senate Bill S6598B

Signed By Governor
2013-2014 Legislative Session

Legalizes and validates certain acts and proceedings of the village board of trustees of the village of Silver Springs, Wyoming county, in relation to the issuance of certain bond anticipation notes

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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
Sep 23, 2014 signed chap.383
Sep 11, 2014 delivered to governor
Jun 19, 2014 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.603
substituted for a8980a
Jun 03, 2014 referred to local governments
delivered to assembly
passed senate
home rule request
May 06, 2014 amended on third reading (t) 6598b
Apr 28, 2014 amended on third reading (t) 6598a
Mar 20, 2014 advanced to third reading
Mar 19, 2014 2nd report cal.
Mar 18, 2014 1st report cal.314
Feb 11, 2014 referred to local government

Votes

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Bill Amendments

Original
A
B (Active)
Original
A
B (Active)

S6598 - Bill Details

See Assembly Version of this Bill:
A8980A
Law Section:
Wyoming County

S6598 - Bill Texts

view summary

Legalizes and validates certain acts and proceedings of the village board of trustees of the village of Silver Springs, Wyoming county, in relation to the issuance of certain bond anticipation notes.

view sponsor memo
BILL NUMBER:S6598

TITLE OF BILL: An act in relation to authorizing the village board of
trustees of the village of Silver Springs, county of Wyoming to issue
certain bond anticipation notes

PURPOSE: This bill would validate certain findings determinations
with respect to bond anticipation notes issued by the village of
Silver Springs, in the County of Wyoming, and to legalize and
authorize the issuance of obligations of such notes.

SUMMARY OF PROVISIONS:

Section 1 provides the legislative findings regarding the Village
Board of Trustees of the Village of Silver Springs and their actions
in relation to the issuance of certain bond anticipation notes.

Section 2 provides that, notwithstanding the failure of the Board of
Trustees to adopt the bond resolutions, and the other defects noted
above all actions undertaken by the Village Board and the village
officials to date with respect to the BANs are validated, ratified,
and corrected. Further, Section 2 specifically authorizes the Village
of Silver Springs to issue its serial bonds or bond anticipation notes
in the following respective amounts: $120,000 for the Phase I
electrical system financing, $150,000 for the Phase II electrical
system financing, and $325,000 for the Phase III electrical system
financing.

This authorization is subject to the following conditions:

(a) The Village Board of Trustees is required to adopt a bond
resolution for each of the three projects, but such bond resolutions
would not be subject to a permissive referendum as otherwise would be
required by law.

(b) With respect to the BAN maturing on June 13, 2014 for the Phase I
electrical system project, the Village would be authorized to issue
one more renewal BAN maturing no later than June 13, 2015 and to issue
its serial bonds to refinance such BANs no later than June 13, 2014.
This authorization is intended to provide the Village with some
flexibility as to the timing of the serial bonds to be issued for the
project, in the event that the special legislation is enacted on a
date that is too late to allow for the issuance of bonds prior to June
13, 2014.

(c) In the event that the corrective legislation had not been enacted
prior to the April 2, 2014 maturity date of the outstanding BAN for
the Phase III electrical system project and the Village either extends
the maturity of the BAN, issues another renewal BAN, or pays off the
BAN in full, the Village would nevertheless be authorized to issue
bonds to refinance the extended, renewed, or redeemed BAN.

Section 3 provides that the bonds and bond anticipation notes, and
renewals thereof, issued pursuant to this act must be issued in
accordance with the provisions of the local finance law.


Section 4 provides that if any part of this act is adjudged by any
court of competent jurisdiction to be invalid, such judgment shall be
confined in its operation to the part directly involved in the
controversy in which such judgment shall have been rendered and shall
not affect, impair, or invalidate the remainder thereof.

Section 5 provides that this act shall take effect immediately.

JUSTIFICATION: Necessity for Corrective Legislation: Under the State
Local Finance Law, in order to authorize the insurance of bonds or
bond anticipation notes for a capital project, the Village Board of
Trustees is required to adopt a bond resolution. Among other things,
the bond is required to include the following:

i. A description of the specific project that is to be financed by the
bonds and a statement of the maximum amount of bonds and BANs
authorized to be issued.

ii. A statement of the "period of probable usefulness" for the project
being financed by the bonds. The period of probable usefulness is the
maximum term over for which bonds or any bond anticipation notes can
be issued for the project. The local finance law sets forth specific
periods of probable usefulness for each type of the project for which
a municipality can borrow.

iii. A determination of whether or not the bonds and/or BANs are to
have a term of either greater than 5 years or less.

