Validates certain acts of the village of Ellenville with respect to certain obligations issued to finance a village sewer system.
TITLE OF BILL: An act making findings and determinations with respect to obligations heretofore issued by the village of Ellenville, Ulster county, New York validating and legalizing same and authorizing the issue of obligations of said village with respect thereto
PURPOSE: To allow the Village of Ellenville in Ulster County to continue to issue bonds or bond anticipation renewal notes for sewer system improvements.
SUMMARY OF PROVISIONS: Section 1 - Legislative findings.
Section 2 - Authorizes the issuance of bonds or bond renewal notes for sewer system improvements, including financing through the New York State Environmental Facilities Corporation.
Section 3 - Provides that obligations of this act shall be issued in accordance with local finance law.
Section 4 - Provides that if any portion of the act is judged to be invalid, such judgment will only affect said portion of the act.
Section 5 - Effective date.
JUSTIFICATION: This bill has been requested by the Village of Ellenville to ensure that the Village will be able to continue making capital improvements to its wastewater system through the issuance of bonds or bond anticipation renewal notes.
LEGISLATIVE HISTORY: New bill.
FISCAL IMPLICATIONS: None to state.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 7505 IN SENATE May 30, 2012 ___________Introduced by Sen. BONACIC -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT making findings and determinations with respect to obligations heretofore issued by the village of Ellenville, Ulster county, New York validating and legalizing same and authorizing the issue of obli- gations of said 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 the village of Ellenville, Ulster county, New York, has heretofore adopted bond resolutions authorizing an aggregate ten million eight hundred thousand dollars of bonds to finance the acquisition, construction and reconstruction of improvements to the village sewer system; that said village assigned a thirty year period of probable usefulness to said sewer system improvements when it was entitled to forty years under section 11.00 of the local finance law; that said village executed a project finance agreement with the New York State Environmental Facilities Corporation on September 2, 2010, authorizing the village to borrow up to $5,259,000 for such improvements through a draw down process; that on August 10, 2011 the village issued ten million five hundred thousand dollars in bond anticipation notes for such sewer system improvements which notes mature on August 10, 2012; that on September 22, 2011, the village requested and received $431,777.62 from the New York State Environmental Facilities Corporation for sewer system improvements which amount caused the village to exceed the amount of bonds and notes that may be issued under the aforemen- tioned bond resolutions; that such $431,777.62 has been returned to the New York State Environmental Facilities Corporation. S 2. Notwithstanding the defects described in section one of this act, the draw down from the New York State Environmental Facilities Corpo- ration is hereby validated and ratified. The village of Ellenville is hereby authorized to continue to issue bonds or bond anticipation renewal notes for the aforesaid sewer system improvements including financing through the New York State Environmental Facilities Corpo-EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16070-01-2 S. 7505 2
ration and the period of probable usefulness thereof is hereby deter- mined to be forty years measured from August 10, 2011. S 3. Except as provided herein, any obligations 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, such judgment 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 thereof directly involved in the controversy in which such judgment shall have been rendered. S 5. This act shall take effect immediately.