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S06834 Summary:

S06834 Actions:

S06834 Floor Votes:

S06834 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6834--A
 
                    IN SENATE
 
                                     March 28, 2012
                                       ___________
 
        Introduced  by Sen. NOZZOLIO -- read twice and ordered printed, and when
          printed to be committed  to  the  Committee  on  Local  Government  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
 
        AN ACT validating certain findings and determinations  with  respect  to
          bond  anticipation notes issued by the village of Webster, in the town

          of Webster, county of Monroe, and to legalize and authorize the  issu-
          ance of obligations of such 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  deter-
     2  mined  that  the village board of trustees of the village of Webster, in
     3  the town of Webster, county of Monroe, and the village treasurer of such
     4  village undertook the following described actions  in  relation  to  the
     5  issuance of certain bond anticipation notes of said village:
     6    (1)  Pursuant to resolutions adopted by said village board of trustees
     7  on September 14, 2006 and September 28, 2006 and a  certificate  of  the
     8  village  treasurer  of  said village dated October 4, 2006, said village
     9  issued its bond anticipation note, dated October 4, 2006, in the princi-

    10  pal amount of $715,000 maturing on October 3, 2007 to finance  the  cost
    11  of  the object or purpose consisting of the reconstruction and rehabili-
    12  tation of said village's sewage treatment plan grit system.  Thereafter,
    13  pursuant to a resolution adopted by said village board  of  trustees  on
    14  September  27,  2007  and a certificate of the village treasurer of said
    15  village dated October 3, 2007, said bond anticipation note  was  renewed
    16  by  the  issuance  of a renewal bond anticipation note, dated October 3,
    17  2007, in the principal amount of $715,000 maturing on October  3,  2008.
    18  Thereafter,  pursuant  to a certificate of the village treasurer of said
    19  village dated October 3, 2008, a principal payment of $50,000  was  made
    20  on  said  renewal bond anticipation note and said note was again renewed
    21  by the issuance of a renewal bond anticipation note,  dated  October  3,

    22  2008,  in  the principal amount of $665,000 maturing on October 2, 2009.
    23  Thereafter, pursuant to a resolution adopted by said  village  board  of
    24  trustees on September 24, 2009 and a certificate of the village treasur-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15108-02-2
        S. 6834--A                          2
 
     1  er of said village dated October 2, 2009, a principal payment of $25,000
     2  was  made on said renewal bond anticipation note and said note was again
     3  renewed by the issuance of a renewal bond anticipation note, dated Octo-
     4  ber  2, 2009, in the principal amount of $640,000 maturing on October 1,
     5  2010.   Thereafter, pursuant to a resolution  adopted  by  said  village

     6  board of trustees on September 23, 2010 and a certificate of the village
     7  treasurer  of said village dated October 1, 2010, a principal payment of
     8  $20,000 was made on said renewal bond anticipation note  and  said  note
     9  was  renewed  by the issuance of a renewal bond anticipation note, dated
    10  October 1, 2010, in the principal amount of $620,000 maturing on Septem-
    11  ber 30, 2011. Thereafter, pursuant  to  a  resolution  adopted  by  said
    12  village board of trustees on September 29, 2011 and a certificate of the
    13  village  treasurer  of  said  village dated October 3, 2011, a principal
    14  payment of $15,000 was made on said renewal bond anticipation  note  and
    15  said  note  was  renewed  by the issuance of a renewal bond anticipation
    16  note, dated October 3, 2011, in the principal amount of $605,000  matur-
    17  ing on October 2, 2012.

    18    (2)  Pursuant to resolutions adopted by said village board of trustees
    19  on September 14, 2006 and September 28, 2006 and a  certificate  of  the
    20  village  treasurer  of  said village dated October 4, 2006, said village
    21  issued its bond anticipation note, dated October 4, 2006, in the princi-
    22  pal amount of $400,000 maturing on October 3, 2007 to finance  the  cost
    23  of  the  object  or  purpose consisting of the reconstruction, rehabili-
    24  tation, painting and metalizing of said village's water tank located  at
    25  1073  Webster Road within said village. Thereafter, pursuant to a resol-
    26  ution adopted by said village board of trustees on  September  27,  2007
    27  and  a certificate  of the village treasurer of said village dated Octo-
    28  ber 3, 2007, a principal payment of $25,000 was made on said bond antic-
    29  ipation note and said note was renewed by the issuance of a renewal bond