The Local Finance Law also requires that if the term of the borrowing
is to be greater than five years, the bond resolution be subject to a
"permissive referendum". If a bond resolution is subject to a
permissive referendum, then a notice thereof must be published once in
the Village's official newspaper for legal publication purposes not
later than 10 days after adoption of the resolution. Following such
publication, if a petition is submitted to the Village Clerk within 30
days after the date of the adoption of the resolution signed by at
least 20% of the qualified voters in the Village requesting that a
referendum be held on the bond resolution, then the Village must then
hold such referendum. A bond resolution that is subject to a
permissive referendum does not become effective until 30 days after
the date of adoption, if such a petition was filed.

This bill provides that, notwithstanding the failure of the Board of
Trustees to adopt the bond resolutions and the other defects noted
above, all actions undertaken by the Village Board and the village
officials to date with respect to the BANs are validated, ratified,
and corrected.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None.

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
________________________________________________________________________

                                  6598

                            I N  S E N A T E

                            February 11, 2014
                               ___________

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

AN ACT in relation to authorizing the village board of trustees  of  the
  village  of  Silver  Springs,  county of Wyoming to issue certain bond
  anticipation notes

  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  board  of trustees of the village of Silver Springs,
county of Wyoming undertook the following described actions in  relation
to the issuance of certain bond anticipation notes of said village.
  (1) Pursuant to a resolution adopted by said village board of trustees
on  May  4,  2009  and a certificate of the village clerk dated June 15,
2009, said village issued its bond anticipation  note,  dated  June  15,
2009,  in the principal amount of $400,000, maturing on June 15, 2010 to
finance the cost of the object or  purpose  consisting  of  Phase  I  of
certain  reconstruction  and rehabilitation of said village's electrical
system. Thereafter, pursuant to a resolution  adopted  by  said  village
board of trustees on June 7, 2010 and a certificate of the village clerk
of  said village dated June 15, 2010, a principal payment of $80,000 was
made on said renewal bond anticipation note and said note was renewed by
the issuance of a renewal bond anticipation note, dated June  15,  2010,
in  the principal amount of $320,000, maturing on June 15, 2011.  There-
after, pursuant to a resolution adopted by said village board  of  trus-
tees  on  June  6,  2011  and a certificate of the village clerk of said
village dated June 15, 2011, a principal payment of $80,000 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  15,  2011,
in the principal amount of $240,0000, maturing on June 15, 2012.  There-
after,  pursuant  to a resolution adopted by said village board of trus-
tees on June 5, 2012 said bond anticipation note was  again  renewed  by
the issuance of a renewal bond anticipation note dated June 15, 2012, in
the principal amount of $240,000, maturing on June 14, 2013. Thereafter,
pursuant  to  a  resolution adopted by said village board of trustees on

