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S07017 Summary:

S07017 Actions:

S07017 Floor Votes:

S07017 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7017
 
                    IN SENATE
 
                                     April 14, 2014
                                       ___________
 
        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        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:
 
     1    Section  1.  Legislative  findings.  It is hereby found and determined
     2  that the town of Clifton, in the county of St. Lawrence, New York:
     3    (a) undertook the following described actions: (i) duly adopted a bond
     4  resolution on October 12, 2011, which was subsequently amended on  March
     5  20,  2013,  June 12, 2013 and July 24, 2013, authorizing the issuance of
     6  $4,314,000.00 serial bonds for the establishment of a sewer district and
     7  wastewater treatment plant improvements for such district; (ii) issued a
     8  bond anticipation note on March 22, 2012 in the  amount  of  $150,000.00
     9  maturing  one year from the date of issuance; (iii) issued a bond antic-

    10  ipation renewal note on March 21, 2013  for  an  additional  year;  (iv)
    11  refinanced the $150,000 bond anticipation note with the partial proceeds
    12  of  a $667,000 New York State Environmental Facilities Corporation (EFC)
    13  Clean Water State Revolving  Fund  (CWSRF)  financing  which  closed  on
    14  September  26,  2013; and (v) pursuant to such CWSRF financing, issued a
    15  $667,000 bond anticipation note to EFC  dated  September  26,  2013  and
    16  disbursed  $235,556.81  in  CWSRF financing proceeds pursuant to the EFC
    17  bond anticipation note prior to February 25, 2014.
    18    (b) failed to obtain the permission of the state comptroller  pursuant
    19  to  paragraph  3 of section 104.10 of the local finance law prior to the
    20  issuance of: (i) the $150,000 bond anticipation note on March 22,  2012;
    21  (ii)  the $150,000 bond anticipation renewal note on March 21, 2013; and

    22  (iii) the $667,000 EFC bond anticipation note on September 26, 2013.
    23    (c) failed to make a principal payment on  the  $150,000  bond  antic-
    24  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
        S. 7017                             2
 
     1  section 23.00 of the local finance law but rather made the payment  late
     2  on March 26, 2014.
     3    § 2. Notwithstanding the defects described in section one of this act,
     4  the  bond  anticipation notes issued by the town and EFC in anticipation
     5  of the bonds authorized pursuant to each of the bond resolutions identi-

     6  fied in  section  one  of  this  act,  and  all  disbursements  made  in
     7  connection  with  the aforesaid bond anticipation notes, or resolutions,
     8  acts and proceedings adopted or taken by the board in relation  thereto,
     9  are  hereby  validated,  ratified  and  confirmed and the late principal
    10  payment made is forgiven. The town is hereby authorized to  issue  bonds
    11  or bond anticipation renewal notes to continue financing the objects and
    12  purposes  authorized pursuant to the aforesaid bond resolutions over the
    13  period of probable usefulness thereof as set forth in section  11.00  of
    14  the local finance law.
    15    § 3. Except  as otherwise provided in this act, any obligations issued
    16  pursuant to this act shall be issued in accordance with  the  provisions
    17  of the local finance law.
    18    § 4. If  any clause, sentence, subdivision, paragraph, section or part

    19  of this act be adjudged by any court of  competent  jurisdiction  to  be
    20  invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
    21  remainder thereof, but shall be confined in its operation to the clause,
    22  sentence, subdivision,  paragraph,  section  or  part  thereof  directly
    23  involved  in  the  controversy  in  which  such judgment shall have been
    24  rendered.
    25    § 5. This act shall take effect immediately.