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S05198 Summary:

S05198 Actions:

S05198 Committee Votes:

S05198 Floor Votes:

S05198 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5198
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                     March 13, 2017
                                       ___________
 
        Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN  ACT  authorizing the village of Hoosick Falls, county of Rensselaer,
          to issue certain bonds
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. The village of Hoosick Falls, in the county of Rensselaer,
     2  is hereby authorized to issue serial bonds, subject to the provisions of
     3  this act, on or before December 31, 2017, for  the  specific  object  or
     4  purpose  of reimbursing the village for (i) payments made by the village
     5  from the village general fund, water fund and sewer  fund  for  extraor-
     6  dinary  expenses  incurred by the village and (ii) extraordinary revenue
     7  losses suffered by the  village  water  fund  and  sewer  fund,  all  in
     8  connection  with or as a result of the discovery of the contamination of
     9  the village's municipal water supply by the hazardous substance known as
    10  perfluorooctanoic acid (or PFOA). "Extraordinary expenses"  as  used  in
    11  this  section  shall  mean those operating and capital costs directly or
    12  indirectly related to or resulting from (a) such contamination, (b)  the
    13  reduction  or  elimination  of  the contamination, (c) negotiations with
    14  parties alleged to bear legal responsibility for the contamination,  and
    15  (d)  the issuance of notes by the village under the local finance law to
    16  finance any of  the  foregoing  and  any  extraordinary  revenue  losses
    17  described  above,  including,  without limitation, costs for engineering
    18  services, testing services, legal services,  and  public  relations  and
    19  communication   services,  as  well  as  other  related  village  costs.
    20  "Extraordinary revenue losses" as used in this section  shall  mean  the
    21  extent  to  which,  in the aggregate, budgeted water fund and sewer fund
    22  revenues exceeded actual water fund and sewer fund revenues received  by
    23  the village in village fiscal years 2014-15, 2015-16, and 2016-17.
    24    §  2.  Notwithstanding  the  provisions  of section 11.00 of the local
    25  finance law, the specific object or purpose referred to in  section  one
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10612-01-7
        S. 5198                             2
 
     1  of  this act is hereby declared to be a public purpose which the village
     2  of Hoosick Falls is authorized to accomplish with the issuance of serial
     3  bonds in an aggregate principal amount not to exceed  one  million  five
     4  hundred  thousand  dollars ($1,500,000); provided, that no such bonds to
     5  reimburse the  village  for  the  extraordinary  expenses  incurred  and
     6  extraordinary  losses  suffered  shall  be  issued until the state comp-
     7  troller shall first  review  and  confirm  the  actual  amount  of  such
     8  extraordinary  expenses  and  extraordinary revenue losses, and that the
     9  amount of such bonds issued to reimburse the village  for  the  extraor-
    10  dinary  expenses  incurred and the extraordinary revenue losses suffered
    11  shall not exceed the amount certified  by  the  state  comptroller.  The
    12  period  of  probable usefulness of such objects or purposes shall be ten
    13  (10) years.
    14    § 3. The village of Hoosick Falls is  hereby  authorized  to  levy  an
    15  annual  tax  on the properties of the village in an amount sufficient to
    16  pay the annual debt service on such  serial  bonds;  provided,  however,
    17  that nothing in this section shall be construed to preclude such village
    18  from  collecting all or a portion of such debt service through water and
    19  sewer charges using the same formula as other water and sewer charges.
    20    § 4. In anticipation of the issuance and sale of  such  serial  bonds,
    21  the  village is hereby authorized to issue bond anticipation notes under
    22  the local finance law.
    23    § 5. This act shall take effect immediately.