Senate Bill S6910

Signed By Governor
2013-2014 Legislative Session

Relates to EFC financing and the town of Cairo

download bill text pdf

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Archive: Last Bill Status - 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-S6910 (ACTIVE) - Details

See Assembly Version of this Bill:
A9191
Law Section:
Towns

2013-S6910 (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-S6910 (ACTIVE) - Sponsor Memo

2013-S6910 (ACTIVE) - Bill Text download pdf

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

                                  6910

                            I N  S E N A T E

                             March 28, 2014
                               ___________

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

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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