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S07498 Summary:

S07498 Actions:

S07498 Floor Votes:

S07498 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7498
 
                    IN SENATE
 
                                      May 29, 2012
                                       ___________
 
        Introduced  by  Sen.  YOUNG  -- 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 Dansville, in
          the  county  of  Livingston,  validating  and legalizing the same, 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. (a) It is hereby found and determined
     2  that the village of Dansville, in the county of Livingston,  has  under-
     3  taken  the  following  described  actions in relation to the issuance of
     4  certain bond anticipation notes of such village: (1) a  bond  resolution
     5  was  adopted  on  November  10,  1998  authorizing $316,820 of bonds for
     6  wastewater treatment plant renovations and on November 24,  1998  issued
     7  $316,820  of  bond  anticipation notes maturing on November 24, 1999, on
     8  November 24, 1999 a $300,960 bond anticipation renewal note  was  issued
     9  maturing  on  November  23,  2000,  on November 23, 2000 a $285,120 bond

    10  anticipation renewal note was issued maturing on November 22,  2001,  on
    11  November  22,  2001 a $269,299 bond anticipation renewal note was issued
    12  maturing on November 20, 2002, on November  20,  2002  a  $253,459  bond
    13  anticipation  renewal  note was issued maturing on November 19, 2003, on
    14  November 19, 2003 a $237,617 bond anticipation renewal note  was  issued
    15  maturing  on  November  18,  2004,  on November 18, 2004 a $221,760 bond
    16  anticipation renewal note was issued maturing on November 18,  2005,  on
    17  November  18,  2005 a $205,937 bond anticipation renewal note was issued
    18  maturing on November 18, 2006, on November  18,  2006  a  $190,197  bond
    19  anticipation  renewal  note was issued maturing on November 18, 2007, on
    20  November 18, 2007 a $174,256 bond anticipation renewal note  was  issued
    21  maturing  on  November  17,  2008,  on November 17, 2008 a $158,416 bond

    22  anticipation renewal note was issued maturing on November 17,  2009,  on
    23  November  17,  2009 a $142,575 bond anticipation renewal note was issued
    24  maturing on November 16, 2010, on November  16,  2010  a  $126,725  bond
    25  anticipation  renewal note was issued maturing on November 15, 2011, and
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16013-01-2
        S. 7498                             2
 
     1  on November 15, 2011 a  $110,885  bond  anticipation  renewal  note  was
     2  issued  maturing on November 13, 2012; (2) a bond resolution was adopted
     3  on July 8, 2003 authorizing $300,000 bonds for paving  streets,  and  on
     4  July  24,  2003  issued  $300,000 of bond anticipation notes maturing on

     5  July 24, 2004, on July 24, 2004 a  $270,000  bond  anticipation  renewal
     6  note  was  issued maturing on July 23, 2005, on July 23, 2005 a $240,000
     7  bond anticipation renewal note was issued maturing on July 22, 2006,  on
     8  July  22,  2006  a  $210,000  bond  anticipation renewal note was issued
     9  maturing on July 20, 2007, on July 20, 2007 a $180,000 bond anticipation
    10  renewal note was issued maturing on July 20, 2008, on July  20,  2008  a
    11  $150,000  bond anticipation renewal note was issued maturing on July 19,
    12  2009, on July 19, 2009 a $120,000 bond  anticipation  renewal  note  was
    13  issued maturing on July 19, 2010, on July 19, 2010 a $90,000 bond antic-
    14  ipation  renewal  note was issued maturing on July 16, 2011, and on July
    15  16, 2011 a $60,000 bond anticipation renewal note was issued maturing on
    16  July 16, 2012; (3) a bond resolution was adopted  on  January  13,  2004

    17  authorizing $90,000 of bonds for equipment replacement at the wastewater
    18  treatment  plant,  and on February 6, 2004 issued $90,000 of bond antic-
    19  ipation notes maturing on February 5,  2005,  on  February  5,  2005  an
    20  $81,000  bond  anticipation renewal note was issued maturing on February
    21  3, 2006, on February 3, 2006 a $72,000 bond  anticipation  renewal  note
    22  was  issued  maturing on February 2, 2007, on February 2, 2007 a $63,000
    23  bond anticipation renewal note was issued maturing on February 1,  2008,
    24  on  February 1, 2008 a $54,000 bond anticipation renewal note was issued
    25  maturing on February 1, 2009, on February 1, 2009 a $45,000 bond  antic-
    26  ipation renewal note was issued maturing on January 31, 2010, on January
    27  31, 2010 a $36,000 bond anticipation renewal note was issued maturing on
    28  January  30,  2011,  on  January  30,  2011  a $27,000 bond anticipation