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13964-01-4

S. 6598                             2

June 4, 2013 and a certificate of the  village  clerk  of  said  village
dated  June  14,  2013,  a principal payment of $60,000 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 14, 2013, in
the principal amount of $180,000, maturing on June 13, 2014.
  (2) Pursuant to a resolution adopted by said village board of trustees
on February 7, 2011 and a certificate  of  the  village  clerk  of  said
village  dated  April 1, 2011, said village issued its bond anticipation
note, dated April 1, 2011, in the principal amount of $190,000, maturing
on April 2, 2012 to finance the cost of the object or purpose consisting
of Phase  II  of  certain  reconstruction  and  rehabilitation  of  said
village's  electrical  system.  Thereafter,  pursuant  to  a  resolution
adopted by said village board of trustees on March 22, 2012,  said  bond
anticipation  note  was renewed by the issuance of a renewal bond antic-
ipation note dated April 2, 2012, in the principal amount  of  $190,000,
maturing  on  April 2, 2013 which matured one day later than required by
law. Thereafter, pursuant to a resolution adopted by said village  board
of  trustees on March 11, 2013 and a certificate of the village clerk of
said village dated April 2, 2013, a principal  payment  of  $22,000  was
made  on  said  renewal  bond  anticipation note and said note was again
renewed by the issuance of a renewal bond anticipation note, dated April
2, 2013, in the principal amount of $168,000, maturing on April 2, 2014.
  (3) Pursuant to a resolution adopted by said village board of trustees
on March 22, 2012 and a certificate of the village clerk of said village
dated April 2, 2012, said village issued  its  bond  anticipation  note,
dated  April  2,  2012, in the principal amount of $353,515, maturing on
April 2, 2013 to finance the cost of the object or purpose consisting of
Phase III of certain reconstruction and rehabilitation of said village's
electrical system. Thereafter, pursuant to a resolution adopted by  said
village  board  of  trustees  on March 11, 2013 and a certificate of the
village clerk of said village dated April 2, 2013, a  principal  payment
of $1,515 which payment was optional and may be ignored was made on said
renewal  bond  anticipation  note and said note was again renewed by the
issuance of a renewal bond anticipation note dated April 2, 2013, in the
principal amount of $352,000, maturing on April 2, 2014.
  (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-
tion provisions of the local finance law, in that: (1) the village board
of trustees of the village of Silver Springs in each case had not, prior
to the issuance of such bond anticipation notes, adopted a  bond  resol-
ution  in  accordance with sections 31.00 and 32.00 of the local finance
law, which was subject to a permissive  referendum  in  accordance  with
paragraph  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; (2) in the case of the
renewal bond anticipation note dated June 15, 2012, described  in  para-
graph  one  of  subdivision  (a) of this section, a principal portion of
such note was not redeemed; and (3) in the  case  of  the  renewal  bond
anticipation  note  dated  June  14, 2013, described in paragraph one of
subdivision (a) of this section, the term of said note will extend  more
than  five  years beyond the date of issuance of the applicable original
bond anticipation note dated June 15, 2009 by the time  this  act  takes
effect.
  S  2. Notwithstanding the defects describe in section one of this act,
the bond anticipation notes and renewals thereof issued by  the  village

S. 6598                             3

of  Silver  Springs,  as  described  in section one of this act, and all
resolutions, acts and proceedings heretofore adopted  or  taken  by  the
board  of  trustees  in relation thereto, are hereby validated, ratified
and  confirmed. Subject to the adoption by the village board of trustees
of the village of Silver Springs 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  princi-
pal  amount  of  $120,000 for the purpose of refinancing the outstanding
bond anticipation notes issued for the object or  purpose  described  in
paragraph one of subdivision (a) of section one of this act;
  (b)  bonds or renewal bond anticipation notes in the aggregate princi-
pal amount of $150,000 for the purpose of  refinancing  the  outstanding
bond  anticipation  notes  issued for the object or purpose described in
paragraph two of subdivision (a) of section one of this act;
  (c) bonds or renewal bond anticipation notes in the aggregate  princi-
pal  amount  of  $325,000 for the purpose of refinancing the outstanding
bond anticipation notes issued for the object or  purpose  described  in
paragraph three 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 local finance law, said village may
issue one additional renewal bond anticipation note maturing  not  later
than  June  13,  2015 for the objects or purposes described in paragraph
one 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 June 13, 2015; and
  (3) in the event that the renewal bond anticipation note,  dated  June
13,  2014,  described in paragraph one 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,  follow-
ing 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 paragraph three 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 paragraph.
  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.

S6598A - Bill Details

See Assembly Version of this Bill:
A8980A
Law Section:
Wyoming County

S6598A - Bill Texts

view summary

Legalizes and validates certain acts and proceedings of the village board of trustees of the village of Silver Springs, Wyoming county, in relation to the issuance of certain bond anticipation notes.

view sponsor memo
BILL NUMBER:S6598A

TITLE OF BILL: An act to legalize and validate certain acts and
proceedings of the village board of trustees of the village of Silver
Springs, Wyoming county, in relation to the issuance of certain bond
anticipation notes

PURPOSE:

This bill would validate certain findings determinations with respect
to bond anticipation notes issued by the village of Silver Springs, in
the County of Wyoming, and to legalize and authorize the issuance of
obligations of such notes.

