NY State Senate Bill 2009-S8499

Senate Bill S8499

2009-2010 Legislative Session

Legalizes, validates, ratifies and confirms certain actions taken by the village of Black River, Jefferson County

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Archive: Last Bill Status - In Senate Committee Rules Committee

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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Actions

View Actions

	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

Bill Amendments

Original

A (Active)

2009-S8499 - Details

Current Committee:: Senate Rules
Law Section:: Local Finance Law

2009-S8499 - 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-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.

                                                           LBD18175-01-0

S. 8499                             2

  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  deemed  to  have  been  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.

2009-S8499A (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Local Finance Law

2009-S8499A (ACTIVE) - Summary

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

in accordance with provisions of the local finance law.

Section 4. Provides standard protections so that if a court invalidates
any part of this act it does not invalidate the entire act.

Section 5. This act shall take effect immediately.

JUSTIFICATION:
On March 7, 2005 the village of Black River in Jefferson County duly
adopted a bond resolution authorizing the issuance of a $5 million maxi-
mum serial bond in anticipation of financing the costs of a capital
improvement project for the improvement of the facilities of the village
wastewater collection and treatment system.  Unfortunately, the village
accidentally bonded in excess of their bond limit when they obtained
phase I and phase II of the funding through both the USDA and and EFC.
They did refund $1.27 million to the EFC in year 2010 to bring them
under the bond limit.

This bill is needed to make sure that said bond notes are now issued in
accordance with the provisions of the local finance law.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:

None to the state.

EFFECTIVE DATE:
This act shall take effect immediately.

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.

                                                           LBD18175-02-0

S. 8499--A                          2

said village has violated section 21.00 of the local finance law in that
the  largest  payment  does exceed the smallest payment by more than one
and one half times; (x) said village now wishes to apply  the  2009  and
2010  payments to principal and to make up the deficient payment amounts
during the balance of the life of the loan.
  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  and  made  deficient  repayment of principal on the
outstanding bonds, such amounts and payments are hereby legalized, vali-
dated 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  deemed  to  have  been  issued  in  accordance  with the
provisions of the local finance law.
  S 4. Except as otherwise provided in this act,  the  payments  on  the
bonds  described in section one of this act shall be deemed to have been
made in accordance with the provisions of the local finance law.
  S 5. 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 6. This act shall take effect immediately.

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