such net
21 collections determined by said town at the time of issuance of said
22 bonds and/or bond anticipation notes to be necessary to do so addi-
23 tionally secure such bonds and/or bond anticipation notes, subject to
24 the following limitations and conditions:
25 (i) Any such pledge shall become effective on the date of issue of any
26 bonds and/or bond anticipation notes the payment of which is secured by
27 such pledge;

EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17716-01-0
S. 8141 2

1 (ii) Any such pledge may be made subject to such terms and conditions,
2 not inconsistent with this act, as may be determined necessary or appro-
3 priate by such town board; and
4 (iii) Any such pledge shall not be authorized by such town board
5 unless such town board shall have determined that such pledge is neces-
6 sary and in the public interest.
7 (b) Any pledge made pursuant to this section shall be valid and bind-
8 ing from the time when such pledge takes effect, and the net collections
9 so pledged and thereafter received by the town shall immediately be
10 subject to the lien of such pledge without any physical delivery thereof
11 or further act. The lien of any such pledge shall be valid and binding
12 as against all parties having claims of any kind in tort, contract or
13 otherwise against the town irrespective of whether such parties have
14 notice thereof. Neither the resolution nor any other instrument by which
15 such a pledge is created need be filed or recorded.
16 (c) The state does hereby pledge and agree with the holders of any
17 issue of bonds and/or bond anticipation notes secured by such a pledge
18 that the state will not limit or alter the rights hereby vested in the
19 town to fulfill the terms of any agreements made with said holders
20 pursuant to this act, or in any way impair the rights and remedies of
21 such holders or the security for said bonds and/or bond anticipation
22 notes, until such bonds and/or bond anticipation notes, together with
23 the interest thereon and all costs and expenses in connection with any
24 action or proceedings by or on behalf of such holders, are fully paid
25 and discharged; provided, however, that this pledge shall be subject to
26 the reserved right of the state to alter the base, rate, method of taxa-
27 tion and exemptions from taxation or the method of distribution of the
28 taxes which may be imposed by the county of Dutchess, the net
29 collections from which may be pledged, pursuant to this act, as addi-
30 tional security for any issue of general obligation serial bonds and/or
31 bond anticipation notes of such town. The town is authorized to include
32 this pledge and agreement of the state, subject to the state's reserved
33 right, in any agreement with the holders of such bonds and/or bond
34 anticipation notes.
35 S 3. This act shall take effect immediately.