senate Bill S2778

Signed By Governor
2011-2012 Legislative Session

Validates and legalizes certain bond anticipation notes issued by the village of Norwood

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Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2011 signed chap.40
May 20, 2011 delivered to governor
May 09, 2011 returned to senate
passed assembly
home rule request
ordered to third reading cal.258
substituted for a4764
Mar 23, 2011 referred to ways and means
delivered to assembly
passed senate
home rule request
Mar 22, 2011 advanced to third reading
Mar 21, 2011 2nd report cal.
Mar 16, 2011 1st report cal.236
Feb 01, 2011 referred to local government

Votes

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Co-Sponsors

S2778 - Bill Details

See Assembly Version of this Bill:
A4764
Law Section:
Bonds and Notes

S2778 - Bill Texts

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Validates and legalizes certain bond anticipation notes issued by the village of Norwood; authorizes the issuance of obligations of such bond anticipation notes.

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BILL NUMBER:S2778

TITLE OF BILL:
An act
in relation to making certain findings and determinations with respect
to bond anticipation notes issued by the village of Norwood, in the
town of Potsdam, county of St. Lawrence,
and validates and legalizes
such notes; and authorizes the issuance of obligations of such bond
anticipation notes with respect thereto

PURPOSE:
This legislation is to provide legislative relief by validating and
ratifying the Village of Norwood's actions with respect to bond
anticipation notes notwithstanding the village not making an
additional principal payment in 2009 or 2010.

SUMMARY OF PROVISIONS:
Section 1. Outlines history of the bond anticipation note the village
of Norwood issued to finance the construction of certain improvements
to their sewer plant and collection system.

Section 2. Provides that such bond is validated, ratified and confirmed.

Section 3. Provides that the bond 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 February 20, 2007, the Village of Norwood adopted a $2,386,000
resolution in anticipation of financing the cost of a Waste Water
Treatment Plant and Collection Improvement project with the USDA. The
Village issued a bond anticipation note in the amount of $2,386,000,
the proceeds of which were used for costs associated with the project.

The Village however violated provisions of the Local Finance law by
not making a principal payment towards the bond in 2009 or 2010. This
bill is needed to make sure that the bond note is now issued in
accordance with the provisions of the Local Finance law.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
Immediate.

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

                                  2778

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 1, 2011
                               ___________

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

AN ACT in relation to making certain findings  and  determinations  with
  respect  to  bond anticipation notes issued by the village of Norwood,
  in the town of Potsdam, county of  St.  Lawrence,  and  validates  and
  legalizes  such  notes;  and authorizes the issuance of obligations of
  such bond anticipation notes 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 pursuant to a bond resolution dated February 20, 2007, the  village
of  Norwood,  in the town of Potsdam, county of St. Lawrence, authorized
the issuance of a $2,386,000 principal amount bond anticipation note  of
said village dated June 25, 2008, to finance the construction of certain
improvements  to  the  village's  sewer plant and collection system; and
that the village has not made annual principal  payments  in  compliance
with  the  applicable  provisions  of  the  amortization requirements of
sections 23.00, 21.00 and 169.00 of the local finance law.
  S 2. Notwithstanding the defects described in section one of this act,
the bond anticipation note  and  any  renewals  thereof  issued  by  the
village  of  Norwood,  as  described in section one of this act, and all
resolutions, acts and proceedings heretofore adopted  or  taken  by  the
board  of trustees and the village treasurer of said village in relation
thereto, are hereby validated, ratified and confirmed and any  principal
payment  hereafter made by such village in 2011 on the bond anticipation
note shall be deemed to be in compliance with the amortization  require-
ments of sections 23.00, 21.00 and 169.00 of the local finance law.
  S  3.  Except  as  otherwise set forth in this act, the bonds and bond
anticipation notes, and renewals thereof, issued pursuant  to  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.
                                                           LBD06976-02-1

S. 2778                             2

  S 4. If any clause, sentence, subdivision, paragraph, section or  part
of  this act shall be adjudged by any court of competent jurisdiction to
be invalid, and after exhaustion of all  further  judicial  review,  the
judgment  shall  not affect, impair or invalidate the remainder thereof,
but shall be confined in its operation to the clause, sentence, subdivi-
sion,  paragraph,  section  or part of this act directly involved in the
controversy in which the judgment shall have been rendered.
  S 5. This act shall take effect immediately.

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