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

                                  9351

                          I N  A S S E M B L Y

                             April 16, 2014
                               ___________

Introduced by M. of A. BUTLER -- read once and referred to the Committee
  on Local Governments

AN  ACT  making  certain  findings  and  determinations  with respect to
  certain bond anticipation notes issued by the town of Clifton, in  the
  county  of  St.  Lawrence,  validating  and  legalizing  the same, and
  authorizing the issuance of obligations  of  such  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 the town of Clifton, in the county of St. Lawrence, New York:
  (a) undertook the following described actions: (i) duly adopted a bond
resolution  on October 12, 2011, which was subsequently amended on March
20, 2013, June 12, 2013 and July 24, 2013, authorizing the  issuance  of
$4,314,000.00 serial bonds for the establishment of a sewer district and
wastewater treatment plant improvements for such district; (ii) issued a
bond  anticipation  note  on March 22, 2012 in the amount of $150,000.00
maturing one year from the date of issuance; (iii) issued a bond  antic-
ipation  renewal  note  on  March  21, 2013 for an additional year; (iv)
refinanced the $150,000 bond anticipation note with the partial proceeds
of a $667,000 New York State Environmental Facilities Corporation  (EFC)
Clean  Water  State  Revolving  Fund  (CWSRF)  financing which closed on
September 26, 2013; and (v) pursuant to such CWSRF financing,  issued  a
$667,000  bond  anticipation  note  to  EFC dated September 26, 2013 and
disbursed $235,556.81 in CWSRF financing proceeds pursuant  to  the  EFC
bond anticipation note prior to February 25, 2014.
  (b)  failed to obtain the permission of the state comptroller pursuant
to paragraph 3 of section 104.10 of the local finance law prior  to  the
issuance  of: (i) the $150,000 bond anticipation note on March 22, 2012;
(ii) the $150,000 bond anticipation renewal note on March 21, 2013;  and
(iii) the $667,000 EFC bond anticipation note on September 26, 2013.
  (c)  failed  to  make  a principal payment on the $150,000 bond antic-
ipation renewal note on March 20, 2014 as required by subdivision  b  of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14490-04-4
              

A. 9351                             2

section  23.00 of the local finance law but rather made the payment late
on March 26, 2014.
  S 2. Notwithstanding the defects described in section one of this act,
the  bond  anticipation notes issued by the town and EFC in anticipation
of the bonds authorized pursuant to each of the bond resolutions identi-
fied in  section  one  of  this  act,  and  all  disbursements  made  in
connection  with  the aforesaid bond anticipation notes, or resolutions,
acts and proceedings adopted or taken by the board in relation  thereto,
are  hereby  validated,  ratified  and  confirmed and the late principal
payment made is forgiven. The town is hereby authorized to  issue  bonds
or bond anticipation renewal notes to continue financing the objects and
purposes  authorized pursuant to the aforesaid bond resolutions over the
period of probable usefulness thereof as set forth in section  11.00  of
the local finance law.
  S 3. Except  as otherwise provided in this act, 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.