senate Bill S7498

Signed By Governor
2011-2012 Legislative Session

Validates, ratifies and confirms certain bonds issued by the village of Dansville, in the county of Livingston, and authorizes issuance of further bonds

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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
Aug 01, 2012 signed chap.353
Jul 20, 2012 delivered to governor
Jun 21, 2012 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.592
substituted for a10522
Jun 20, 2012 referred to ways and means
delivered to assembly
passed senate
home rule request
ordered to third reading cal.1390
committee discharged and committed to rules
May 29, 2012 referred to local government

Votes

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S7498 - Bill Details

See Assembly Version of this Bill:
A10522
Law Section:
Bonds and Notes

S7498 - Bill Texts

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Validates, ratifies and confirms certain bonds issued by the village of Dansville, in the county of Livingston, and authorizes issuance of further bonds to finance the objects and purposes of the validated bonds.

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BILL NUMBER:S7498

TITLE OF BILL:
An act making certain findings and determinations with respect to
certain bond anticipation notes issued by the village of Dansville, in
the county of Livingston, validating and legalizing the same, and
authorizing the issuance of obligations of such village with respect
thereto

PURPOSE:
The purpose of this legislation is to validate, ratify and confirm
certain bonds issued by the village of Dansville, in the county of
Livingston, and to authorize the issuance of further bonds.

SUMMARY OF PROVISIONS:
Section 1 provides the history, amounts, and local municipal body action
relating to the issuance of certain bond anticipation notes (BAN) of the
village of Dansville.

Section 2 validates, ratifies, and confirms prior actions of the local
municipal body with relation to such bonds as referenced in section 1.

Section 3 states: "Except as otherwise provided in this act, any obli-
gations issued pursuant to this act shall be issued in accordance with
the provisions of the local finance law."

Section 4 provides for the severability of any clause, sentence, para-
graph, section or part of the act that is found to be invalid.

Section 5 provides the effective date.

JUSTIFICATION:
This bill would provide a technical correction for the village of Dans-
ville in relation to bond anticipation notes (BAN). Currently, several
of the village of Dansville's BANs have been stretched out longer than
the amount of time that is normal for such BANs. This legislation would
allow Dansville to consolidate the BANs, in order to pay them off in a
more reasonable time frame.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
None to the State.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  7498

                            I N  S E N A T E

                              May 29, 2012
                               ___________

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

AN ACT making  certain  findings  and  determinations  with  respect  to
  certain bond anticipation notes issued by the village of Dansville, in
  the  county  of  Livingston,  validating  and legalizing the same, and
  authorizing the issuance of obligations of such village  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. (a) It is hereby found and determined
that the village of Dansville, in the county of Livingston,  has  under-
taken  the  following  described  actions in relation to the issuance of
certain bond anticipation notes of such village: (1) a  bond  resolution
was  adopted  on  November  10,  1998  authorizing $316,820 of bonds for
wastewater treatment plant renovations and on November 24,  1998  issued
$316,820  of  bond  anticipation notes maturing on November 24, 1999, on
November 24, 1999 a $300,960 bond anticipation renewal note  was  issued
maturing  on  November  23,  2000,  on November 23, 2000 a $285,120 bond
anticipation renewal note was issued maturing on November 22,  2001,  on
November  22,  2001 a $269,299 bond anticipation renewal note was issued
maturing on November 20, 2002, on November  20,  2002  a  $253,459  bond
anticipation  renewal  note was issued maturing on November 19, 2003, on
November 19, 2003 a $237,617 bond anticipation renewal note  was  issued
maturing  on  November  18,  2004,  on November 18, 2004 a $221,760 bond
anticipation renewal note was issued maturing on November 18,  2005,  on
November  18,  2005 a $205,937 bond anticipation renewal note was issued
maturing on November 18, 2006, on November  18,  2006  a  $190,197  bond
anticipation  renewal  note was issued maturing on November 18, 2007, on
November 18, 2007 a $174,256 bond anticipation renewal note  was  issued
maturing  on  November  17,  2008,  on November 17, 2008 a $158,416 bond
anticipation renewal note was issued maturing on November 17,  2009,  on
November  17,  2009 a $142,575 bond anticipation renewal note was issued
maturing on November 16, 2010, on November  16,  2010  a  $126,725  bond
anticipation  renewal note was issued maturing on November 15, 2011, and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD16013-01-2

