Validates and legalizes certain bond anticipation notes issued by the village of Norwood; authorizes the issuance of obligations of such bond anticipation notes.
Ayes (8): Martins, Ball, Little, McDonald, Ritchie, Stewart-Cousins, Oppenheimer, Klein
Ayes (61): Adams, Addabbo, Alesi, Avella, Ball, Bonacic, Breslin, Carlucci, DeFrancisco, Diaz, Dilan, Espaillat, Farley, Flanagan, Fuschillo, Gallivan, Gianaris, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Huntley, Johnson, Kennedy, Klein, Krueger, Kruger, Lanza, Larkin, LaValle, Libous, Little, Marcellino, Martins, Maziarz, McDonald, Montgomery, Nozzolio, O'Mara, Oppenheimer, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Saland, Sampson, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousin, Valesky, Young, Zeldin
Excused (1): Duane
TITLE OF BILL: 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
PURPOSE: This legislation is to provide legislative relief by validating and ratifying the Village of Norwood's actions with respect to bond anticipation notes notwithstanding the village not making an additional principal payment in 2009 or 2010.
SUMMARY OF PROVISIONS: Section 1. Outlines history of the bond anticipation note the village of Norwood issued to finance the construction of certain improvements to their sewer plant and collection system.
Section 2. Provides that such bond is validated, ratified and confirmed.
Section 3. Provides that the bond shall be deemed to have been issued in accordance with provisions of the local finance law.
Section 4. Provides standard protections so that if a court invalidates any part of this act it does not invalidate the entire act.
Section 5. This act shall take effect immediately.
JUSTIFICATION: On February 20, 2007, the Village of Norwood adopted a $2,386,000 resolution in anticipation of financing the cost of a Waste Water Treatment Plant and Collection Improvement project with the USDA. The Village issued a bond anticipation note in the amount of $2,386,000, the proceeds of which were used for costs associated with the project.
The Village however violated provisions of the Local Finance law by not making a principal payment towards the bond in 2009 or 2010. This bill is needed to make sure that the bond note is now issued in accordance with the provisions of the Local Finance law.
LEGISLATIVE HISTORY: New bill.
FISCAL IMPLICATIONS: None.
EFFECTIVE DATE: Immediate.
STATE OF NEW YORK ________________________________________________________________________ 2778 2011-2012 Regular Sessions IN SENATE February 1, 2011 ___________Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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 S. 2778 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.