S T A T E O F N E W Y O R K
________________________________________________________________________
9735
I N A S S E M B L Y
March 29, 2012
___________
Introduced by M. of A. JOHNS -- read once and referred to the Committee
on Local Governments
AN ACT validating certain findings and determinations with respect to
bond anticipation notes issued by the village of Webster, in the town
of Webster, county of Monroe, and to legalize and authorize the issu-
ance of obligations of such notes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislation findings. (a) It is hereby found and deter-
mined that the village board of trustees of the village of Webster, in
the town of Webster, county of Monroe, and the village treasurer of such
village undertook the following described actions in relation to the
issuance of certain bond anticipation notes of said village:
(1) Pursuant to resolutions adopted by said village board of trustees
on September 14, 2006 and September 28, 2006 and a certificate of the
village treasurer of said village dated October 4, 2006, said village
issued its bond anticipation note, dated October 4, 2006, in the princi-
pal amount of $715,000 maturing on October 3, 2007 to finance the cost
of the object or purpose consisting of the reconstruction and rehabili-
tation of said village's sewage treatment plan grit system. Thereafter,
pursuant to a resolution adopted by said village board of trustees on
September 27, 2007 and a certificate of the village treasurer of said
village dated October 3, 2007, said bond anticipation note was renewed
by the issuance of a renewal bond anticipation note, dated October 3,
2007, in the principal amount of $715,000 maturing on October 3, 2008.
Thereafter, pursuant to a certificate of the village treasurer of said
village dated October 3, 2008, a principal payment of $50,000 was made
on said renewal bond anticipation note and said note was again renewed
by the issuance of a renewal bond anticipation note, dated October 3,
2008, in the principal amount of $665,000 maturing on October 2, 2009.
Thereafter, pursuant to a resolution adopted by said village board of
trustees on September 24, 2009 and a certificate of the village treasur-
er of said village dated October 2, 2009, a principal payment of $25,000
was made on said renewal bond anticipation note and said note was again
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15108-01-2
A. 9735 2
renewed by the issuance of a renewal bond anticipation note, dated Octo-
ber 2, 2009, in the principal amount of $640,000 maturing on October 1,
2010. Thereafter, pursuant to a resolution adopted by said village
board of trustees on September 23, 2010 and a certificate of the village
treasurer of said village dated October 1, 2010, a principal payment of
$20,000 was made on said renewal bond anticipation note and said note
was renewed by the issuance of a renewal bond anticipation note, dated
October 1, 2010, in the principal amount of $620,000 maturing on Septem-
ber 30, 2011. Thereafter, pursuant to a resolution adopted by said
village board of trustees on September 29, 2011 and a certificate of the
village treasurer of said village dated October 3, 2011, a principal
payment of $15,000 was made on said renewal bond anticipation note and
said note was renewed by the issuance of a renewal bond anticipation
note, dated October 3, 2011, in the principal amount of $605,000 matur-
ing on October 2, 2012.
(2) Pursuant to resolutions adopted by said village board of trustees
on September 14, 2006 and September 28, 2006 and a certificate of the
village treasurer of said village dated October 4, 2006, said village
issued its bond anticipation note, dated October 4, 2006, in the princi-
pal amount of $400,000 maturing on October 3, 2007 to finance the cost
of the object or purpose consisting of the reconstruction, rehabili-
tation, painting and metalizing of said village's water tank located at
1073 Webster Road within said village. Thereafter, pursuant to a resol-
ution adopted by said village board of trustees on September 27, 2007
and a certificate of the village treasurer of said village dated Octo-
ber 3, 2007, a principal payment of $25,000 was made on said bond antic-
ipation note and said note was renewed by the issuance of a renewal bond
anticipation note, dated October 3, 2007, in the principal amount of
$375,000 maturing on October 3, 2008. Thereafter, pursuant to a certif-
icate of the village treasurer of said village dated October 3, 2008, a
principal payment of $25,000 was made on said renewal bond anticipation
note and said note was again renewed by the issuance of a renewal bond
anticipation note, date October 3, 2008, in the principal amount of
$350,000 maturing on October 2, 2009. Thereafter, pursuant to a resol-
ution adopted by said village board of trustees on September 24, 2009
and a certificate of the village treasurer of said village dated October
2, 2009, a principal payment of $25,000 was made on said renewal bond
anticipation note and said note was again renewed by the issuance of a
renewal bond anticipation note, dated October 2, 2009, in the principal
amount of $325,000 maturing on October 1, 2010. Thereafter, pursuant to
a resolution adopted by said village board of trustees on September 23,
2010 and a certificate of the village treasurer of said village dated
October 1, 2010, a principal payment of $20,000 was made on said renewal
bond anticipation note and said note was renewed by the issuance of a
renewal bond anticipation note, dated October 1, 2010, in the principal
amount of $305,000 maturing on September 30, 2011. Thereafter, pursuant
to a resolution adopted by said village board of trustees on September
29, 2011 and a certificate of the village treasurer of said village
dated October 3, 2011, a principal payment of $25,000 was made on said
renewal bond anticipation note and said note was renewed by the issuance
of a renewal bond anticipation note, dated October 3, 2011, in the prin-
cipal amount of $280,000 maturing on October 2, 2012.
