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A09271 Summary:

BILL NO    A09271 


SPONSOR    Barclay



Legalizes, validates, ratifies and confirms the actions of the village board of
the village of Parish notwithstanding certain defects.
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A09271 Text:

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


                                 I N  A S S E M B L Y

                                     April 7, 2014

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

       AN ACT to legalize, validate, ratify and  confirm  the  actions  of  the
         village board of the village of Parish notwithstanding certain defects


    1    Section 1. Legislative findings.  The  legislature  hereby  finds  and
    2  determines  that  the  village  of Parish, in the county of Oswego, duly
    3  adopted bond resolutions dated July 7, 2009, December 15, 2010 and  June
    4  20,  2012 in order to finance the construction of certain sewer improve-
    5  ments within the village. The village subsequently  issued  bond  antic-
    6  ipation notes for such purpose as follows:
    7    (a)  that  on October 15, 2009, the village issued a bond anticipation
    8  note in the principal amount of $415,000; that the note matured and  was
    9  first renewed on October 15, 2010 for $415,000; that a principal payment
   10  on the note of $7,000 was made on the note on October 14, 2011; that the
   11  note  matured  and  was  again renewed on October 14, 2011 for $408,000;
   12  that on October 12, 2012 a principal payment of $7,000 was made  on  the
   13  note;  that the remaining balance of $401,000 on the note was refinanced
   14  with partial proceeds from  a  $768,175  short-term  Clean  Water  State
   15  Revolving  Fund  (CWSRF) financing from the New York State Environmental
   16  Facilities Corporation, (EFC) which closed on September 27, 2012; and
   17    (b) in connection with the September 27,  2012  EFC  short-term  CWSRF
   18  financing,  the  village  entered into a Project Finance Agreement (PFA)
   19  with EFC and issued a $768,175 bond anticipation note to EFC;  and  that
   20  pursuant  to  the  provisions  of the PFA and section 23.00 of the local
   21  finance law pertaining to the redemption of bond anticipation notes, the
   22  village of Parish was required to make a principal  payment  on  October
   23  11, 2013.
   24    With  respect  to  the EFC bond anticipation note and PFA described in
   25  subdivision (b) of this section, the village of Parish was required  to,
   26  but  failed to make,  on October 11, 2013, a scheduled principal payment
   27  pursuant to applicable provisions of section 23.00 of the local  finance

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
       A. 9271                             2

    1  law  which  required  a  principal  payment  on the EFC CWSRF short-term
    2  financing and bond anticipation note on that date.
    3    S 2. Notwithstanding any defects described in section one of this act,
    4  or  the  fact  that  the  village board of the village of Parish, in the
    5  county of Oswego, failed to comply with  the  applicable  provisions  of
    6  section  23.00  of  the  local  finance law insofar as it failed to make
    7  principal payments on the bond anticipation note, the bond  anticipation
    8  notes  and renewals thereof issued by the village of parish described in
    9  section one of this act, and all resolutions, acts and proceedings here-
   10  tofore adopted or taken by the village board of such village in relation
   11  thereto, are hereby validated, ratified, legalized and confirmed and any
   12  principal payment thereafter made by such village in 2014  on  the  bond
   13  anticipation  note  maturing on September 27, 2015 shall be deemed to be
   14  in compliance with the requirements of the local finance law.
   15    S 3. Except as otherwise set forth in this act,  the  bonds  and  bond
   16  anticipation  notes,  and  renewals thereof, issued pursuant to this act
   17  shall be issued in accordance with the provisions of the  local  finance
   18  law.
   19    S  4. If any clause, sentence, subdivision, paragraph, section or part
   20  of this act be adjudged by any court of  competent  jurisdiction  to  be
   21  invalid,  such  judgement  shall  not  affect,  impair or invalidate the
   22  reminder thereof, but shall be confined in its operation to the  clause,
   23  sentence,  subdivision,  paragraph,  section  or  part  thereof directly
   24  involved in the controversy in  which  such  judgment  shall  have  been
   25  rendered.
   26    S 5. This act shall take effect immediately.
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