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S04251 Summary:

S04251 Actions:

S04251 Committee Votes:

S04251 Floor Votes:

S04251 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4251
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    February 7, 2017
                                       ___________
 
        Introduced  by  Sen. AMEDORE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT to validate, ratify and confirm  certain  findings  and  determi-
          nations  with respect to bond anticipation notes issued by the town of
          Knox, in the county of Albany, and to legalize and authorize the issu-
          ance of certain obligations of such town
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section 1. Legislative findings. (a) It is hereby found and determined
     2  that  the  town  board of the town of Knox, in the county of Albany, and
     3  the town supervisor of  such  town  undertook  the  following  described
     4  actions  in  relation to the issuance of certain bond anticipation notes
     5  of such town:
     6    Pursuant to resolutions adopted by the town board of the town of  Knox
     7  on  August  24, 2009, authorizing the issuance of bonds in the amount of
     8  $1,219,981 and September 8, 2009, authorizing the  issuance  of  a  bond
     9  anticipation  note  in the amount of $1,219,981, and the town issued its
    10  bond anticipation note, dated September 8, 2009, in the principal amount
    11  of $1,219,981 maturing on September 8, 2010 to finance the cost  of  the
    12  object  or  purpose  consisting  of the renovations and additions to its
    13  town hall. Thereafter, pursuant to a resolution  adopted  by  such  town
    14  board,  on  August  10, 2010, a principal payment of $80,000 was made on
    15  said bond anticipation note and said note was renewed by the issuance of
    16  a renewal bond anticipation note dated September 8, 2010 in the  princi-
    17  pal  amount  of  $1,139,981  maturing on September 7, 2011.  Thereafter,
    18  pursuant to a resolution adopted by the town board, on August 9, 2011, a
    19  principal payment of $160,000 was made on said renewal bond anticipation
    20  note and said note was again renewed by the issuance of a  renewal  bond
    21  anticipation  note,  dated September 8, 2011, in the principal amount of
    22  $979,981 maturing on September 7, 2012. Thereafter, pursuant to a resol-
    23  ution adopted by the town board, on August 14, 2012, a principal payment
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09747-01-7
        S. 4251                             2
 
