Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 11, 2009 |
signed chap.340 |
Jul 31, 2009 |
delivered to governor |
Jul 16, 2009 |
returned to assembly passed senate home rule request 3rd reading cal.819 substituted for s5655 |
Jul 16, 2009 |
substituted by a8589 |
Jul 15, 2009 |
ordered to third reading cal.819 committee discharged and committed to rules |
May 26, 2009 |
referred to local government |
Senate Bill S5655
Signed By Governor2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A8589 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2009-S5655 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8589
- Law Section:
- Local Government, Office of
2009-S5655 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5655 TITLE OF BILL : An act to legalize, validate, ratify and confirm certain actions taken by the town of Schodack, in the county of Rensselaer, with respect to certain bond anticipation notes PURPOSE : The legislation is to provide legislative relief by validating and ratifying the town's actions with respect to the Subject BAN notwithstanding the Town of Schodack not making an additional principal payment in 2006 or 2007. SUMMARY OF PROVISIONS : Section one- On September 16, 2005, the Town of Schodack (the "Town") adopted two bond resolutions (respectively, the "$160,000 Resolution" and the "$268,000 Resolution," and, collectively, the "Resolutions") in anticipation of financing the costs of two related purposes that would both eventually be within the scope of a project (a "Project") for which proceeds from the New York State Environmental Facilities Corporation ("EFC") would be used. On October 14, 2005, pursuant to the Resolutions, the Town issued a bond anticipation note in the amount of $428,000 (the "Subject BAN"), the proceeds of which were used for costs associated with the Project.
2009-S5655 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5655 2009-2010 Regular Sessions I N S E N A T E May 26, 2009 ___________ Introduced by Sen. McDONALD -- 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 certain actions taken by the town of Schodack, in the county of Rensselaer, with respect to certain bond anticipation notes 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 town of Schodack duly adopted on September 16, 2005 two bond resolutions respec- tively authorizing issuance of $160,000 and $268,000 of serial bonds or bond anticipation notes of said town; (ii) pursuant to such bond resol- utions, said Town on October 14, 2005 issued a bond anticipation note in the principal amount of $428,000, which matured on October 13, 2006 (the "2005 BAN"); (iii) on October 13, 2006 said town made a principal payment of $8,040 towards the 2005 BAN; (iv) after such $8,040, the remaining principal balance of the 2005 BAN was refunded with the proceeds of a $419,960 bond anticipation note (the "2006 BAN") dated October 13, 2006; (v) the 2006 BAN was paid in its entirety in September 2007 solely from the proceeds from a note purchased by the New York State Environmental Facilities Corporation (the "EFC Note"); and (vi) such payment of the 2006 BAN was in violation of the provisions of subdivisions b-1 and d of section 21.00 of the local finance law and subdivision b of section 23.00 of the local finance law in that a portion of such payment should have been made from amounts other than the proceeds of the EFC Note. S 2. Notwithstanding the defects described in section one of this act, the 2006 BAN and the EFC Note are hereby validated and ratified. S 3. Except as otherwise provided in this act, the bonds and bond anticipation notes issued under authority of the bond resolutions described in section one of this act shall be issued in accordance with the provisions of the local finance law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11475-01-9
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