    29  renewal note was issued maturing on January 28, 2012, and on January 28,
    30  2012 an $18,000 bond anticipation renewal note was  issued  maturing  on
    31  January  28, 2013; (4) a bond resolution was adopted on October 10, 2006
    32  authorizing $260,000 of bonds for a digester heating system and on Octo-
    33  ber 19, 2006 a $260,000 bond anticipation renewal note was issued matur-
    34  ing on October 19, 2007, on October 19,  2007  a  $234,000  bond  antic-
    35  ipation renewal note was issued maturing on October 19, 2008, on October
    36  19,  2008  a $208,000 bond anticipation renewal note was issued maturing
    37  on October 19, 2009, on October 19, 2009 a  $182,000  bond  anticipation
    38  renewal  note  was  issued  maturing on October 19, 2010, on October 19,
    39  2010 a $156,000 bond anticipation renewal note was  issued  maturing  on
    40  October 19, 2011, and on October 19, 2011 a $130,000 bond renewal antic-

    41  ipation  note was issued maturing on October 19, 2012; (5) a bond resol-
    42  ution was adopted on November 14, 2006 authorizing $145,450 of bonds for
    43  a fire truck and on November 14, 2006 a $145,450 bond anticipation  note
    44  was  issued  maturing  on  November  14,  2007,  on  November 14, 2007 a
    45  $130,905 bond anticipation renewal note was issued maturing on  November
    46  14, 2008, on November 14, 2008 a $116,360 bond anticipation renewal note
    47  was  issued  maturing  on  November  14,  2009,  on  November 14, 2009 a
    48  $101,815 bond anticipation renewal note was issued maturing on  November
    49  14, 2010, on November 14, 2010 an $87,270 bond anticipation renewal note
    50  was  issued  maturing  on  November  14, 2011 and on November 14, 2011 a
    51  $72,725 bond anticipation renewal note was issued maturing  on  November
    52  13,  2012; (6) A bond resolution was adopted on April 10, 2007 authoriz-

    53  ing $170,940 of bonds for a HME chassis, and on May 9, 2007  a  $170,940
    54  bond  anticipation  note  was  issued maturing on May 9, 2008, on May 9,
    55  2008 a $153,940 bond anticipation renewal note was  issued  maturing  on
    56  May  9,  2009,  on May 9, 2009 a $136,940 bond anticipation renewal note
        S. 7498                             3
 
     1  was issued maturing on May 9, 2010, on  May  9,  2010  a  $119,940  bond
     2  anticipation  renewal note was issued maturing on May 9, 2011 and on May
     3  9, 2011 a $102,940 bond anticipation renewal note was issued maturing on
     4  May  7,  2012;  and  (7)  a  bond resolution was adopted on June 5, 2007
     5  authorizing $88,000 bonds for street paving, and on June 13, 2007 issued
     6  an $88,000 bond anticipation note maturing on June 13, 2008, on June 13,
     7  2008 issued a $79,200 bond anticipation renewal note  maturing  on  June

     8  13,  2009,  on  June 13, 2009 issued a $70,400 bond anticipation renewal
     9  note maturing on June 13, 2010, on June 13, 2010 issued a  $61,600  bond
    10  anticipation  renewal  note  maturing on June 13, 2011, on June 13, 2011
    11  issued a $52,800 bond anticipation renewal note  maturing  on  June  11,
    12  2012.
    13    (b)  It  is  hereby  further found and determined that:  (1) each such
    14  bond resolution  was  adopted  taking  effect  immediately  and  thereby
    15  requiring  repayment  over  five  years from the date of the first obli-
    16  gation issued therefor; (2) various violations of the local finance  law
    17  occurred  with  the  bond  resolutions and issuance of notes pursuant to
    18  such bond resolutions in that the bond resolutions indicated a period of
    19  probable usefulness in excess of five years but no permissive referendum
    20  process was followed and principal payments made  did  not  satisfy  the

    21  requirements  for  amortizing  the obligations over five years since the
    22  bond resolutions, to take effect without  permissive  referendum,  would
    23  have  to  so limit the financing timeframe; and (3) in certain instances
    24  bond anticipation renewal notes were issued after the fifth  year  anni-
    25  versary of the first bond anticipation note issued therefor.
    26    § 2. Notwithstanding the defects described in section one of this act,
    27  the  bond  anticipation  notes issued by the village pursuant to each of
    28  the bond resolutions identified in section one  of  this  act,  and  all
    29  resolutions, acts and proceedings adopted or taken by the board of trus-
    30  tees  and the village treasurer of such village in relation thereto, are
    31  hereby validated, ratified and confirmed. The village is hereby  author-
    32  ized  to  issue  bonds  or  bond  anticipation renewal notes to continue

    33  financing the objects and purposes authorized pursuant to the  aforesaid
    34  bond  resolutions  over the period of probable usefulness thereof as set
    35  forth in section 11.00 of the local finance law.
    36    § 3. Except as otherwise provided in this act, any obligations  issued
    37  pursuant  to  this act shall be issued in accordance with the provisions
    38  of the local finance law.
    39    § 4. If any clause, sentence, subdivision, paragraph, section or  part
    40  of  this  act  be  adjudged by any court of competent jurisdiction to be
    41  invalid, such judgment  shall  not  affect,  impair  or  invalidate  the
    42  remainder thereof, but shall be confined in its operation to the clause,
    43  sentence,  subdivision,  paragraph,  section  or  part  thereof directly
    44  involved in the controversy in  which  such  judgment  shall  have  been
    45  rendered.
    46    § 5. This act shall take effect immediately.