     1  of $180,000 was made on said renewal bond  anticipation  note  and  said
     2  note  was  again  renewed by the issuance of a renewal bond anticipation
     3  note, dated September 8, 2012,  in  the  principal  amount  of  $799,981
     4  maturing  on  September  7,  2013.  Thereafter, pursuant to a resolution
     5  adopted by the town board, on August 13, 2013, a  principal  payment  of
     6  $80,000  was  made  on said renewal bond anticipation note and said note
     7  was again renewed by the issuance of a renewal bond  anticipation  note,
     8  dated September 6, 2013, in the principal amount of $719,981 maturing on
     9  September  6,  2014. Thereafter, pursuant to a resolution adopted by the
    10  town board, on August 19, 2014, a principal payment of $80,000 was  made
    11  on  said  renewal bond anticipation note and said note was again renewed
    12  by the issuance of a renewal bond anticipation note, dated September  5,
    13  2014, in the principal amount of $639,981 maturing on September 6, 2015.
    14  Thereafter,  pursuant  to  a  resolution  adopted  by the town board, on
    15  August 11, 2015, a principal payment of $80,000 was made on said renewal
    16  bond anticipation note and said note was again renewed by  the  issuance
    17  of  a  renewal  bond  anticipation note, dated September 4, 2015, in the
    18  principal amount of $559,981 maturing on September 6, 2016.  Thereafter,
    19  pursuant  to  a  resolution  adopted by the town board, on September 13,
    20  2016, an additional principal  payment  of  $80,000  was  made  on  said
    21  renewal bond anticipation note and said note is currently outstanding in
    22  the principal amount of $479,981.
    23    (b)  It  is  hereby  further found and determined that the bond antic-
    24  ipation notes and renewal bond anticipation notes described in  subdivi-
    25  sion (a) of this section were not issued in compliance with the applica-
    26  ble  provisions of the local finance law, in that: (1) the town board of
    27  the town of Knox had not, prior to the  issuance  of  such  bond  antic-
    28  ipation  notes,  adopted  a  bond resolution in accordance with sections
    29  31.00 and 32.00 of the local finance law, which was subject to a permis-
    30  sive referendum in accordance with subparagraph  1  of  paragraph  b  of
    31  section  35.00  of the local finance law, for the purpose of authorizing
    32  the issuance of bonds of said town in anticipation of  which  such  bond
    33  anticipation  notes were issued; and (2) in the case of the renewal bond
    34  anticipation  notes  dated  September  5,  2014  and  September  4, 2015
    35  described in subdivision (a) of this section, the  term  of  said  notes
    36  extended  more than five years beyond the date of issuance of the appli-
    37  cable original bond anticipation note dated September 8, 2009.
    38    § 2. Refinancing the outstanding bond anticipation  notes.    Notwith-
    39  standing  the  defects  described  in  section one of this act, the bond
    40  anticipation notes and renewals thereof issued by the town of  Knox,  as
    41  described  in  such  section  of this act, and all resolutions, acts and
    42  proceedings heretofore adopted or taken by the town board and  the  town
    43  supervisor of such town in relation thereto, are hereby validated, rati-
    44  fied,  and  confirmed.  Subject to the adoption by the town board of the
    45  town of Knox of a bond resolution in accordance with sections 31.00  and
    46  32.00  of the local finance law, such town is hereby authorized to here-
    47  inafter issue bonds or renewal bond anticipation notes in the  aggregate
    48  principal  amount  not to exceed $480,000 for the purpose of refinancing
    49  the outstanding bond anticipation notes issued for the object or purpose
    50  described in subdivision (a) of  section  one  of  this  act;  provided,
    51  however, that:
    52    (a)  the bond resolution shall not be subject to a permissive referen-
    53  dum in accordance with subparagraph 1 of paragraph b of section 35.00 of
    54  the local finance law;
    55    (b) notwithstanding the provisions of paragraph b of section 23.00 and
    56  paragraph b of section 21.00 of the local finance  law,  said  town  may
        S. 4251                             3
 
     1  issue  one  additional renewal bond anticipation note maturing not later
     2  than September 6, 2017 for the object or purpose described  in  subdivi-
     3  sion  (a)  of  section  one  of  this act, and may provide for the first
     4  installment  payment on the bonds issued for such objects or purposes to
     5  be made on any date on or before September 6, 2017; and
     6    (c) in the event  that  the  renewal  bond  anticipation  note,  dated
     7  September  4,  2015, described in subdivision (a) of section one of this
     8  act has, prior to the effective date of this act, been amended to extend
     9  the maturity date thereof, been renewed by another renewal  bond  antic-
    10  ipation  note,  or been redeemed in full, said town, following enactment
    11  of this act, shall have the authority, notwithstanding any  such  exten-
    12  sion,  renewal  or redemption, to issue the bonds or renewal bond antic-
    13  ipation notes as authorized by the  bond  resolution  required  by  this
    14  section.
    15    § 3. Issuance of bonds. Except as otherwise set forth in this act, the
    16  bonds and bond anticipation notes, and renewals thereof, issued pursuant
    17  to  this  act  shall  be issued in accordance with the provisions of the
    18  local finance law.
    19    § 4. Severability clause. If any clause, sentence, subdivision,  para-
    20  graph, section or part of this act be adjudged by any court of competent
    21  jurisdiction,  to  be invalid, such judgment shall not affect, impair or
    22  invalidate the remainder thereof, but shall be confined in its operation
    23  to the clause, sentence, subdivision, paragraph, section or part thereof
    24  directly involved in the controversy in which such judgment  shall  have
    25  been rendered.
    26    § 5. This act shall take effect immediately.