SUMMARY OF PROVISIONS:

Section 1 provides the legislative findings regarding the Village
Board of Trustees of the Village of Silver Springs and their actions
in relation to the issuance of certain bond anticipation notes.

Section 2 provides that, notwithstanding the failure of the Board of
Trustees to adopt the bond resolutions, and the other defects noted
above all actions undertaken by the Village Board and the village
officials to date with respect to the BANs are validated, ratified,
and corrected. Further, Section 2 specifically authorizes the Village
of Silver Springs to issue its serial bonds or bond anticipation notes
in the following respective amounts: $120,000 for the Phase I
electrical system financing; $150,000 for the Phase II electrical
system financing, and $325,000 for the Phase III electrical system
financing.

This authorization is subject to the following conditions:

(a) The Village Board of Trustees is required to adopt a bond
resolution for each of the three projects, but such bond resolutions
would not be subject to a permissive referendum as otherwise would be
required by law.

(b) With respect to the BAN maturing on June 13, 2014 for the Phase I
electrical system project, the Village would be authorized to issue
one more renewal BAN maturing no later than June 13, 2015 and to issue
its serial bonds to refinance such BANs no later than June 13, 2014.
This authorization is intended to provide the Village with some
flexibility as to the timing of the serial bonds to be issued for the
project, in the event that the special legislation is enacted on a
date that is too late to allow for the issuance of bonds prior to June
13, 2014.

(c) In the event that the corrective legislation had not been enacted
prior to the April 2, 2014 maturity date of the outstanding BAN for
the Phase III electrical system project and the Village either extends
the maturity of the BAN, issues another renewal BAN, or pays off the
BAN in full, the Village would nevertheless be authorized to issue
bonds to refinance the extended, renewed, or redeemed BAN.


Section 3 provides that the bonds and bond anticipation notes, and
renewals thereof, issued pursuant to this act must be issued in
accordance with the provisions of the local finance law.

Section 4 provides that if any part of this act is adjudged by any
court of competent jurisdiction to be invalid, such judgment shall be
confined in its operation to the part directly involved in the
controversy in which such judgment shall have been rendered and shall
not affect, impair, or invalidate the remainder thereof.

Section 5 provides that this act shall take effect immediately.

JUSTIFICATION:

Necessity for Corrective Legislation: Under the State Local Finance
Law, in order to authorize the insurance of bonds or bond anticipation
notes for a capital project, the Village Board of Trustees is required
to adopt a bond resolution. Among other things, the bond is required
to include the following:

i. A description of the specific project that is to be financed by the
bonds and a statement of the maximum amount of bonds and BANs
authorized to be issued.

ii. A statement of the "period of probable usefulness" for the project
being financed by the bonds. The period of probable usefulness is the
maximum term over for which bonds or any bond anticipation notes can
be issued for the project. The local finance law sets forth specific
periods of probable usefulness for each type of the project for which
a municipality can borrow.

iii. A determination of whether or not the bonds and/or BANs are to
have a term of either greater than 5 years or less.

The Local Finance Law also requires that if the term of the borrowing
is to be greater than five years, the bond resolution be subject to a
"permissive referendum". If a bond resolution is subject to a
permissive referendum, then a notice thereof must be published once in
the Village's official newspaper for legal publication purposes not
later than 10 days after adoption of the resolution. Following such
publication, if a petition is submitted to the Village Clerk within 30
days after the date of the adoption of the resolution signed by at
least 20% of the qualified voters in the Village requesting that a
referendum be held on the bond resolution, then the Village must then
hold such referendum. A bond resolution that is subject to a
permissive referendum does not become effective until 30 days after
the date of adoption, if such a petition was filed.

This bill provides that, notwithstanding the failure of the Board of
Trustees to adopt the bond resolutions and the other defects noted
above, all actions undertaken by the Village Board and the village
officials to date with respect to the BANs are validated, ratified,
and corrected.

LEGISLATIVE HISTORY:

New bill.


FISCAL IMPLICATIONS:

None.

