Bill S6948-2013

Legalizes and validates certain bond anticipation notes issued by the village of Whitehall, authorizes such village to issue additional notes and bonds

Legalizes and validates certain bond anticipation notes issued by the village of Whitehall; authorizes such village to issue additional notes and bonds.

Details

Actions

  • Sep 11, 2014: DELIVERED TO GOVERNOR
  • Jun 19, 2014: returned to senate
  • Jun 19, 2014: passed assembly
  • Jun 19, 2014: home rule request
  • Jun 19, 2014: ordered to third reading rules cal.606
  • Jun 19, 2014: substituted for a9320
  • Jun 11, 2014: referred to local governments
  • Jun 11, 2014: DELIVERED TO ASSEMBLY
  • Jun 11, 2014: PASSED SENATE
  • Jun 11, 2014: HOME RULE REQUEST
  • May 19, 2014: ADVANCED TO THIRD READING
  • May 14, 2014: 2ND REPORT CAL.
  • May 13, 2014: 1ST REPORT CAL.744
  • Apr 7, 2014: REFERRED TO LOCAL GOVERNMENT

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Local Government - May 13, 2014
Ayes (8): Martins, Boyle, Marchione, Ritchie, Valesky, Gipson, Latimer, O'Brien
Ayes W/R (1): Ball

Memo

BILL NUMBER:S6948

TITLE OF BILL: An act making certain findings and determinations with respect to certain bond anticipation notes issued by the village of Whitehall, in the town of Whitehall and county of Washington, validating and legalizing such notes, and authorizing the issuance of obligations of such village with respect thereto

PURPOSE:

This validates and legalizes the bond anticipation notes and renewals thereof issued by the village to finance certain improvements to its sewer system and authorizes the village to issue additional bonds, and bond anticipation notes in anticipation of the sale of such bonds, to finance said sewer system improvements.

SUMMARY OF PROVISIONS:

Pursuant to a bond resolution dated October 1, 2007, the village board of trustees authorized the issuance of serial bonds of the village, and bond anticipation notes in anticipation of the sale of such bonds, to finance the construction of certain improvements to the village's sewer system in order to bring it into compliance with a consent order agreement between the village and the New York State Department of Environmental Conservation. The village has issued several bond anticipation notes and renewals thereof pursuant to such bond resolution to finance said sewer system improvements. Certain principal payments on such bond anticipation notes and renewals thereof, however, were not made by the village from annual appropriations as required by the local finance law but were instead made from the proceeds of the bond anticipation notes issued to finance said sewer system improvements.

JUSTIFICATION:

This legislation, will allow the village to proceed with short-term financing for said sewer system improvements through the New York State Environmental Facilities Corporation.

LEGISLATIVE HISTORY:

New Bill.

LOCAL FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6948 IN SENATE April 7, 2014 ___________
Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT making certain findings and determinations with respect to certain bond anticipation notes issued by the village of Whitehall, in the town of Whitehall and county of Washington, validating and legal- izing such notes, and authorizing the issuance of obligations of such village 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 October 1, 2007, the board of trustees of the village of Whitehall, in the town of Whitehall and coun- ty of Washington, authorized the issuance of serial bonds of the village in an aggregate principal amount not to exceed $5,000,000, and bond anticipation notes in anticipation of the sale of such bonds, to finance the construction of certain improvements to such village's sewer system in order to bring it into compliance with a consent order agreement between the village and the department of environmental conservation; that in order to finance the cost of the capital improvements authorized by said bond resolution: (i) on October 29, 2007, the village issued a bond anticipation note in the principal amount of $900,000, maturing on October 28, 2008; (ii) on October 28, 2008, the village issued a bond anticipation note in the principal amount of $900,000, maturing on Octo- ber 27, 2009, to renew in full the bond anticipation note maturing on October 28, 2008; (iii) on March 23, 2009, the village issued a bond anticipation note in the principal amount of $1,200,000, maturing on October 27, 2009; (iv) on October 27, 2009, the village made a principal payment of $30,000 on the $900,000 principal amount bond anticipation note maturing on such date and issued a bond anticipation note in the principal amount of $2,070,000, maturing on October 26, 2010, to renew the balance of such note and to renew in full the $1,200,000 principal amount bond anticipation note also maturing on October 26, 2010; (v) on October 26, 2010, the village made a principal payment of $30,000 on the bond anticipation note maturing on such date and issued a bond antic-
ipation note in the principal amount of $2,040,000, maturing on October 25, 2011, to renew the balance of such note; (vi) on March 10, 2011, the village made a principal payment of $40,000 on the bond anticipation note maturing on October 25, 2011; (vii) on October 25, 2011, the village made a principal payment of $30,000 on the bond anticipation note maturing on such date and issued a bond anticipation note in the principal amount of $1,970,000, maturing on October 24, 2012, to renew the balance of such note; (viii) on March 21, 2012, the village made a principal payment of $40,000 on the bond anticipation note maturing on October 24, 2012; (ix) on October 24, 2012, the village made a principal payment of $30,000 on the bond anticipation note maturing on such date and issued a bond anticipation note in the principal amount of $2,000,000, maturing on October 23, 2013, to renew the balance of such note and to finance additional costs of said capital improvements; (x) on March 21, 2013, the village made a principal payment of $40,000 on the bond anticipation note maturing on October 23, 2013; and (xi) on October 23, 2013, the village made a principal payment of $70,000 on the bond anticipation note maturing on such date and issued a bond antic- ipation note in the principal amount of $1,990,000, maturing on October 22, 2014, to renew the balance of such note and to finance additional costs of said capital improvements; that certain of said principal payments were not in compliance with the applicable provisions of the local finance law because the principal payments made on October 27, 2009, October 26, 2010, March 10, 2011 and March 21, 2012 were made from the proceeds of said bond anticipation notes and not from a source other than the proceeds of said bond anticipation notes as required by the provisions of sections 21.00 and 23.00 of the local finance law. S 2. Notwithstanding the defects described in section one of this act, the bond anticipation notes and renewals thereof issued by the village of Whitehall, as described in section one of this act, and all resol- utions, acts and proceedings adopted or taken by the board of trustees and the treasurer of such village in relation thereto, are hereby vali- dated, ratified and confirmed. Such village is hereby authorized to issue bonds and bond anticipation notes in anticipation of the sale of such bonds, pursuant to the bond resolution dated October 1, 2007 in an aggregate principal amount not to exceed $4,690,000 to finance the cost of the purpose described in section one of this act. S 3. Except as otherwise set forth in this act, the bonds and bond anticipation notes, and the renewals of such bond anticipation notes, issued pursuant to this act shall be issued in accordance with the provisions of the local finance law. S 4. If any clause, sentence, subdivision, paragraph, section or part of this act be adjudged by any court of competent jurisdiction to be invalid, and after exhaustion of all further judicial review, the judg- ment shall not affect, impair or invalidate the remainder thereof but shall be confined in its operation to the clause, sentence, subdivision, paragraph, section or part of this act directly involved in the contro- versy in which the judgment shall have been rendered. S 5. This act shall take effect immediately.

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