Assembly Bill A6664

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6664
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 13, 2017
                                ___________
 
 Introduced  by  M.  of  A.  McLAUGHLIN  -- read once and referred to the
   Committee on Local Governments
 
 AN ACT authorizing the village of Hoosick Falls, county  of  Rensselaer,
   to issue certain bonds
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The village of Hoosick Falls, in the county of  Rensselaer,
 is hereby authorized to issue serial bonds, subject to the provisions of
 this  act,  on  or  before December 31, 2017, for the specific object or
 purpose of reimbursing the village for (i) payments made by the  village
 from  the  village  general fund, water fund and sewer fund for extraor-
 dinary expenses incurred by the village and (ii)  extraordinary  revenue
 losses  suffered  by  the  village  water  fund  and  sewer fund, all in
 connection with or as a result of the discovery of the contamination  of
 the village's municipal water supply by the hazardous substance known as
 perfluorooctanoic  acid  (or  PFOA). "Extraordinary expenses" as used in
 this section shall mean those operating and capital  costs  directly  or
 indirectly  related to or resulting from (a) such contamination, (b) the
 reduction or elimination of the  contamination,  (c)  negotiations  with
 parties  alleged to bear legal responsibility for the contamination, and
 (d) the issuance of notes by the village under the local finance law  to
 finance  any  of  the  foregoing  and  any  extraordinary revenue losses
 described above, including, without limitation,  costs  for  engineering
 services,  testing  services,  legal  services, and public relations and
 communication  services,  as  well  as  other  related  village   costs.
 "Extraordinary  revenue  losses"  as used in this section shall mean the
 extent to which, in the aggregate, budgeted water fund  and  sewer  fund
 revenues  exceeded actual water fund and sewer fund revenues received by
 the village in village fiscal years 2014-15, 2015-16, and 2016-17.
   § 2. Notwithstanding the provisions of  section  11.00  of  the  local
 finance  law,  the specific object or purpose referred to in section one
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD10612-01-7

 A. 6664                             2
 
 of this act is hereby declared to be a public purpose which the  village
 of Hoosick Falls is authorized to accomplish with the issuance of serial
 bonds  in  an  aggregate principal amount not to exceed one million five
 hundred  thousand  dollars ($1,500,000); provided, that no such bonds to
 reimburse the  village  for  the  extraordinary  expenses  incurred  and
 extraordinary  losses  suffered  shall  be  issued until the state comp-
 troller shall first  review  and  confirm  the  actual  amount  of  such
 extraordinary  expenses  and  extraordinary revenue losses, and that the
 amount of such bonds issued to reimburse the village  for  the  extraor-
 dinary  expenses  incurred and the extraordinary revenue losses suffered
 shall not exceed the amount certified  by  the  state  comptroller.  The
 period  of  probable usefulness of such objects or purposes shall be ten
 (10) years.
   § 3. The village of Hoosick Falls is  hereby  authorized  to  levy  an
 annual  tax  on the properties of the village in an amount sufficient to
 pay the annual debt service on such  serial  bonds;  provided,  however,
 that nothing in this section shall be construed to preclude such village
 from  collecting all or a portion of such debt service through water and
 sewer charges using the same formula as other water and sewer charges.
   § 4. In anticipation of the issuance and sale of  such  serial  bonds,
 the  village is hereby authorized to issue bond anticipation notes under
 the local finance law.
   § 5. This act shall take effect immediately.