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
________________________________________________________________________

                                 6598--A
    Cal. No. 314

                            I N  S E N A T E

                            February 11, 2014
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  reported  favorably  from  said committee, ordered to first and second
  report, ordered to a third reading,  amended  and  ordered  reprinted,
  retaining its place in the order of third reading

AN  ACT  to  legalize  and  validate certain acts and proceedings of the
  village board of trustees of the village of  Silver  Springs,  Wyoming
  county, in relation to the issuance of certain bond anticipation notes

  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 board of trustees of the  village  of  Silver  Springs,
county  of Wyoming undertook the following described actions in relation
to the issuance of certain bond anticipation notes of said village.
  (1) Pursuant to a resolution adopted by said village board of trustees
on May 4, 2009 and a certificate of the village  clerk  dated  June  15,
2009,  said  village  issued  its bond anticipation note, dated June 15,
2009, in the principal amount of $400,000, maturing on June 15, 2010  to
finance  the  cost  of  the  object  or purpose consisting of Phase I of
certain reconstruction and rehabilitation of said  village's  electrical
system.  Thereafter,  pursuant  to  a resolution adopted by said village
board of trustees on June 7, 2010 and a certificate of the village clerk
of said village dated June 15, 2010, a principal payment of $80,000  was
made on said renewal bond anticipation note and said note was renewed by
the  issuance  of a renewal bond anticipation note, dated June 15, 2010,
in the principal amount of $320,000, maturing on June 15, 2011.   There-
after,  pursuant  to a resolution adopted by said village board of trus-
tees on June 6, 2011 and a certificate of  the  village  clerk  of  said
village  dated June 15, 2011, a principal payment of $80,000 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 15, 2011,
in the principal amount of $240,000, maturing on June 15,  2012.  There-
after,  pursuant  to a resolution adopted by said village board of trus-
tees on June 5, 2012 said bond anticipation note was  again  renewed  by

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13964-02-4

S. 6598--A                          2

the issuance of a renewal bond anticipation note dated June 15, 2012, in
the principal amount of $240,000, maturing on June 14, 2013. Thereafter,
pursuant  to  a  resolution adopted by said village board of trustees on
June  4,  2013  and  a  certificate of the village clerk of said village
dated June 14, 2013, a principal payment of $60,000  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  14,  2013,  in
the principal amount of $180,000, maturing on June 13, 2014.
  (2) Pursuant to a resolution adopted by said village board of trustees
on  February  7,  2011  and  a  certificate of the village clerk of said
village dated April 1, 2011, said village issued its  bond  anticipation
note, dated April 1, 2011, in the principal amount of $190,000, maturing
on April 2, 2012 to finance the cost of the object or purpose consisting
of  Phase  II  of  certain  reconstruction  and  rehabilitation  of said
village's  electrical  system.  Thereafter,  pursuant  to  a  resolution
adopted  by  said  village board of trustees on March 22, 2012 said bond
anticipation note was renewed by the issuance of a renewal  bond  antic-
ipation  note  dated April 2, 2012, in the principal amount of $190,000,
maturing on April 2, 2013 which matured one day later than  required  by
law.  Thereafter, pursuant to a resolution adopted by said village board
of trustees on March 11, 2013 and a certificate of the village clerk  of
said  village  dated  April  2, 2013, a principal payment of $22,000 was
made on said renewal bond anticipation note  and  said  note  was  again
renewed by the issuance of a renewal bond anticipation note, dated April
2, 2013, in the principal amount of $168,000, maturing on April 2, 2014.
  (3) Pursuant to a resolution adopted by said village board of trustees
on March 22, 2012 and a certificate of the village clerk of said village
dated  April  2,  2012,  said village issued its bond anticipation note,
dated April 2, 2012, in the principal amount of  $353,515,  maturing  on
April 2, 2013 to finance the cost of the object or purpose consisting of
Phase III of certain reconstruction and rehabilitation of said village's
electrical system.  Thereafter, pursuant to a resolution adopted by said
village  board  of  trustees  on March 11, 2013 and a certificate of the
village clerk of said village dated April 2, 2013, a  principal  payment
of $1,515 which payment was optional and may be ignored was made on said
renewal  bond  anticipation  note and said note was again renewed by the
issuance of a renewal bond anticipation note dated April 2, 2013, in the
principal amount of $352,000, maturing on April 2, 2014.
  (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 Silver Springs in each case had not, prior
to  the  issuance of such bond anticipation notes, adopted a bond resol-
ution in accordance with sections 31.00 and 32.00 of the  local  finance
law,  which  was  subject  to a permissive referendum in accordance with
paragraph 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 note dated June 15, 2012, described in para-
graph 1 of subdivision (a) of this section, a principal portion of  such
note  was not redeemed; and (iii) in the case of the renewal bond antic-
ipation note dated June 14, 2013, described in paragraph 1  of  subdivi-
sion  (a)  of  this section, the term of said note will extend more than
five years beyond the date of issuance of the applicable  original  bond
anticipation note dated June 15, 2009 by the time this act is enacted.

