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S06948 Summary:

S06948 Actions:

S06948 Floor Votes:

S06948 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6948
 
                    IN SENATE
 
                                      April 7, 2014
                                       ___________
 
        Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT making  certain  findings  and  determinations  with  respect  to
          certain bond anticipation notes issued by the village of Whitehall, in
          the  town of Whitehall and county of Washington, validating and legal-

          izing such notes, and authorizing the issuance of obligations of  such
          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,  pursuant to a bond resolution dated October 1, 2007, the board of
     3  trustees of the village of Whitehall, in the town of Whitehall and coun-
     4  ty of Washington, authorized the issuance of serial bonds of the village
     5  in an aggregate principal amount not  to  exceed  $5,000,000,  and  bond
     6  anticipation notes in anticipation of the sale of such bonds, to finance
     7  the  construction of certain improvements to such village's sewer system
     8  in order to bring it into compliance  with  a  consent  order  agreement
     9  between  the  village  and the department of environmental conservation;

    10  that in order to finance the cost of the capital improvements authorized
    11  by said bond resolution: (i) on October 29, 2007, the village  issued  a
    12  bond  anticipation note in the principal amount of $900,000, maturing on
    13  October 28, 2008; (ii) on October 28, 2008, the village  issued  a  bond
    14  anticipation note in the principal amount of $900,000, maturing on Octo-
    15  ber  27,  2009,  to renew in full the bond anticipation note maturing on
    16  October 28, 2008; (iii) on March 23, 2009, the  village  issued  a  bond
    17  anticipation  note  in  the  principal amount of $1,200,000, maturing on
    18  October 27, 2009; (iv) on October 27, 2009, the village made a principal
    19  payment of $30,000 on the $900,000 principal  amount  bond  anticipation
    20  note  maturing  on  such date and issued a bond anticipation note in the
    21  principal amount of $2,070,000, maturing on October 26, 2010,  to  renew

    22  the  balance  of such note and to renew in full the $1,200,000 principal
    23  amount bond anticipation note also maturing on October 26, 2010; (v)  on
    24  October 26, 2010, the village made a principal payment of $30,000 on the
    25  bond  anticipation  note  maturing on such date and issued a bond antic-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14589-01-4
        S. 6948                             2
 
     1  ipation note in the principal amount of $2,040,000, maturing on  October
     2  25, 2011, to renew the balance of such note; (vi) on March 10, 2011, the
     3  village  made  a  principal  payment of $40,000 on the bond anticipation
     4  note  maturing  on  October  25,  2011;  (vii)  on October 25, 2011, the

     5  village made a principal payment of $30,000  on  the  bond  anticipation
     6  note  maturing  on  such date and issued a bond anticipation note in the
     7  principal amount of $1,970,000, maturing on October 24, 2012,  to  renew
     8  the  balance  of such note; (viii) on March 21, 2012, the village made a
     9  principal payment of $40,000 on the bond anticipation note  maturing  on
    10  October 24, 2012; (ix) on October 24, 2012, the village made a principal
    11  payment  of  $30,000 on the bond anticipation note maturing on such date
    12  and  issued  a  bond  anticipation  note  in  the  principal  amount  of
    13  $2,000,000,  maturing  on October 23, 2013, to renew the balance of such
    14  note and to finance additional costs of said capital  improvements;  (x)
    15  on  March  21,  2013, the village made a principal payment of $40,000 on
    16  the bond anticipation note maturing on October 23,  2013;  and  (xi)  on

    17  October 23, 2013, the village made a principal payment of $70,000 on the
    18  bond  anticipation  note  maturing on such date and issued a bond antic-
    19  ipation note in the principal amount of $1,990,000, maturing on  October
    20  22,  2014,  to  renew the balance of such note and to finance additional
    21  costs of said capital  improvements;  that  certain  of  said  principal
    22  payments  were  not  in compliance with the applicable provisions of the
    23  local finance law because the principal payments  made  on  October  27,
    24  2009, October 26, 2010, March 10, 2011 and March 21, 2012 were made from
    25  the proceeds of said bond anticipation notes and not from a source other
    26  than  the  proceeds  of  said bond anticipation notes as required by the
    27  provisions of sections 21.00 and 23.00 of the local finance law.
    28    § 2. Notwithstanding the defects described in section one of this act,

    29  the bond anticipation notes and renewals thereof issued by  the  village
    30  of  Whitehall,  as  described in section one of this act, and all resol-
    31  utions, acts and proceedings adopted or taken by the board  of  trustees
    32  and  the treasurer of such village in relation thereto, are hereby vali-
    33  dated, ratified and confirmed. Such  village  is  hereby  authorized  to
    34  issue  bonds  and bond anticipation notes in anticipation of the sale of
    35  such bonds, pursuant to the bond resolution dated October 1, 2007 in  an
    36  aggregate  principal amount not to exceed $4,690,000 to finance the cost
    37  of the purpose described in section one of this act.
    38    § 3. Except as otherwise set forth in this act,  the  bonds  and  bond
    39  anticipation  notes,  and  the renewals of such bond anticipation notes,
    40  issued pursuant to this act shall  be  issued  in  accordance  with  the

    41  provisions of the local finance law.
    42    §  4. If any clause, sentence, subdivision, paragraph, section or part
    43  of this act be adjudged by any court of  competent  jurisdiction  to  be
    44  invalid,  and after exhaustion of all further judicial review, the judg-
    45  ment shall not affect, impair or invalidate the  remainder  thereof  but
    46  shall be confined in its operation to the clause, sentence, subdivision,
    47  paragraph,  section or part of this act directly involved in the contro-
    48  versy in which the judgment shall have been rendered.
    49    § 5. This act shall take effect immediately.