Senate Bill S5951

Signed By Governor
2009-2010 Legislative Session

Legalizes, validates, ratifies and confirms certain actions taken by the village of Hammond, in the county of Lawrence, with respect to a certain serial bond note

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Archive: Last Bill Status Via A8967 - 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

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2009-S5951 (ACTIVE) - Details

See Assembly Version of this Bill:
A8967
Law Section:
Villages

2009-S5951 (ACTIVE) - Summary

Legalizes, validates, ratifies and confirms certain actions taken by the village of Hammond, in the county of St. Lawrence, with respect to a certain serial bond note.

2009-S5951 (ACTIVE) - Sponsor Memo

2009-S5951 (ACTIVE) - Bill Text download pdf 

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

                                  5951

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                              June 19, 2009
                               ___________

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 Hammond, in the county of St. Lawrence, with respect
  to a certain serial bond note

  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
Hammond, county of St. Lawrence, duly  adopted  on  July  10,  2002,  as
amended  on August 6, 2003 and August 7, 2004, a bond resolution author-
izing issuance of a maximum of $800,000 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 on  March  30,  2006
issued a serial bond note to the United States Department of Agriculture
("USDA");  (iii) in the years of 2006, 2007 and 2009, principal payments
on the bond were not made in a timely fashion; (iv) such  payments  were
in  violation of subdivision b of section 21.00 of the local finance law
in that the payments should have been made in annual installments;  said
village  now wishes to obtain permanent financing from the Environmental
Facilities Corporation to refund the subject note.
  S 2. Notwithstanding the defects described in section one of this act,
the USDA note is hereby validated and ratified.
  S 3. Except as otherwise provided in this act, the bond  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.
  S 4. If any clause, sentence, subdivision, paragraph 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 ther-
eof, 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.

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