(3) Pursuant to resolutions adopted by said village board of trustees
on April 23, 2009 and May 28, 2009 and a certificate of the village
treasurer of said village dated June 5, 2009, said village issued its
bond anticipation note, dated June 5, 2009, in the principal amount of
A. 9735 3
$500,000 maturing on June 4, 2010 to finance the cost of the object or
purpose consisting of the reconstruction and rehabilitation of, upgrades
and improvements to, and acquisition and installation of equipment at,
said village's sewage treatment plant located at 613 Webster Road,
Webster, New York. Thereafter, pursuant to a resolution adopted by said
village board of trustees on June 1, 2010 and a certificate of the
village treasurer of said village dated June 4, 2010, a principal
payment of $25,000 was made on said bond anticipation note and said note
was renewed by the issuance of a renewal bond anticipation note, dated
June 4, 2010, in the principal amount of $475,000 maturing on June 3,
2011. Thereafter, pursuant to a resolution adopted by said village board
of trustees on May 26, 2011 and a certificate of the village treasurer
of said village dated June 3, 2011, a principal payment of $10,000 was
made on said renewal bond anticipation note and said note was again
renewed by the issuance of a renewal bond anticipation note, dated June
3, 2011, in the principal amount of $465,000 maturing on June 1, 2012.
(b) It is hereby further found and determined that the bond antic-
ipation notes and renewal bond anticipation notes described in subdivi-
sion (a) of this section were not issued in compliance with the applica-
ble provisions of the local finance law, in that: (i) the village board
of trustees of the village of Webster in each case had not, prior to the
issuance of such bond anticipation notes, adopted a bond resolution in
accordances with sections 31.00 and 32.00 of the local finance law,
which was subject to a permissive referendum in accordance with para-
graph a of section 36.00 of the local finance law, for the purpose of
authorizing the issuance of bonds of said village in anticipation of
which such bond anticipation notes were issued; (ii) in the case of the
renewal bond anticipation notes dated October 1, 2010, described in each
of subdivisions 1 and 2 of paragraph a of section 36.00 of the local
finance law, a principal portion of each such note was not redeemed and
the unredeemed portion of such note was not further renewed until after
the September 30, 2011 maturity date thereof; and (iii) in the case of
each of the renewal bond anticipation notes, dated October 3, 2011,
described in subdivisions 1 and 2 of paragraph a of such section, the
term of said note extended more than five years beyond the date of issu-
ance of the applicable original bond anticipation note dated October 4,
2006.
S 2. Notwithstanding the defects described in section one of this act,
the bond anticipation notes and renewals thereof issued by the village
of Webster, as described in section one of this act, and all resol-
utions, 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. Subject to the adoption by
the village board of trustees of the village of Webster of one or more
bond resolutions in accordance with sections 31.00 and 32.00 of the
local finance law, such village is hereby authorized to hereinafter
issue: (a) bonds or renewal bond anticipation notes in the aggregate
principal amount of $590,000 for the purpose of refinancing the
outstanding bond anticipation notes issued for the object or purpose
described in paragraph (1) of subdivision (a) of section one of this
act; (b) bonds or renewal bond anticipation notes in the aggregate prin-
cipal amount of $255,000 of the purpose of refinancing the outstanding
bond anticipation notes issued for the object or purpose described in
paragraph (2) of subdivision (a) of section one of this act; and (c)
bonds or renewal bond anticipation notes in the aggregate principal
amount of $455,000 for the purpose of refinancing the outstanding bond
A. 9735 4
anticipation notes issued for the object or purpose described in para-
graph (3) of subdivision (a) of section one of this act; provided,
however, that:
(1) each such bond resolution shall not be subject to a permissive
referendum in accordance with paragraph a of section 36.00 of the local
finance law;
(2) notwithstanding the provisions of paragraph b of section 23.00 and
paragraph b of section 21.00 of the local finance law, said village may
issue one additional renewal bond anticipation note maturing not later
than October 4, 2013 for each of the objects or purposes described in
paragraphs (1) and (2) of subdivision (a) of section one of this act,
and may provide for the first installment payment on the bonds issued
for such objects or purposes to be made on any date on or before October
4, 2013; and
(3) in the event that the renewal bond anticipation note, dated June
3, 2011, described in paragraph (3) of subdivision (a) of section one of
this act has, prior to the effective date of this act, been amended to
extend the maturity date thereof, been renewed by another renewal bond
anticipation note, or been redeemed in full, said village, following
enactment of this act, shall have the authority, notwithstanding any
such extension, renewal or redemption, to issue the bonds or renewal
bond anticipation notes described in clause (iii) of subdivision (b) of
section one of this act for the purpose of refinancing such extended or
renewed bond anticipation notes or for the purpose of reborrowing the
principal amount of such redeemed bond anticipation notes up to the
maximum principal amount set forth in such clause (iii).
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.
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.