S. 6598--A                          3

  S 2. Notwithstanding the defects described in section one of this act,
the  bond  anticipation notes and renewals thereof issued by the village
of Silver Springs, as described in section one  of  this  act,  and  all
resolutions,  acts  and  proceedings  heretofore adopted or taken by the
board  of  trustees  in relation thereto, are hereby validated, ratified
and confirmed. Subject to the adoption by the village board of  trustees
of  the  village  of  Silver  Springs 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 princi-
pal amount of $120,000 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  princi-
pal  amount  of  $150,000 for 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 princi-
pal amount of $325,000 for the purpose of  refinancing  the  outstanding
bond  anticipation  notes  issued for the object or purpose described in
paragraph 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  June 13, 2015 for the objects or purposes described in paragraph 1
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 June 13, 2015; and
  (3) in the event that the renewal bond anticipation note,  dated  June
13,  2014, described in paragraph 1 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.

S6598B (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A8980A
Law Section:
Wyoming County

S6598B (ACTIVE) - Bill Texts

view summary

Legalizes and validates certain acts and proceedings of the village board of trustees of the village of Silver Springs, Wyoming county, in relation to the issuance of certain bond anticipation notes.

view sponsor memo
BILL NUMBER:S6598B

TITLE OF BILL: An act in relation to authorizing the village board of
trustees of the village of Silver Springs, county of Wyoming to issue
certain bond anticipation notes

PURPOSE:

This bill would validate certain findings determinations with respect
to bond anticipation notes issued by the village of Silver Springs, in
the County of Wyoming, and to legalize and authorize the issuance of
obligations of such notes.

SUMMARY OF PROVISIONS:

Section 1 provides the legislative findings regarding the Village
Board of Trustees of the Village of Silver Springs and their actions
in relation to the issuance of certain bond anticipation notes.

Section 2 provides that, notwithstanding the failure of the Board of
Trustees to adopt the bond resolutions, and the other defects noted
above all actions undertaken by the Village Board and the village
officials to date with respect to the BANs are validated, ratified,
and corrected. Further, Section 2 specifically authorizes the Village
of Silver Springs to issue its serial bonds or bond anticipation notes
in the following respective amounts: $120,000 for the Phase I
electrical system financing; $150,000 for the Phase II electrical
system financing, and $325,000 for the Phase III electrical system
financing.

This authorization is subject to the following conditions:

(a) The Village Board of Trustees is required to adopt a bond
resolution for each of the three projects, but such bond resolutions
would not be subject to a permissive referendum as otherwise would be
required by law.

(b) With respect to the BAN maturing on June 13, 2014 for the Phase I
electrical system project, the Village would be authorized to issue
one more renewal BAN maturing no later than June 13, 2015 and to issue
its serial bonds to refinance such BANs no later than June 13, 2014.
This authorization is intended to provide the Village with some
flexibility as to the timing of the serial bonds to be issued for the
project, in the event that the special legislation is enacted on a
date that is too late to allow for the issuance of bonds prior to June
13, 2014.

(c) In the event that the corrective legislation had not been enacted
prior to the April 2, 2014 maturity date of the outstanding BAN for
the Phase III electrical system project and the Village either extends
the maturity of the BAN, issues another renewal BAN, or pays off the
BAN in full, the Village would nevertheless be authorized to issue
bonds to refinance the extended, renewed, or redeemed BAN.

Section 3 provides that the bonds and bond anticipation notes, and
renewals thereof, issued pursuant to this act must be issued in
accordance with the provisions of the local finance law.


Section 4 provides that if any part of this act is adjudged by any
court of competent jurisdiction to be invalid, such judgment shall be
confined in its operation to the part directly involved in the
controversy in which such judgment shall have been rendered and shall
not affect, impair, or invalidate the remainder thereof.

