Senate Bill S5198

Signed By Governor
2017-2018 Legislative Session

Authorizes the village of Hoosick Falls, county of Rensselaer, to issue certain bonds

download bill text pdf

Sponsored By

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

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Votes

2017-S5198 (ACTIVE) - Details

See Assembly Version of this Bill:
A6664
Law Section:
Rensselaer County

2017-S5198 (ACTIVE) - Summary

Authorizes the village of Hoosick Falls, county of Rensselaer, to issue certain bonds to reimburse the village for extraordinary expenses incurred in connection with the discovery of perfluorooctanoic acid (PFOA).

2017-S5198 (ACTIVE) - Sponsor Memo

2017-S5198 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5198
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              March 13, 2017
                                ___________
 
 Introduced by Sen. MARCHIONE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 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.
              

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