| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Nov 23, 2010 |
print number 8499a |
| Nov 23, 2010 |
amend and recommit to rules |
| Oct 11, 2010 |
referred to rules |
Senate Bill S8499A
2009-2010 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
Actions
Bill Amendments
2009-S8499 - Details
- Current Committee:
- Senate Rules
- Law Section:
- Local Finance Law
2009-S8499 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8499
I N S E N A T E
October 11, 2010
___________
Introduced by Sen. AUBERTINE -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to legalize, validate, ratify and confirm certain actions taken
by the village of Black River, in the county of Jefferson, with
respect to refunding its low interest loans through the United States
department of agriculture and the New York state environmental facili-
ties corporation
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. It is hereby found and determined that: (i) the village of
Black River, county of Jefferson, duly adopted on March 7, 2005, a bond
resolution authorizing issuance of a maximum of $5,000,000.00 of serial
bonds in anticipation of financing the costs of a capital improvement
project for improvement of facilities of the village wastewater
collection and treatment system; (ii) pursuant to such bond resolution,
said village obtained financing from the United States Department of
Agriculture ("USDA") in the amount of $1,271,000.00 in low interest
loans on June 26, 2008, and a $500,000.00 grant for Phase I of the
project on May 21, 2009; (iii) pursuant to such bond resolution, said
village obtained grant financing of $500,000.00 and $100,000.00 in low
interest loans from the USDA for Phase II of the project; (iv) pursuant
to such bond resolution, said village also obtained short term financing
through the New York State Environmental Facilities Corporation ("EFC")
on June 26, 2008 in the amount of $2,916,900.00; (v) pursuant to such
bond resolution, said village also obtained financing totaling
$946,201.76; (vi) said village returned $1,271,000.00 to the EFC in the
year 2010; (vii) said village now wishes to refund the remaining financ-
ing at a zero percent (0%) interest rate with the EFC, however, said
village has exceeded the bond authorization with the funding that it
received from both the USDA and the EFC.
S 2. Notwithstanding the defects described in section one of this act,
to the extent that the village of Black River exceeded their maximum
bond authorization, such amounts are hereby legalized, validated and
ratified.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
2009-S8499A (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Local Finance Law
2009-S8499A (ACTIVE) - Summary
Legalizes, validates, ratifies and confirms certain actions taken by the village of Black Water, Jefferson County with respect to refunding its low interest loans through the United States department of agriculture and the New York state environmental facilities corporation.
2009-S8499A (ACTIVE) - Sponsor Memo
BILL NUMBER:S8499A
TITLE OF BILL:
An act to legalize, validate, ratify and confirm certain actions taken
by the village of Black River, in the county of Jefferson, with respect
to refunding its low interest loans through the United States department
of agriculture and the New York state environmental facilities corpo-
ration
PURPOSE OR GENERAL IDEA OF BILL:
This bill will correct an error made by the village of Black River in
Jefferson County when they exceeded their maximum bond authorization on
their United States Department of Agriculture (USDA) and their New York
State Environmental Facilities Corporation (EFC) bonds used in financing
their capital improvement project for improvement of facilities of the
village wastewater collection and treatment system.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Outlines history of the two capital bonds the village of
Black River issued to fund their village wastewater collection and
treatment system.
Section 2. Provides that even though they exceeded their maximum bond
authorization, such amounts are legalized, validated, and ratified.
Section 3. Provides that these bonds shall be deemed to have been issued
2009-S8499A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
8499--A
I N S E N A T E
October 11, 2010
___________
Introduced by Sen. AUBERTINE -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to legalize, validate, ratify and confirm certain actions taken
by the village of Black River, in the county of Jefferson, with
respect to refunding its low interest loans through the United States
department of agriculture and the New York state environmental facili-
ties corporation
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. It is hereby found and determined that: (i) the village of
Black River, county of Jefferson, duly adopted on March 7, 2005, a bond
resolution authorizing issuance of a maximum of $5,000,000.00 of serial
bonds in anticipation of financing the costs of a capital improvement
project for improvement of facilities of the village wastewater
collection and treatment system; (ii) pursuant to such bond resolution,
said village obtained financing from the United States Department of
Agriculture ("USDA") in the amount of $1,271,000.00 in low interest
loans on June 26, 2008, and a $500,000.00 grant for Phase I of the
project on May 21, 2009; (iii) pursuant to such bond resolution, said
village obtained grant financing of $500,000.00 and $100,000.00 in low
interest loans from the USDA for Phase II of the project; (iv) pursuant
to such bond resolution, said village also obtained short term financing
through the New York State Environmental Facilities Corporation ("EFC")
on June 26, 2008 in the amount of $2,916,900.00; (v) pursuant to such
bond resolution, said village also obtained financing totaling
$946,201.76; (vi) said village returned $1,271,000.00 to the EFC in the
year 2010; (vii) said village now wishes to refund the remaining financ-
ing at a zero percent (0%) interest rate with the EFC, however, said
village has exceeded the bond authorization with the funding that it
received from both the USDA and the EFC in violation of section 32.00 of
the local finance law; (viii) said village made payments on the bonds in
the amounts of $80,451.00 in 2008 and $52,991.00 in 2009 and 2010; (ix)
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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