Section 5 provides that this act shall take effect immediately.

JUSTIFICATION:

Necessity for Corrective Legislation: Under the State Local Finance
Law, in order to authorize the insurance of bonds or bond anticipation
notes for a capital project, the Village Board of Trustees is required
to adopt a bond resolution. Among other things, the bond is required
to include the following:

i. A description of the specific project that is to be financed by the
bonds and a statement of the maximum amount of bonds and BANs
authorized to be issued.

ii. A statement of the "period of probable usefulness" for the project
being financed by the bonds. The period of probable usefulness is the
maximum term over for which bonds or any bond anticipation notes can
be issued for the project. The local finance law sets forth specific
periods of probable usefulness for each type of the project for which
a municipality can borrow.

iii. A determination of whether or not the bonds and/or BANs are to
have a term of either greater than 5 years or less.

The Local Finance Law also requires that if the term of the borrowing
is to be greater than five years, the bond resolution be subject to a
"permissive referendum". If a bond resolution is subject to a
permissive referendum, then a notice thereof must be published once in
the Village's official newspaper for legal publication purposes not
later than 10 days after adoption of the resolution. Following such
publication, if a petition is submitted to the Village Clerk within 30
days after the date of the adoption of the resolution signed by at
least 20% of the qualified voters in the Village requesting that a
referendum be held on the bond resolution, then the Village must then
hold such referendum. A bond resolution that is subject to a
permissive referendum does not become effective until 30 days after
the date of adoption, if such a petition was filed.

This bill provides that, notwithstanding the failure of the Board of
Trustees to adopt the bond resolutions and the other defects noted
above, all actions undertaken by the Village Board and the village
officials to date with respect to the BANs are validated, ratified,
and corrected.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

None.


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
________________________________________________________________________

                                 6598--B
    Cal. No. 314

                            I N  S E N A T E

                            February 11, 2014
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  reported  favorably  from  said committee, ordered to first and second
  report, ordered to a third reading,  amended  and  ordered  reprinted,
  retaining its place in the order of third reading -- again amended and
  ordered reprinted, retaining its place in the order of third reading

AN  ACT  in relation to authorizing the village board of trustees of the
  village of Silver Springs, county of Wyoming  to  issue  certain  bond
  anticipation notes

  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 board of trustees of the  village  of  Silver  Springs,
county  of Wyoming undertook the following described actions in relation
to the issuance of certain bond anticipation notes of said village.
  (1) Pursuant to a resolution adopted by said village board of trustees
on May 4, 2009 and a certificate of the village  clerk  dated  June  15,
2009,  said  village  issued  its bond anticipation note, dated June 15,
2009, in the principal amount of $400,000, maturing on June 15, 2010  to
finance  the  cost  of  the  object  or purpose consisting of Phase I of
certain reconstruction and rehabilitation of said  village's  electrical
system.  Thereafter,  pursuant  to  a resolution adopted by said village
board of trustees on June 7, 2010 and a certificate of the village clerk
of said village dated June 15, 2010, a principal payment of $80,000  was
made on said renewal bond anticipation note and said note was renewed by
the  issuance  of a renewal bond anticipation note, dated June 15, 2010,
in the principal amount of $320,000, maturing on June 15, 2011.   There-
after,  pursuant  to a resolution adopted by said village board of trus-
tees on June 6, 2011 and a certificate of  the  village  clerk  of  said
village  dated June 15, 2011, a principal payment of $80,000 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 15, 2011,
in the principal amount of $240,000, maturing on June 15, 2012.   There-
after,  pursuant  to a resolution adopted by said village board of trus-
tees on June 5, 2012 said bond anticipation note was  again  renewed  by
the issuance of a renewal bond anticipation note dated June 15, 2012, in
the principal amount of $240,000, maturing on June 14, 2013. Thereafter,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13964-04-4

