senate Bill S6947

Signed By Governor
2013-2014 Legislative Session

Legalizes and validates certain bond anticipation notes issued by the village of Whitehall

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

do you support this bill?

Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2014 signed chap.386
Sep 11, 2014 delivered to governor
Jun 19, 2014 returned to senate
passed assembly
home rule request
ordered to third reading rules cal.472
substituted for a9319
Jun 10, 2014 referred to local governments
delivered to assembly
passed senate
home rule request
May 19, 2014 advanced to third reading
May 14, 2014 2nd report cal.
May 13, 2014 1st report cal.743
Apr 07, 2014 referred to local government

Votes

view votes

May 13, 2014 - Local Government committee Vote

S6947
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: May 13, 2014

aye wr (1)

S6947 - Bill Details

See Assembly Version of this Bill:
A9319
Law Section:
Washington County

S6947 - Bill Texts

view summary

Legalizes and validates certain bond anticipation notes issued by the village of Whitehall.

view sponsor memo
BILL NUMBER:S6947

TITLE OF BILL: An act making certain findings and determinations with
respect to bond anticipation notes and serial bonds issued by the
village of Whitehall, in the town of Whitehall and county of
Washington, and validating and legalizing such notes and bonds

PURPOSE:

This bill validates and legalizes the bond anticipation notes and
renewals thereof and the serial bonds issued by the village to finance
certain improvements to its sewer system and water system.

SUMMARY OF PROVISIONS:

Pursuant to a bond resolution dated April 5, 2001, as amended by a
bond resolution dated April 7, 2005, the village board of trustees
authorized the issuance of serial bonds of the village, and bond
anticipation notes in anticipation of the sale of such bonds, to
finance the construction of certain improvements to the village's
sewer system in order to bring it into compliance with a stipulation
agreement between the village and the New York State Department of
Environmental Conservation. Pursuant to bond resolutions dated January
25, 2005, January 26, 2006, July 6, 2006 and November 6, 2006, the
village board of trustees authorized the issuance of serial bonds of
the village, and bond anticipation notes in anticipation of the sale
of such bonds, to finance the construction of certain improvements to
the village's water system in order to bring it into compliance with a
stipulation agreement between the village and the New York State
Department of Health. Pursuant to said bond resolutions, the village
issued several bond anticipation notes and renewals thereof to finance
said sewer system improvements and water system improvements. The
village has since issued serial bonds to the New York State
Environmental Facilities Corporation to provide long-term financing
for said sewer system improvements and water system improvements. One
of the principal payments on a bond anticipation note issued to
finance said water system improvements, however, was made from the
proceeds of a bond anticipation note issued to finance said sewer
system improvements, and as such was not in compliance with the local
finance law which requires that the proceeds of obligations authorized
pursuant to a bond resolution be expended only for the object or
purpose for which such obligations were issued. Further, such
principal payment was not made by the village from an annual
appropriation as required by the local finance law.

JUSTIFICATION:

This legislation will allow the village to proceed with short-term
financing for further improvements to its sewer system through the New
York State Environmental Facilities Corporation.

LEGISLATIVE HISTORY:

New bill.

LOCAL FISCAL IMPLICATIONS:


None.

EFFECTIVE DATE:

This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6947

                            I N  S E N A T E

                              April 7, 2014
                               ___________

Introduced  by  Sen.  LITTLE -- 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  bond
  anticipation  notes  and  serial bonds issued by the village of White-
  hall, in the town of Whitehall and county of Washington, and  validat-
  ing and legalizing such notes and bonds

  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  pursuant to a bond resolution dated April 5, 2001, as amended by a
bond resolution dated April 7,  2005,  the  board  of  trustees  of  the
village of Whitehall, in the town of Whitehall and county of Washington,
authorized  the  issuance of serial bonds of the village in an aggregate
principal amount not to exceed $2,772,792, and bond  anticipation  notes
in  anticipation  of the sale of such bonds, to finance the construction
of certain improvements to such village's sewer system in order to bring
it into compliance with a stipulation agreement between the village  and
the  department  of environmental conservation; that in order to finance
the cost of the capital improvements authorized by said bond resolution,
as so amended: (i) on November 3, 2000, the village issued a bond antic-
ipation note in the principal amount of $450,000, maturing  on  November
2,  2001;  (ii)  on  November  2, 2001, the village issued a bond antic-
ipation note in the principal amount of $450,000, maturing  on  November
1,  2002, to renew in full the bond anticipation note maturing on Novem-
ber 2, 2001; (iii) on June 6, 2002, the village  issued  a  bond  antic-
ipation  note in the principal amount of $1,970,234, maturing on June 6,
2005, to refinance the balance of the bond anticipation note maturing on
November 1, 2002  and  to  finance  additional  costs  of  said  capital
improvements;  (iv)  on  November  1, 2002, the village made a principal
payment of $11,100 on the bond anticipation note  maturing  on  June  6,
2005;  (v)  on November 4, 2003, the village made a principal payment of
$11,200 on the bond anticipation note maturing on June 6, 2005; (vi)  on
November 4, 2004, the village made a principal payment of $11,300 on the
bond  anticipation  note  maturing on June 6, 2005; and (vii) on June 2,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14590-01-4

