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S06598 Summary:

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S06598 Floor Votes:

S06598 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6598--B
            Cal. No. 314
 
                    IN SENATE
 
                                    February 11, 2014
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed  to  the  Committee  on  Local  Government  --
          reported  favorably  from  said committee, ordered to first and second
          report, ordered to a third reading,  amended  and  ordered  reprinted,
          retaining its place in the order of third reading -- again amended and

          ordered reprinted, retaining its place in the order of third reading
 
        AN  ACT  in relation to authorizing the village board of trustees of the
          village of Silver Springs, county of Wyoming  to  issue  certain  bond
          anticipation notes
 
          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 village board of trustees of the  village  of  Silver  Springs,
     3  county  of Wyoming undertook the following described actions in relation
     4  to the issuance of certain bond anticipation notes of said village.
     5    (1) Pursuant to a resolution adopted by said village board of trustees
     6  on May 4, 2009 and a certificate of the village  clerk  dated  June  15,
     7  2009,  said  village  issued  its bond anticipation note, dated June 15,

     8  2009, in the principal amount of $400,000, maturing on June 15, 2010  to
     9  finance  the  cost  of  the  object  or purpose consisting of Phase I of
    10  certain reconstruction and rehabilitation of said  village's  electrical
    11  system.  Thereafter,  pursuant  to  a resolution adopted by said village
    12  board of trustees on June 7, 2010 and a certificate of the village clerk
    13  of said village dated June 15, 2010, a principal payment of $80,000  was
    14  made on said renewal bond anticipation note and said note was renewed by
    15  the  issuance  of a renewal bond anticipation note, dated June 15, 2010,
    16  in the principal amount of $320,000, maturing on June 15, 2011.   There-
    17  after,  pursuant  to a resolution adopted by said village board of trus-
    18  tees on June 6, 2011 and a certificate of  the  village  clerk  of  said
    19  village  dated June 15, 2011, a principal payment of $80,000 was made on

    20  said renewal bond anticipation note and said note was again  renewed  by
    21  the  issuance  of a renewal bond anticipation note, dated June 15, 2011,
    22  in the principal amount of $240,000, maturing on June 15, 2012.   There-
    23  after,  pursuant  to a resolution adopted by said village board of trus-
    24  tees on June 5, 2012 said bond anticipation note was  again  renewed  by
    25  the issuance of a renewal bond anticipation note dated June 15, 2012, in
    26  the principal amount of $240,000, maturing on June 14, 2013. Thereafter,
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13964-04-4
        S. 6598--B                          2
 
     1  pursuant  to  a  resolution adopted by said village board of trustees on

     2  June 4, 2013 and a certificate of the  village  clerk  of  said  village
     3  dated  June  14,  2013,  a principal payment of $60,000 was made on said
     4  renewal  bond  anticipation  note and said note was again renewed by the
     5  issuance of a renewal bond anticipation note, dated June  14,  2013,  in
     6  the principal amount of $180,000, maturing on June 13, 2014.
     7    (2) Pursuant to a resolution adopted by said village board of trustees
     8  on  February  7,  2011  and  a  certificate of the village clerk of said
     9  village dated April 1, 2011, said village issued its  bond  anticipation
    10  note, dated April 1, 2011, in the principal amount of $190,000, maturing
    11  on April 2, 2012 to finance the cost of the object or purpose consisting
    12  of  Phase  II  of  certain  reconstruction  and  rehabilitation  of said
    13  village's  electrical  system.  Thereafter,  pursuant  to  a  resolution

    14  adopted  by  said village board of trustees on March 22, 2012, said bond
    15  anticipation note was renewed by the issuance of a renewal  bond  antic-
    16  ipation  note  dated April 2, 2012, in the principal amount of $190,000,
    17  maturing on April 2, 2013 which matured one day later than  required  by
    18  law.  Thereafter, pursuant to a resolution adopted by said village board
    19  of trustees on March 11, 2013 and a certificate of the village clerk  of
    20  said  village  dated  April  2, 2013, a principal payment of $22,000 was
    21  made on said renewal bond anticipation note  and  said  note  was  again
    22  renewed by the issuance of a renewal bond anticipation note, dated April
    23  2, 2013, in the principal amount of $168,000, maturing on April 2, 2014.
    24    (3) Pursuant to a resolution adopted by said village board of trustees
    25  on March 22, 2012 and a certificate of the village clerk of said village

    26  dated  April  2,  2012,  said village issued its bond anticipation note,
    27  dated April 2, 2012, in the principal amount of  $353,515,  maturing  on
    28  April 2, 2013 to finance the cost of the object or purpose consisting of
    29  Phase III of certain reconstruction and rehabilitation of said village's
    30  electrical  system. Thereafter, pursuant to a resolution adopted by said
    31  village board of trustees on March 11, 2013 and  a  certificate  of  the
    32  village  clerk  of said village dated April 2, 2013, a principal payment
    33  of $1,515 which payment was optional and may be ignored was made on said
    34  renewal bond anticipation note and said note was again  renewed  by  the
    35  issuance of a renewal bond anticipation note dated April 2, 2013, in the
    36  principal amount of $352,000, maturing on April 2, 2014.
    37    (b)  It  is  hereby  further found and determined that the bond antic-