S. 6598--B                          2

pursuant  to  a  resolution adopted by said village board of trustees on
June 4, 2013 and a certificate of the  village  clerk  of  said  village
dated  June  14,  2013,  a principal payment of $60,000 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  14,  2013,  in
the principal amount of $180,000, maturing on June 13, 2014.
  (2) Pursuant to a resolution adopted by said village board of trustees
on  February  7,  2011  and  a  certificate of the village clerk of said
village dated April 1, 2011, said village issued its  bond  anticipation
note, dated April 1, 2011, in the principal amount of $190,000, maturing
on April 2, 2012 to finance the cost of the object or purpose consisting
of  Phase  II  of  certain  reconstruction  and  rehabilitation  of said
village's  electrical  system.  Thereafter,  pursuant  to  a  resolution
adopted  by  said village board of trustees on March 22, 2012, said bond
anticipation note was renewed by the issuance of a renewal  bond  antic-
ipation  note  dated April 2, 2012, in the principal amount of $190,000,
maturing on April 2, 2013 which matured one day later than  required  by
law.  Thereafter, pursuant to a resolution adopted by said village board
of trustees on March 11, 2013 and a certificate of the village clerk  of
said  village  dated  April  2, 2013, a principal payment of $22,000 was
made on said renewal bond anticipation note  and  said  note  was  again
renewed by the issuance of a renewal bond anticipation note, dated April
2, 2013, in the principal amount of $168,000, maturing on April 2, 2014.
  (3) Pursuant to a resolution adopted by said village board of trustees
on March 22, 2012 and a certificate of the village clerk of said village
dated  April  2,  2012,  said village issued its bond anticipation note,
dated April 2, 2012, in the principal amount of  $353,515,  maturing  on
April 2, 2013 to finance the cost of the object or purpose consisting of
Phase III of certain reconstruction and rehabilitation of said village's
electrical  system. Thereafter, pursuant to a resolution adopted by said
village board of trustees on March 11, 2013 and  a  certificate  of  the
village  clerk  of said village dated April 2, 2013, a principal payment
of $1,515 which payment was optional and may be ignored was made on said
renewal bond anticipation note and said note was again  renewed  by  the
issuance of a renewal bond anticipation note dated April 2, 2013, in the
principal amount of $352,000, maturing on April 2, 2014.
  (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-
tion provisions of the local finance law, in that: (1) the village board
of trustees of the village of Silver Springs in each case had not, prior
to  the  issuance of such bond anticipation notes, adopted a bond resol-
ution in accordance with sections 31.00 and 32.00 of the  local  finance
law,  which  was  subject  to a permissive referendum in accordance with
paragraph 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; (2) in the case  of  the
renewal  bond  anticipation note dated June 15, 2012, described in para-
graph one of subdivision (a) of this section,  a  principal  portion  of
such  note  was  not  redeemed;  and (3) in the case of the renewal bond
anticipation note dated June 14, 2013, described  in  paragraph  one  of
subdivision  (a) of this section, the term of said note will extend more
than five years beyond the date of issuance of the  applicable  original
bond  anticipation  note  dated June 15, 2009 by the time this act takes
effect.

S. 6598--B                          3

  S 2. Notwithstanding the defects describe in section one of this  act,
the  bond  anticipation notes and renewals thereof issued by the village
of Silver Springs, as described in section one  of  this  act,  and  all
resolutions,  acts  and  proceedings  heretofore adopted or taken by the
board  of  trustees  in relation thereto, are hereby validated, ratified
and confirmed. Subject to the adoption by the village board of  trustees
of  the  village  of  Silver  Springs 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 princi-
pal amount of $120,000 for the purpose of  refinancing  the  outstanding
bond  anticipation  notes  issued for the object or purpose described in
paragraph one of subdivision (a) of section one of this act;
  (b) bonds or renewal bond anticipation notes in the aggregate  princi-
pal  amount  of  $150,000 for the purpose of refinancing the outstanding
bond anticipation notes issued for the object or  purpose  described  in
paragraph two of subdivision (a) of section one of this act;
  (c)  bonds or renewal bond anticipation notes in the aggregate princi-
pal amount of $325,000 for the purpose of  refinancing  the  outstanding
bond  anticipation  notes  issued for the object or purpose described in
paragraph three 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 local  finance  law,  said  village  may
issue  one  additional renewal bond anticipation note maturing not later
than June 13, 2015 for the objects or purposes  described  in  paragraph
one  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 June 13, 2015; and
  (3)  in  the event that the renewal bond anticipation note, dated June
13, 2014, described in paragraph one 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, follow-
ing 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 paragraph three 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 paragraph.
  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.

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