    30  anticipation note, dated October 3, 2007, in  the  principal  amount  of
    31  $375,000  maturing on October 3, 2008. Thereafter, pursuant to a certif-
    32  icate of the village treasurer of said village dated October 3, 2008,  a
    33  principal  payment of $25,000 was made on said renewal bond anticipation
    34  note and said note was again renewed by the issuance of a  renewal  bond
    35  anticipation  note,  dated  October  3, 2008, in the principal amount of
    36  $350,000 maturing on October 2, 2009. Thereafter, pursuant to  a  resol-
    37  ution  adopted  by  said village board of trustees on September 24, 2009
    38  and a certificate of the village treasurer of said village dated October
    39  2, 2009, a principal payment of $25,000 was made on  said  renewal  bond
    40  anticipation  note  and said note was again renewed by the issuance of a
    41  renewal bond anticipation note, dated October 2, 2009, in the  principal

    42  amount of $325,000 maturing on October 1, 2010.  Thereafter, pursuant to
    43  a  resolution adopted by said village board of trustees on September 23,
    44  2010 and a certificate of the village treasurer of  said  village  dated
    45  October 1, 2010, a principal payment of $20,000 was made on said renewal
    46  bond  anticipation  note  and said note was renewed by the issuance of a
    47  renewal bond anticipation note, dated October 1, 2010, in the  principal
    48  amount  of $305,000 maturing on September 30, 2011. Thereafter, pursuant
    49  to a resolution adopted by said village board of trustees  on  September
    50  29,  2011  and  a  certificate  of the village treasurer of said village
    51  dated October 3, 2011, a principal payment of $25,000 was made  on  said
    52  renewal bond anticipation note and said note was renewed by the issuance
    53  of a renewal bond anticipation note, dated October 3, 2011, in the prin-

    54  cipal amount of $280,000 maturing on October 2, 2012.
    55    (3)  Pursuant to resolutions adopted by said village board of trustees
    56  on April 23, 2009 and May 28, 2009 and  a  certificate  of  the  village
        S. 6834--A                          3
 
     1  treasurer  of  said  village dated June 5, 2009, said village issued its
     2  bond anticipation note, dated June 5, 2009, in the principal  amount  of
     3  $500,000  maturing  on June 4, 2010 to finance the cost of the object or
     4  purpose consisting of the reconstruction and rehabilitation of, upgrades
     5  and  improvements  to, and acquisition and installation of equipment at,
     6  said village's sewage treatment  plant  located  at  613  Webster  Road,
     7  Webster,  New York. Thereafter, pursuant to a resolution adopted by said
     8  village board of trustees on June 1,  2010  and  a  certificate  of  the

     9  village  treasurer  of  said  village  dated  June  4, 2010, a principal
    10  payment of $25,000 was made on said bond anticipation note and said note
    11  was renewed by the issuance of a renewal bond anticipation  note,  dated
    12  June  4,  2010,  in the principal amount of $475,000 maturing on June 3,
    13  2011. Thereafter, pursuant to a resolution adopted by said village board
    14  of trustees on May 26, 2011 and a certificate of the  village  treasurer
    15  of  said  village dated June 3, 2011, a principal payment of $10,000 was
    16  made on said renewal bond anticipation note  and  said  note  was  again
    17  renewed  by the issuance of a renewal bond anticipation note, dated June
    18  3, 2011, in the principal amount of $465,000 maturing on June 1, 2012.
    19    (b) It is hereby further found and determined  that  the  bond  antic-
    20  ipation  notes and renewal bond anticipation notes described in subdivi-

    21  sion (a) of this section were not issued in compliance with the applica-
    22  ble provisions of the local finance law, in that: (i) the village  board
    23  of trustees of the village of Webster in each case had not, prior to the
    24  issuance  of  such bond anticipation notes, adopted a bond resolution in
    25  accordances with sections 31.00 and 32.00  of  the  local  finance  law,
    26  which  was  subject  to a permissive referendum in accordance with para-
    27  graph a of section 36.00 of the local finance law, for  the  purpose  of
    28  authorizing  the  issuance  of  bonds of said village in anticipation of
    29  which such bond anticipation notes were issued; (ii) in the case of  the
    30  renewal bond anticipation notes dated October 1, 2010, described in each
    31  of paragraphs one and two of subdivision (a) of section one of this act,
    32  a  principal  portion  of  each such note was not redeemed and the unre-

