New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

A10523 Summary:

A10523 Actions:

A10523 Floor Votes:

A10523 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10523
 
                   IN ASSEMBLY
 
                                      June 1, 2012
                                       ___________
 
        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Cahill) --
          read once and referred to the Committee on Local Governments
 
        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:
 
     1    Section  1.  Legislative  findings.  It is hereby found and determined
     2  that the village of Ellenville, Ulster county, New York, has  heretofore
     3  adopted  bond  resolutions  authorizing  an  aggregate ten million eight
     4  hundred  thousand  dollars  of  bonds  to   finance   the   acquisition,
     5  construction  and  reconstruction  of  improvements to the village sewer
     6  system; that said village assigned a  thirty  year  period  of  probable
     7  usefulness  to  said  sewer  system improvements when it was entitled to
     8  forty years under section 11.00 of the  local  finance  law;  that  said
     9  village  executed  a  project  finance agreement with the New York State
    10  Environmental Facilities Corporation on September 2,  2010,  authorizing

    11  the  village  to borrow up to $5,259,000 for such improvements through a
    12  draw down process; that on  August  10,  2011  the  village  issued  ten
    13  million  five  hundred  thousand  dollars in bond anticipation notes for
    14  such sewer system improvements which notes mature on  August  10,  2012;
    15  that   on  September  22,  2011,  the  village  requested  and  received
    16  $431,777.62 from the New York State Environmental Facilities Corporation
    17  for sewer system improvements which amount caused the village to  exceed
    18  the  amount  of  bonds  and notes that may be issued under the aforemen-
    19  tioned bond resolutions; that such $431,777.62 has been returned to  the
    20  New York State Environmental Facilities Corporation.
    21    § 2. Notwithstanding the defects described in section one of this act,
    22  the  draw  down  from the New York State Environmental Facilities Corpo-

    23  ration is hereby validated and ratified. The village  of  Ellenville  is
    24  hereby  authorized  to  continue  to  issue  bonds  or bond anticipation
    25  renewal notes for the  aforesaid  sewer  system  improvements  including
    26  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
        A. 10523                            2
 
     1  ration and the period of probable usefulness thereof  is  hereby  deter-
     2  mined to be forty years measured from August 10, 2011.
     3    §  3.  Except  as  provided herein, any obligations issued pursuant to
     4  this act shall be issued in accordance with the provisions of the  local
     5  finance law.

     6    §  4. If any clause, sentence, subdivision, paragraph, section or part
     7  of this act be adjudged by any court of  competent  jurisdiction  to  be
     8  invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
     9  remainder thereof, but shall be confined in its operation to the clause,
    10  sentence, subdivision,  paragraph,  section  or  part  thereof  directly
    11  involved  in  the  controversy  in  which  such judgment shall have been
    12  rendered.
    13    § 5. This act shall take effect immediately.