Bill Text: NY A10523 | 2011-2012 | General Assembly | Introduced
Bill Title: Validates certain acts of the village of Ellenville with respect to certain obligations issued to finance a village sewer system.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2012-08-01 - signed chap.335 [A10523 Detail]
Download: New_York-2011-A10523-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 10523 I N A S S E M B L Y June 1, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Cahill) -- read once and referred to the Committee on Local Governments AN ACT making findings and determinations with respect to obligations heretofore issued by the village of Ellenville, Ulster county, New York validating and legalizing same and authorizing the issue of obli- gations of said village with respect thereto THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Legislative findings. It is hereby found and determined 2 that the village of Ellenville, Ulster county, New York, has heretofore 3 adopted bond resolutions authorizing an aggregate ten million eight 4 hundred thousand dollars of bonds to finance the acquisition, 5 construction and reconstruction of improvements to the village sewer 6 system; that said village assigned a thirty year period of probable 7 usefulness to said sewer system improvements when it was entitled to 8 forty years under section 11.00 of the local finance law; that said 9 village executed a project finance agreement with the New York State 10 Environmental Facilities Corporation on September 2, 2010, authorizing 11 the village to borrow up to $5,259,000 for such improvements through a 12 draw down process; that on August 10, 2011 the village issued ten 13 million five hundred thousand dollars in bond anticipation notes for 14 such sewer system improvements which notes mature on August 10, 2012; 15 that on September 22, 2011, the village requested and received 16 $431,777.62 from the New York State Environmental Facilities Corporation 17 for sewer system improvements which amount caused the village to exceed 18 the amount of bonds and notes that may be issued under the aforemen- 19 tioned bond resolutions; that such $431,777.62 has been returned to the 20 New York State Environmental Facilities Corporation. 21 S 2. Notwithstanding the defects described in section one of this act, 22 the draw down from the New York State Environmental Facilities Corpo- 23 ration is hereby validated and ratified. The village of Ellenville is 24 hereby authorized to continue to issue bonds or bond anticipation 25 renewal notes for the aforesaid sewer system improvements including 26 financing through the New York State Environmental Facilities Corpo- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16070-01-2 A. 10523 2 1 ration and the period of probable usefulness thereof is hereby deter- 2 mined to be forty years measured from August 10, 2011. 3 S 3. Except as provided herein, any obligations issued pursuant to 4 this act shall be issued in accordance with the provisions of the local 5 finance law. 6 S 4. If any clause, sentence, subdivision, paragraph, section or part 7 of this act be adjudged by any court of competent jurisdiction to be 8 invalid, such judgment shall not affect, impair or invalidate the 9 remainder thereof, but shall be confined in its operation to the clause, 10 sentence, subdivision, paragraph, section or part thereof directly 11 involved in the controversy in which such judgment shall have been 12 rendered. 13 S 5. This act shall take effect immediately.