    33  deemed portion of such note was not  further  renewed  until  after  the
    34  September  30, 2011 maturity date thereof; and (iii) in the case of each
    35  of the renewal bond anticipation notes, dated October 3, 2011, described
    36  in paragraphs one and two of subdivision (a) of section one of this act,
    37  the term of said note extended more than five years beyond the  date  of
    38  issuance of the applicable original bond anticipation note dated October
    39  4, 2006.
    40    § 2. Notwithstanding the defects described in section one of this act,
    41  the  bond  anticipation notes and renewals thereof issued by the village
    42  of Webster, as described in section one of  this  act,  and  all  resol-
    43  utions, acts and proceedings heretofore adopted or taken by the board of
    44  trustees  and the village treasurer of said village in relation thereto,
    45  are hereby validated, ratified and confirmed. Subject to the adoption by

    46  the village board of trustees of the village of Webster of one  or  more
    47  bond  resolutions  in  accordance  with  sections 31.00 and 32.00 of the
    48  local finance law, such village  is  hereby  authorized  to  hereinafter
    49  issue:  (a)  bonds  or  renewal bond anticipation notes in the aggregate
    50  principal  amount  of  $590,000  for  the  purpose  of  refinancing  the
    51  outstanding  bond  anticipation  notes  issued for the object or purpose
    52  described in paragraph 1 of subdivision (a) of section one of this  act;
    53  (b)  bonds or renewal bond anticipation notes in the aggregate principal
    54  amount of $255,000 for the purpose of refinancing the  outstanding  bond
    55  anticipation  notes  issued for the object or purpose described in para-
    56  graph 2 of subdivision (a) of section one of this act; and (c) bonds  or
        S. 6834--A                          4
 

     1  renewal  bond  anticipation  notes  in the aggregate principal amount of
     2  $455,000 for the purpose of  refinancing  the  outstanding  bond  antic-
     3  ipation  notes issued for the object or purpose described in paragraph 3
     4  of subdivision (a) of section one of this act; provided, however, that:
     5    (1)  each  such  bond  resolution shall not be subject to a permissive
     6  referendum in accordance with paragraph a of section 36.00 of the  local
     7  finance law;
     8    (2) notwithstanding the provisions of paragraph b of section 23.00 and
     9  paragraph  b of section 21.00 of the local finance law, said village may
    10  issue one additional renewal bond anticipation note maturing  not  later
    11  than  October  4,  2013 for each of the objects or purposes described in
    12  paragraphs 1 and 2 of subdivision (a) of section one of  this  act,  and
    13  may  provide  for  the first installment payment on the bonds issued for

    14  such objects or purposes to be made on any date on or before October  4,
    15  2013; and
    16    (3)  in  the event that the renewal bond anticipation note, dated June
    17  3, 2011, described in paragraph 3 of subdivision (a) of section  one  of
    18  this  act  has, prior to the effective date of this act, been amended to
    19  extend the maturity date thereof, been renewed by another  renewal  bond
    20  anticipation  note,  or  been  redeemed in full, said village, following
    21  enactment of this act, shall have  the  authority,  notwithstanding  any
    22  such  extension,  renewal  or  redemption, to issue the bonds or renewal
    23  bond anticipation notes described in clause (iii) of subdivision (b)  of
    24  section  one of this act for the purpose of refinancing such extended or
    25  renewed bond anticipation notes or for the purpose  of  reborrowing  the
    26  principal  amount  of  such  redeemed  bond anticipation notes up to the

    27  maximum principal amount set forth in such clause (iii).
    28    § 3. Except as otherwise set forth in this act,  the  bonds  and  bond
    29  anticipation  notes,  and  renewals thereof, issued pursuant to this act
    30  shall be issued in accordance with the provisions of the  local  finance
    31  law.
    32    §  4. If any clause, sentence, subdivision, paragraph, section or part
    33  of this act be adjudged by any court of competent  jurisdiction,  to  be
    34  invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
    35  remainder thereof, but shall be confined in its operation to the clause,
    36  sentence, subdivision,  paragraph,  section  or  part  thereof  directly
    37  involved  in  the  controversy  in  which  such judgment shall have been
    38  rendered.
    39    § 5. This act shall take effect immediately.