S. 6947                             2

2005, the village issued serial bonds in the aggregate principal  amount
of  $1,155,748,  maturing on November 1, in the years 2005 through 2034,
to refinance the balance of the bond anticipation note maturing on  June
6, 2005; that pursuant to bond resolutions dated January 25, 2005, Janu-
ary  26,  2006, July 6, 2006 and November 6, 2006, the board of trustees
of such village authorized the issuance of serial bonds of  the  village
in  an  aggregate  principal  amount  not to exceed $9,997,000, and bond
anticipation notes in anticipation of the sale of such bonds, to finance
the construction of certain improvements to the village's  water  system
in  order  to  bring  it  into  compliance  with a stipulation agreement
between such village and the department of  health;  that  in  order  to
finance  the  cost  of  the capital improvements authorized by said bond
resolutions: (a) on February 24, 2005, the village issued a bond  antic-
ipation  note  in the principal amount of $200,000, maturing on February
23, 2006; (b) on February 23, 2006, the village  issued  a  bond  antic-
ipation  note  in the principal amount of $300,000, maturing on February
22, 2007, to renew in full the bond anticipation note maturing on Febru-
ary 23, 2006 and to finance additional costs of  said  capital  improve-
ments;  (c) on May 17, 2006, the village issued a bond anticipation note
in the principal amount of $100,000, maturing on May 16,  2007;  (d)  on
August  10,  2006,  the  village  issued a bond anticipation note in the
principal amount of $500,000, maturing on August 9, 2007; (e) on  Decem-
ber  7, 2006, the village issued a bond anticipation note in the princi-
pal amount of $1,500,000, maturing on December 6, 2007; (f) on  February
22,  2007,  the  village  made a principal payment of $5,000 on the bond
anticipation note maturing on such date and issued a  bond  anticipation
note in the principal amount of $295,000, maturing on February 21, 2008,
to  renew  the  balance  of  such note; (g) on May 16, 2007, the village
issued a bond anticipation note in the  principal  amount  of  $100,000,
maturing  on  May  15, 2008, to renew in full the bond anticipation note
maturing on May 16, 2007; (h) on June 28, 2007,  the  village  issued  a
bond anticipation note in the amount of $7,462,287, maturing on June 28,
2010,  to  refinance the balance of the bond anticipation notes maturing
on August 9, 2007, December 6, 2007, February 21, 2008 and May 15,  2008
and  to  finance  additional  costs of said capital improvements; (i) on
February 21, 2008, the village made a principal payment of $7,500 on the
bond anticipation note maturing on June 28, 2010; (j)  on  February  20,
2009, the village made a principal payment of $10,500 on the bond antic-
ipation  note  maturing  on June 28, 2010; (k) on February 18, 2010, the
village made a principal payment of $10,500  on  the  bond  anticipation
note maturing on June 28, 2010; (l) on June 25, 2010, the village made a
principal  payment of $210,402 on the bond anticipation note maturing on
June 28, 2010; (m) on July 13, 2010, pursuant to chapter 170 of the laws
of 2010, the bond anticipation notes  and  renewals  thereof  previously
issued  by  the village to finance the cost of said capital improvements
and authorized the village to issue bonds or bond  anticipation  renewal
notes  in  the  aggregate  principal amount of $7,768,500 to finance the
cost of said capital improvements; and (n) on September  28,  2010,  the
village  issued serial bonds in the form of a statutory installment bond
in the principal amount of $7,753,098, maturing on February 18, 2040, to
refinance the balance of the bond anticipation note maturing on June 28,
2010 and to finance additional costs of said capital improvements;  that
the  principal  payment  of  $210,402  made on June 25, 2010 on the bond
anticipation note maturing on June  28,  2010,  issued  to  finance  the
construction  of  said  water  system  improvements,  was  made from the
proceeds of the bond anticipation note maturing on June 6, 2005,  issued

S. 6947                             3

to finance the construction of said sewer system improvements; that said
principal  payment  was not in compliance with the applicable provisions
of the local finance law because the proceeds of obligations  authorized
pursuant to a bond resolution are required by the provisions of sections
32.00,  165.00  and  169.00 of the local finance law to be expended only
for the object or purpose for which such obligations were issued;  that,
further,  said principal payment was not in compliance with the applica-
ble provisions of the local finance law because it  was  made  from  the
proceeds of said bond anticipation note and not from a source other than
the  proceeds  of  said  bond  anticipation  note  as  required  by  the
provisions of sections 21.00, 23.00 and 169.00 of the local finance law.
  S 2. Notwithstanding the defects described in section one of this act,
the bond anticipation notes and renewals thereof and  the  serial  bonds
issued  by the village of Whitehall, as described in section one of this
act, and all resolutions, acts and proceedings adopted or taken  by  the
board of trustees and the treasurer of such village in relation thereto,
are hereby validated, ratified and confirmed.
  S  3. If any clause, sentence, subdivision, paragraph, section or part
of this act be adjudged by any court of  competent  jurisdiction  to  be
invalid,  and after exhaustion of all further judicial review, the judg-
ment 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 of this act directly involved in the contro-
versy in which the judgment shall have been rendered.
  S 4. This act shall take effect immediately.

Comments

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.