|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 13, 2011||signed chap.15|
|Apr 01, 2011||delivered to governor|
|Mar 16, 2011||returned to senate|
home rule request
ordered to third reading cal.115
substituted for a4074
|Feb 28, 2011||referred to ways and means|
delivered to assembly
home rule request
|Feb 15, 2011||advanced to third reading|
|Feb 14, 2011||2nd report cal.|
|Feb 08, 2011||1st report cal.79|
|Feb 01, 2011||referred to local government|
senate Bill S2781Signed By Governor
Legalizes, validates, ratifies and confirms certain actions taken by the village of Black River, Jefferson County with respect to refunding its low interest loans
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
view actions (15)
Feb 28, 2011 - floor VoteS2781600floor60Aye0Nay0Absent2Excused0Abstained
show floor vote details
Floor Vote: Feb 28, 2011aye (60)
Feb 8, 2011 - Local Government committee VoteS278180committee8Aye0Nay0Aye with Reservations0Absent0Excused0Abstained
- show floor vote details
S2781 - Bill Details
- See Assembly Version of this Bill:
- Law Section:
- Bonds and Notes
S2781 - Bill Texts
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.
view sponsor memo
BILL NUMBER:S2781 REVISED 02/03/11
TITLE OF BILL:
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 corporation
This bill will correct an error made by the village of Black River
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 project for improvement of facilities of the village
wastewater collection and treatment system.
SUMMARY OF PROVISIONS:
Section 1. Outlines the history of the USDA and EFC capital bonds the
village of Black River issued to fund their village wastewater
collection and treatment system.
Section 2. Provides explanation for the village of Black River
exceeding its maximum project authorization and outlines their
Section 3. Provides the amounts are legalized, validated, and ratified
despite the village of Black River exceeding their maximum bond
Section 4. Provides forgiveness of the underpayments outlined in
Section 5. Provides that these bonds shall be deemed to have been
issued in accordance with provisions of the local finance law.
Section 6. Provides standard protections in the event that a court
invalidates any part of this act it does not invalidate the entire act.
Section 7. This act shall take effect immediately.
On March 7, 2005 the Village of Black River in Jefferson County duly
adopted a bond resolution authorizing the issuance of a $5 million
maximum 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. The village
at that time accidentally bonded in excess of their limit when they
obtained Phase I and Phase II of the funding through both the USDA
and EFC. Though the village owed the full $1.27 million in 2008, they
did make regular principal payments until the entire amount was
refunded to the EFC in year 2010, bringing them under the bond limit.
This bill is critical to the village of Black River which is unable to
afford the project without these bond notes. When enacted, this bill
assures the bond notes are issued in accordance with the provisions
of the local finance law.
None to the state. Significant cost savings will be realized by the
village of Black River.
This act shall take effect immediately.
view full text
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 2781 A. 4074 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y February 1, 2011 ___________ IN SENATE -- Introduced by Sen. RITCHIE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Local Govern- ment IN ASSEMBLY -- Introduced by M. of A. RUSSELL, BLANKENBUSH -- read once and referred to the Committee on Local Governments 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 28, 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 May 8, 2008 in the amount of $2,916,900.00; (v) the village also obtained financing for the project totaling $950,586.48 from contrib- utions from Merit Corporation, the town of LeRoy, the town of Rutland and a municipal contribution from the village of Black River; (vi) said EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06908-03-1 S. 2781 2 A. 4074 village returned the USDA proceeds of $1,271,000.00 to EFC in 2010 instead of 2008, as it was required to do under the terms of the EFC short-term financing; (vii) said village now wishes to refund the remaining financing at a zero percent (0%) interest rate with the EFC, however, said village has exceeded the maximum project authorization with the funding that it received from both the USDA and the EFC. S 2. It is hereby further found and determined that: (i) the village of Black River, county of Jefferson, exceeded its maximum project authorization pursuant to section 32.00 of the local finance law during a period from 2008 to 2010 where the money received on the long-term USDA funding of $1,271,000.00 was outstanding at the same time as it was part of the short-term financing from EFC during which time the maximum amount of financing that was outstanding on the project exceeded the maximum project cost authorization of the $5,000,000.00 bond resolution dated March 28, 2005; (ii) the village made principal payments on the EFC short-term financing bond anticipation note of $80,451.00 in 2008, $19,491.75 in 2009, and $19,000.00 in 2010; (iii) sections 21.00 and 23.00 of the local finance law state that no annual installment of bonds or bond anticipation notes shall be more than fifty per centum of the smallest prior installment; (iv) the village's underpayment on the EFC note in 2009 and 2010 renders it incapable of amortizing any long-term conversion of the short-term EFC financing to comply with the aforesaid fifty per centum requirements of sections 21.00 and 23.00 of the local finance law. S 3. Notwithstanding the defects described in section one of this act, to the extent that the village of Black River exceeded their maximum project authorization, such amounts are hereby legalized, validated and ratified. S 4. Notwithstanding the defects described in section two of this act, to the extent that the village of Black River underpaid the principal of the note, such underpayment is hereby forgiven and the village shall be authorized to pay the deficient amount during the balance of the life of the loan. S 5. 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 6. 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 7. This act shall take effect immediately.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.