Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 11, 2014 |
signed chap.309 |
Aug 01, 2014 |
delivered to governor |
Jun 19, 2014 |
returned to senate passed assembly home rule request ordered to third reading rules cal.469 substituted for a9191 |
Jun 18, 2014 |
referred to ways and means delivered to assembly passed senate home rule request ordered to third reading cal.1514 committee discharged and committed to rules |
Mar 28, 2014 |
referred to local government |
Senate Bill S6910
Signed By Governor2013-2014 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
2013-S6910 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9191
- Law Section:
- Towns
2013-S6910 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6910 TITLE OF BILL: An act to legalize, validate, ratify and confirm certain actions taken by the town of Cairo, Greene county, New York, with respect to obligations heretofore issued, and authorizing the issuance of obligations of said town with respect thereto PURPOSE OR GENERAL IDEA OF BILL: This legislation is intended to provide legislative relief by validating and ratifying the Town of Cairo's actions with respect to a bond anticipation note and renewals thereof, notwithstanding the fact that the Town did not make a principal payment in 2011 or 2012, as required by Section 23.00 of the local finance law. SUMMARY OF SPECIFIC PROVISIONS: Section one outlines the history of the bond resolutions adopted by the Town of Cairo, a bond anticipation note and renewal thereof, and a prior principal payment made on such note in 2010 by the Town, issued to finance the construction of certain improvements to their sewer plant and sewer system. Section two provides that such notes are validated, ratified and confirmed.
2013-S6910 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6910 I N S E N A T E March 28, 2014 ___________ Introduced by Sen. TKACZYK -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to legalize, validate, ratify and confirm certain actions taken by the town of Cairo, Greene county, New York, with respect to obli- gations heretofore issued, and authorizing the issuance of obligations of said town 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: (i) the town of Cairo, Greene county, New York, has heretofore duly adopted bond resolutions authorizing the aggregate issuance of $2,915,000 serial bonds to finance the upgrade and expansion to the town's wastewater treatment plant, construction of a force main, and additional improvements to its sewer system; (ii) pursuant to such bond resolutions, said town issued a bond anticipation note in the principal amount of $750,000 on December 24, 2008 and renewals of said bond antic- ipation note on December 24, 2009 and December 23, 2010 and made a prin- cipal payment of $29,285 on said bond anticipation note on December 23, 2010; (iii) pursuant to such bond resolutions, said town also obtained short term financing through the New York state environmental facilities corporation ("EFC") on September 29, 2011 in the maximum aggregate amount of $2,885,715.00, which refinanced the outstanding principal balance of said bond anticipation note of $720,715; (iv) the town did not make the minimum principal payments on the EFC short term financing bond anticipation notes of $19,300 for 2011 and $20,000 for 2012 until December 2013; (v) section 21.00 of the local finance law states that no annual installment of bonds or bond anticipation notes shall be more than fifty per centum of the smallest prior installment, except that the municipality may determine to provide for substantially level or declin- ing annual debt service, and section 23.00 of the local finance law states that notes or the renewals thereof shall not extend more than two years beyond the original date of issue unless a portion of such notes or the renewals thereof shall be redeemed from a source other than the proceeds of bonds within two years from such original date of issue and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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