Validates and legalizes certain bond anticipation notes issued by the village of Norwood; authorizes the issuance of obligations of such bond anticipation notes.

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A4764-2011 Actions

• May 9, 2011: substituted by s2778
• May 5, 2011: advanced to third reading cal.258
• May 3, 2011: reported
• Mar 22, 2011: reported referred to ways and means
• Feb 7, 2011: referred to local governments

A4764-2011 Text

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

                                    4764

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                              February 7, 2011
                                 ___________

  Introduced  by M. of A. RUSSELL -- read once and referred to the Commit-
    tee on Local Governments

  AN ACT in relation to making certain findings  and  determinations  with
    respect  to  bond anticipation notes issued by the village of Norwood,
    in the town of Potsdam, county of  St.  Lawrence,  and  validates  and
    legalizes  such  notes;  and authorizes the issuance of obligations of
    such bond anticipation notes with respect thereto

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


    Section  1.  Legislative  findings.  It is hereby found and determined
  that pursuant to a bond resolution dated February 20, 2007, the  village
  of  Norwood,  in the town of Potsdam, county of St. Lawrence, authorized
  the issuance of a $2,386,000 principal amount bond anticipation note  of
  said village dated June 25, 2008, to finance the construction of certain
  improvements  to  the  village's  sewer plant and collection system; and
  that the village has not made annual principal  payments  in  compliance
  with  the  applicable  provisions  of  the  amortization requirements of
  sections 23.00, 21.00 and 169.00 of the local finance law.
    S 2. Notwithstanding the defects described in section one of this act,
  the bond anticipation note  and  any  renewals  thereof  issued  by  the
  village  of  Norwood,  as  described in section one of this act, and all
  resolutions, acts and proceedings heretofore adopted  or  taken  by  the
  board  of trustees and the village treasurer of said village in relation
  thereto, are hereby validated, ratified and confirmed and any  principal
  payment  hereafter made by such village in 2011 on the bond anticipation
  note shall be deemed to be in compliance with the amortization  require-
  ments of sections 23.00, 21.00 and 169.00 of the local finance law.
    S  3.  Except  as  otherwise set forth in this act, the bonds and bond
  anticipation notes, and renewals thereof, issued pursuant  to  this  act
  shall  be  issued in accordance with the provisions of the local finance
  law.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD06976-02-1

 A. 4764                             2

    S 4. If any clause, sentence, subdivision, paragraph, section or  part
  of  this act shall be adjudged by any court of competent jurisdiction to
  be invalid, and after exhaustion of all  further  judicial  review,  the
  judgment  shall  not affect, impair or invalidate the remainder thereof,
  but shall be confined in its operation to the clause, sentence, subdivi-
  sion,  paragraph,  section  or part of this act directly involved in the
  controversy in which the judgment shall have been rendered.
    S 5. This act shall take effect immediately.