S T A T E   O F   N E W   Y O R K
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                                  4764

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 7, 2011
                               ___________

Introduced  by M. of A. RUSSELL -- read once and referred to the Commit-
  tee on Local Governments

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
              

A. 4764                             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.