New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

S06975 Summary:

S06975 Actions:

S06975 Floor Votes:

S06975 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6975
 
                    IN SENATE
 
                                      April 9, 2014
                                       ___________
 
        Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT to legalize, validate, ratify and  confirm  the  actions  of  the
          village board of the village of Parish notwithstanding certain defects
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 

     1    Section 1. Legislative findings.  The  legislature  hereby  finds  and
     2  determines  that  the  village  of Parish, in the county of Oswego, duly
     3  adopted bond resolutions dated July 7, 2009, December 15, 2010 and  June
     4  20,  2012 in order to finance the construction of certain sewer improve-
     5  ments within the village. The village subsequently  issued  bond  antic-
     6  ipation notes for such purpose as follows:
     7    (a)  that  on October 15, 2009, the village issued a bond anticipation
     8  note in the principal amount of $415,000; that the note matured and  was
     9  first renewed on October 15, 2010 for $415,000; that a principal payment
    10  on the note of $7,000 was made on the note on October 14, 2011; that the
    11  note  matured  and  was  again renewed on October 14, 2011 for $408,000;
    12  that on October 12, 2012 a principal payment of $7,000 was made  on  the

    13  note;  that the remaining balance of $401,000 on the note was refinanced
    14  with partial proceeds from  a  $768,175  short-term  Clean  Water  State
    15  Revolving  Fund  (CWSRF) financing from the New York State Environmental
    16  Facilities Corporation, (EFC) which closed on September 27, 2012; and
    17    (b) in connection with the September 27,  2012  EFC  short-term  CWSRF
    18  financing,  the  village  entered into a Project Finance Agreement (PFA)
    19  with EFC and issued a $768,175 bond anticipation note to EFC;  and  that
    20  pursuant  to  the  provisions  of the PFA and section 23.00 of the local
    21  finance law pertaining to the redemption of bond anticipation notes, the
    22  village of Parish was required to make a principal  payment  on  October
    23  11, 2013.
    24    With  respect  to  the EFC bond anticipation note and PFA described in
    25  subdivision (b) of this section, the village of Parish was required  to,

    26  but  failed to make,  on October 11, 2013, a scheduled principal payment
    27  pursuant to applicable provisions of section 23.00 of the local  finance
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14570-01-4
        S. 6975                             2
 
     1  law  which  required  a  principal  payment  on the EFC CWSRF short-term
     2  financing and bond anticipation note on that date.
     3    § 2. Notwithstanding any defects described in section one of this act,
     4  or  the  fact  that  the  village board of the village of Parish, in the
     5  county of Oswego, failed to comply with  the  applicable  provisions  of
     6  section  23.00  of  the  local  finance law insofar as it failed to make

     7  principal payments on the bond anticipation note, the bond  anticipation
     8  notes  and renewals thereof issued by the village of parish described in
     9  section one of this act, and all resolutions, acts and proceedings here-
    10  tofore adopted or taken by the village board of such village in relation
    11  thereto, are hereby validated, ratified, legalized and confirmed and any
    12  principal payment thereafter made by such village in 2014  on  the  bond
    13  anticipation  note  maturing on September 27, 2015 shall be deemed to be
    14  in compliance with the requirements of the local finance law.
    15    § 3. Except as otherwise set forth in this act,  the  bonds  and  bond
    16  anticipation  notes,  and  renewals thereof, issued pursuant to this act
    17  shall be issued in accordance with the provisions of the  local  finance
    18  law.
    19    §  4. If any clause, sentence, subdivision, paragraph, section or part

    20  of this act be adjudged by any court of  competent  jurisdiction  to  be
    21  invalid,  such  judgement  shall  not  affect,  impair or invalidate the
    22  reminder thereof, but shall be confined in its operation to the  clause,
    23  sentence,  subdivision,  paragraph,  section  or  part  thereof directly
    24  involved in the controversy in  which  such  judgment  shall  have  been
    25  rendered.
    26    § 5. This act shall take effect immediately.