Assembly Bill A9191

Signed By Governor
2013-2014 Legislative Session

Relates to EFC financing and the town of Cairo

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Archive: Last Bill Status Via S6910 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A9191 (ACTIVE) - Details

See Senate Version of this Bill:
S6910
Law Section:
Towns

2013-A9191 (ACTIVE) - Summary

Relates to long-term environmental facilities corporation financing and the town of Cairo; provides relief by validating and ratifying the town of Cairo's actions with respect to a bond anticipation note and renewals.

2013-A9191 (ACTIVE) - Bill Text download pdf

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

                                  9191

                          I N  A S S E M B L Y

                             March 27, 2014
                               ___________

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

AN  ACT  to legalize, validate, ratify and confirm certain actions taken
  by the town of Cairo, Greene county, New York, with respect  to  obli-
  gations heretofore issued, and authorizing the issuance of obligations
  of said town 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:    (i)  the town of Cairo, Greene county, New York, has heretofore
duly adopted bond resolutions  authorizing  the  aggregate  issuance  of
$2,915,000  serial  bonds  to  finance  the upgrade and expansion to the
town's wastewater treatment plant, construction of  a  force  main,  and
additional  improvements to its sewer system; (ii) pursuant to such bond
resolutions, said town issued a bond anticipation note in the  principal
amount of $750,000 on December 24, 2008 and renewals of said bond antic-
ipation note on December 24, 2009 and December 23, 2010 and made a prin-
cipal  payment of $29,285 on said bond anticipation note on December 23,
2010; (iii) pursuant to such bond resolutions, said town  also  obtained
short term financing through the New York state environmental facilities
corporation  ("EFC")  on  September  29,  2011  in the maximum aggregate
amount of $2,885,715.00,  which  refinanced  the  outstanding  principal
balance  of  said  bond anticipation note of $720,715; (iv) the town did
not make the minimum principal payments on the EFC short term  financing
bond  anticipation  notes of $19,300 for 2011 and $20,000 for 2012 until
December 2013; (v) section 21.00 of the local finance law states that no
annual installment of bonds or bond anticipation  notes  shall  be  more
than fifty per centum of the smallest prior installment, except that the
municipality may determine to provide for substantially level or declin-
ing  annual  debt  service,  and  section 23.00 of the local finance law
states that notes or the renewals thereof shall not extend more than two
years beyond the original date of issue unless a portion of  such  notes
or  the  renewals thereof shall be redeemed from a source other than the
proceeds of bonds  within two years from such original date of issue and

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

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