S. 7498                             2

on November 15, 2011 a  $110,885  bond  anticipation  renewal  note  was
issued  maturing on November 13, 2012; (2) a bond resolution was adopted
on July 8, 2003 authorizing $300,000 bonds for paving  streets,  and  on
July  24,  2003  issued  $300,000 of bond anticipation notes maturing on
July 24, 2004, on July 24, 2004 a  $270,000  bond  anticipation  renewal
note  was  issued maturing on July 23, 2005, on July 23, 2005 a $240,000
bond anticipation renewal note was issued maturing on July 22, 2006,  on
July  22,  2006  a  $210,000  bond  anticipation renewal note was issued
maturing on July 20, 2007, on July 20, 2007 a $180,000 bond anticipation
renewal note was issued maturing on July 20, 2008, on July  20,  2008  a
$150,000  bond anticipation renewal note was issued maturing on July 19,
2009, on July 19, 2009 a $120,000 bond  anticipation  renewal  note  was
issued maturing on July 19, 2010, on July 19, 2010 a $90,000 bond antic-
ipation  renewal  note was issued maturing on July 16, 2011, and on July
16, 2011 a $60,000 bond anticipation renewal note was issued maturing on
July 16, 2012; (3) a bond resolution was adopted  on  January  13,  2004
authorizing $90,000 of bonds for equipment replacement at the wastewater
treatment  plant,  and on February 6, 2004 issued $90,000 of bond antic-
ipation notes maturing on February 5,  2005,  on  February  5,  2005  an
$81,000  bond  anticipation renewal note was issued maturing on February
3, 2006, on February 3, 2006 a $72,000 bond  anticipation  renewal  note
was  issued  maturing on February 2, 2007, on February 2, 2007 a $63,000
bond anticipation renewal note was issued maturing on February 1,  2008,
on  February 1, 2008 a $54,000 bond anticipation renewal note was issued
maturing on February 1, 2009, on February 1, 2009 a $45,000 bond  antic-
ipation renewal note was issued maturing on January 31, 2010, on January
31, 2010 a $36,000 bond anticipation renewal note was issued maturing on
January  30,  2011,  on  January  30,  2011  a $27,000 bond anticipation
renewal note was issued maturing on January 28, 2012, and on January 28,
2012 an $18,000 bond anticipation renewal note was  issued  maturing  on
January  28, 2013; (4) a bond resolution was adopted on October 10, 2006
authorizing $260,000 of bonds for a digester heating system and on Octo-
ber 19, 2006 a $260,000 bond anticipation renewal note was issued matur-
ing on October 19, 2007, on October 19,  2007  a  $234,000  bond  antic-
ipation renewal note was issued maturing on October 19, 2008, on October
19,  2008  a $208,000 bond anticipation renewal note was issued maturing
on October 19, 2009, on October 19, 2009 a  $182,000  bond  anticipation
renewal  note  was  issued  maturing on October 19, 2010, on October 19,
2010 a $156,000 bond anticipation renewal note was  issued  maturing  on
October 19, 2011, and on October 19, 2011 a $130,000 bond renewal antic-
ipation  note was issued maturing on October 19, 2012; (5) a bond resol-
ution was adopted on November 14, 2006 authorizing $145,450 of bonds for
a fire truck and on November 14, 2006 a $145,450 bond anticipation  note
was  issued  maturing  on  November  14,  2007,  on  November 14, 2007 a
$130,905 bond anticipation renewal note was issued maturing on  November
14, 2008, on November 14, 2008 a $116,360 bond anticipation renewal note
was  issued  maturing  on  November  14,  2009,  on  November 14, 2009 a
$101,815 bond anticipation renewal note was issued maturing on  November
14, 2010, on November 14, 2010 an $87,270 bond anticipation renewal note
was  issued  maturing  on  November  14, 2011 and on November 14, 2011 a
$72,725 bond anticipation renewal note was issued maturing  on  November
13,  2012; (6) A bond resolution was adopted on April 10, 2007 authoriz-
ing $170,940 of bonds for a HME chassis, and on May 9, 2007  a  $170,940
bond  anticipation  note  was  issued maturing on May 9, 2008, on May 9,
2008 a $153,940 bond anticipation renewal note was  issued  maturing  on
May  9,  2009,  on May 9, 2009 a $136,940 bond anticipation renewal note

S. 7498                             3

was issued maturing on May 9, 2010, on  May  9,  2010  a  $119,940  bond
anticipation  renewal note was issued maturing on May 9, 2011 and on May
9, 2011 a $102,940 bond anticipation renewal note was issued maturing on
May  7,  2012;  and  (7)  a  bond resolution was adopted on June 5, 2007
authorizing $88,000 bonds for street paving, and on June 13, 2007 issued
an $88,000 bond anticipation note maturing on June 13, 2008, on June 13,
2008 issued a $79,200 bond anticipation renewal note  maturing  on  June
13,  2009,  on  June 13, 2009 issued a $70,400 bond anticipation renewal
note maturing on June 13, 2010, on June 13, 2010 issued a  $61,600  bond
anticipation  renewal  note  maturing on June 13, 2011, on June 13, 2011
issued a $52,800 bond anticipation renewal note  maturing  on  June  11,
2012.
  (b)  It  is  hereby  further found and determined that:  (1) each such
bond resolution  was  adopted  taking  effect  immediately  and  thereby
requiring  repayment  over  five  years from the date of the first obli-
gation issued therefor; (2) various violations of the local finance  law
occurred  with  the  bond  resolutions and issuance of notes pursuant to
such bond resolutions in that the bond resolutions indicated a period of
probable usefulness in excess of five years but no permissive referendum
process was followed and principal payments made  did  not  satisfy  the
requirements  for  amortizing  the obligations over five years since the
bond resolutions, to take effect without  permissive  referendum,  would
have  to  so limit the financing timeframe; and (3) in certain instances
bond anticipation renewal notes were issued after the fifth  year  anni-
versary of the first bond anticipation note issued therefor.
  S 2. Notwithstanding the defects described in section one of this act,
the  bond  anticipation  notes issued by the village pursuant to each of
the bond resolutions identified in section one  of  this  act,  and  all
resolutions, acts and proceedings adopted or taken by the board of trus-
tees  and the village treasurer of such village in relation thereto, are
hereby validated, ratified and confirmed. The village is hereby  author-
ized  to  issue  bonds  or  bond  anticipation renewal notes to continue
financing the objects and purposes authorized pursuant to the  aforesaid
bond  resolutions  over the period of probable usefulness thereof as set
forth in section 11.00 of the local finance law.
  S 3. Except as otherwise provided in this act, any obligations  issued
pursuant  to  this act shall be issued in accordance with the provisions
of the local finance law.
  S 4. If any clause, sentence, subdivision, paragraph, section 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 thereof, 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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