    38  ipation notes and renewal bond anticipation notes described in  subdivi-
    39  sion (a) of this section were not issued in compliance with the applica-
    40  tion provisions of the local finance law, in that: (1) the village board
    41  of trustees of the village of Silver Springs in each case had not, prior
    42  to  the  issuance of such bond anticipation notes, adopted a bond resol-
    43  ution in accordance with sections 31.00 and 32.00 of the  local  finance
    44  law,  which  was  subject  to a permissive referendum in accordance with
    45  paragraph a of section 36.00 of the local finance law, for  the  purpose
    46  of  authorizing the issuance of bonds of said village in anticipation of
    47  which such bond anticipation notes were issued; (2) in the case  of  the
    48  renewal  bond  anticipation note dated June 15, 2012, described in para-
    49  graph one of subdivision (a) of this section,  a  principal  portion  of

    50  such  note  was  not  redeemed;  and (3) in the case of the renewal bond
    51  anticipation note dated June 14, 2013, described  in  paragraph  one  of
    52  subdivision  (a) of this section, the term of said note will extend more
    53  than five years beyond the date of issuance of the  applicable  original
    54  bond  anticipation  note  dated June 15, 2009 by the time this act takes
    55  effect.
        S. 6598--B                          3
 
     1    § 2. Notwithstanding the defects describe in section one of this  act,
     2  the  bond  anticipation notes and renewals thereof issued by the village
     3  of Silver Springs, as described in section one  of  this  act,  and  all
     4  resolutions,  acts  and  proceedings  heretofore adopted or taken by the
     5  board  of  trustees  in relation thereto, are hereby validated, ratified
     6  and confirmed. Subject to the adoption by the village board of  trustees

     7  of  the  village  of  Silver  Springs of one or more bond resolutions in
     8  accordance with sections 31.00 and 32.00 of the local finance law,  such
     9  village is hereby authorized to hereinafter issue:
    10    (a)  bonds or renewal bond anticipation notes in the aggregate princi-
    11  pal amount of $120,000 for the purpose of  refinancing  the  outstanding
    12  bond  anticipation  notes  issued for the object or purpose described in
    13  paragraph one of subdivision (a) of section one of this act;
    14    (b) bonds or renewal bond anticipation notes in the aggregate  princi-
    15  pal  amount  of  $150,000 for the purpose of refinancing the outstanding
    16  bond anticipation notes issued for the object or  purpose  described  in
    17  paragraph two of subdivision (a) of section one of this act;
    18    (c)  bonds or renewal bond anticipation notes in the aggregate princi-

    19  pal amount of $325,000 for the purpose of  refinancing  the  outstanding
    20  bond  anticipation  notes  issued for the object or purpose described in
    21  paragraph three of subdivision (a) of section one of this act; provided,
    22  however, that:
    23    (1) each such bond resolution shall not be  subject  to  a  permissive
    24  referendum  in accordance with paragraph a of section 36.00 of the local
    25  finance law;
    26    (2) notwithstanding the provisions of paragraph b of section 23.00 and
    27  paragraph b of section 21.00 of local  finance  law,  said  village  may
    28  issue  one  additional renewal bond anticipation note maturing not later
    29  than June 13, 2015 for the objects or purposes  described  in  paragraph
    30  one  of  subdivision (a) of section one of this act, and may provide for
    31  the first installment payment on the bonds issued for  such  objects  or

    32  purposes to be made on any date on or before June 13, 2015; and
    33    (3)  in  the event that the renewal bond anticipation note, dated June
    34  13, 2014, described in paragraph one of subdivision (a) of  section  one
    35  of  this  act has, prior to the effective date of this act, been amended
    36  to extend the maturity date thereof, been  renewed  by  another  renewal
    37  bond  anticipation note, or been redeemed in full, said village, follow-
    38  ing enactment of this act, shall have the authority, notwithstanding any
    39  such extension, renewal or redemption, to issue  the  bonds  or  renewal
    40  bond  anticipation notes described in paragraph three of subdivision (b)
    41  of section one of this act for the purpose of refinancing such  extended
    42  or renewed bond anticipation notes or for the purpose of reborrowing the
    43  principal  amount  of  such  redeemed  bond anticipation notes up to the

    44  maximum principal amount set forth in such paragraph.
    45    § 3. Except as otherwise set forth in this act,  the  bonds  and  bond
    46  anticipation  notes,  and  renewals thereof, issued pursuant to this act
    47  shall be issued in accordance with the provisions of the  local  finance
    48  law.
    49    §  4. If any clause, sentence, subdivision, paragraph, section or part
    50  of this act be adjudged by any court of  competent  jurisdiction  to  be
    51  invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
    52  remainder thereof, but shall be confined in its operation to the clause,
    53  sentence, subdivision,  paragraph,  section  or  part  thereof  directly
    54  involved  in  the  controversy  in  which  such judgment shall have been
    55  rendered.
    56    § 5. This act shall take effect immediately.