S T A T E   O F   N E W   Y O R K
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                                  7505

                            I N  S E N A T E

                              May 30, 2012
                               ___________

Introduced  by  Sen. BONACIC -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT making findings and determinations with  respect  to  obligations
  heretofore  issued  by  the  village of Ellenville, Ulster county, New
  York validating and legalizing same and authorizing the issue of obli-
  gations of said village with respect thereto

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  findings.  It is hereby found and determined
that the village of Ellenville, Ulster county, New York, has  heretofore
adopted  bond  resolutions  authorizing  an  aggregate ten million eight
hundred  thousand  dollars  of  bonds  to   finance   the   acquisition,
construction  and  reconstruction  of  improvements to the village sewer
system; that said village assigned a  thirty  year  period  of  probable
usefulness  to  said  sewer  system improvements when it was entitled to
forty years under section 11.00 of the  local  finance  law;  that  said
village  executed  a  project  finance agreement with the New York State
Environmental Facilities Corporation on September 2,  2010,  authorizing
the  village  to borrow up to $5,259,000 for such improvements through a
draw down process; that on  August  10,  2011  the  village  issued  ten
million  five  hundred  thousand  dollars in bond anticipation notes for
such sewer system improvements which notes mature on  August  10,  2012;
that   on  September  22,  2011,  the  village  requested  and  received
$431,777.62 from the New York State Environmental Facilities Corporation
for sewer system improvements which amount caused the village to  exceed
the  amount  of  bonds  and notes that may be issued under the aforemen-
tioned bond resolutions; that such $431,777.62 has been returned to  the
New York State Environmental Facilities Corporation.
  S 2. Notwithstanding the defects described in section one of this act,
the  draw  down  from the New York State Environmental Facilities Corpo-
ration is hereby validated and ratified. The village  of  Ellenville  is
hereby  authorized  to  continue  to  issue  bonds  or bond anticipation
renewal notes for the  aforesaid  sewer  system  improvements  including
financing  through  the  New  York State Environmental Facilities Corpo-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD16070-01-2

S. 7505                             2

ration and the period of probable usefulness thereof  is  hereby  deter-
mined to be forty years measured from August 10, 2011.
  S  3.  Except  as  provided herein, any obligations issued pursuant to
this act shall be issued in accordance with the provisions of the  local
finance law.
  S  4. If any clause, sentence, subdivision, paragraph, section or part
of this act be adjudged by any court of  competent  jurisdiction  to  be
invalid,  such  judgment  shall  not  affect,  impair  or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentence, subdivision,  paragraph,  section  or  part  thereof  directly
involved  in  the  controversy  in  which  such judgment shall have been
rendered.
  S 5. This act shall take effect immediately.