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ALBANY, N.Y. —
State Sen. James L. Seward, R/C/I-Oneonta, announced Monday that technical amendments to legislation allowing the villages of Herkimer and Ilion to bond for costs associated with a court ruling have been signed into law.
The amendments correct references to the local finance law and provide the villages with additional time to issue the bonds.
“Municipalities often utilize bonds to avoid major property tax spikes when paying for unplanned expenses,” said Seward. “Local officials in Herkimer and Ilion are following a prudent strategy to meet their obligations while minimizing the tax impact to homeowners.”
A state supreme court decision found that the Village of Herkimer owes Herkimer County approximately $1.6 million and the Village of Ilion owes $1.1 million. The ruling pertained to the workers’ compensation self-insurance plan managed by the county.
The original legislation, which was signed into law in 2011, follows local requests and allows the villages to issue serial bonds to settle the litigation, pay off the corresponding debt over a 10-year period and avoid a significant property tax spike.
The amended legislation sponsored by Seward and state Assemblyman Marc Butler corrects technicalities to ensure the intent of the original legislation is followed and provides additional time for the municipalities to issue the bonds.
“I am pleased to partner with Herkimer and Ilion as they work to revitalize the Mohawk Valley,” said Seward. “Offering quality services to residents while keeping property taxes in check is a recipe that will help spur new development.”
Compiled From Telegram Staff Reports
State Sen. James L. Seward, R/C/I-Oneonta, announced Monday that technical amendments to legislation allowing the villages of Herkimer and Ilion to bond for costs associated with a court ruling have been signed into law.
The amendments correct references to the local finance law and provide the villages with additional time to issue the bonds.
“Municipalities often utilize bonds to avoid major property tax spikes when paying for unplanned expenses,” said Seward. “Local officials in Herkimer and Ilion are following a prudent strategy to meet their obligations while minimizing the tax impact to homeowners.”
A state supreme court decision found that the Village of Herkimer owes Herkimer County approximately $1.6 million and the Village of Ilion owes $1.1 million. The ruling pertained to the workers’ compensation self-insurance plan managed by the county.
The original legislation, which was signed into law in 2011, follows local requests and allows the villages to issue serial bonds to settle the litigation, pay off the corresponding debt over a 10-year period and avoid a significant property tax spike.
The amended legislation sponsored by Seward and state Assemblyman Marc Butler corrects technicalities to ensure the intent of the original legislation is followed and provides additional time for the municipalities to issue the bonds.
“I am pleased to partner with Herkimer and Ilion as they work to revitalize the Mohawk Valley,” said Seward. “Offering quality services to residents while keeping property taxes in check is a recipe that will help spur new development.”
Compiled From Telegram Staff Reports
