S7505-2011 Actions

• Jun 18, 2012: SUBSTITUTED BY A10523
• Jun 18, 2012: ORDERED TO THIRD READING CAL.1286
• Jun 18, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
• May 30, 2012: REFERRED TO LOCAL GOVERNMENT

S7505-2011 Meetings

S7505-2011 Calendars

S7505-2011 Votes

S7505-2011 Memo

BILL NUMBER:S7505

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.

S7505-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         7505
 I N  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.

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