Bill Text: NY S05198 | 2017-2018 | General Assembly | Introduced
Bill Title: 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).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2017-08-21 - SIGNED CHAP.245 [S05198 Detail]
Download: New_York-2017-S05198-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5198 2017-2018 Regular Sessions IN SENATE 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: 1 Section 1. The village of Hoosick Falls, in the county of Rensselaer, 2 is hereby authorized to issue serial bonds, subject to the provisions of 3 this act, on or before December 31, 2017, for the specific object or 4 purpose of reimbursing the village for (i) payments made by the village 5 from the village general fund, water fund and sewer fund for extraor- 6 dinary expenses incurred by the village and (ii) extraordinary revenue 7 losses suffered by the village water fund and sewer fund, all in 8 connection with or as a result of the discovery of the contamination of 9 the village's municipal water supply by the hazardous substance known as 10 perfluorooctanoic acid (or PFOA). "Extraordinary expenses" as used in 11 this section shall mean those operating and capital costs directly or 12 indirectly related to or resulting from (a) such contamination, (b) the 13 reduction or elimination of the contamination, (c) negotiations with 14 parties alleged to bear legal responsibility for the contamination, and 15 (d) the issuance of notes by the village under the local finance law to 16 finance any of the foregoing and any extraordinary revenue losses 17 described above, including, without limitation, costs for engineering 18 services, testing services, legal services, and public relations and 19 communication services, as well as other related village costs. 20 "Extraordinary revenue losses" as used in this section shall mean the 21 extent to which, in the aggregate, budgeted water fund and sewer fund 22 revenues exceeded actual water fund and sewer fund revenues received by 23 the village in village fiscal years 2014-15, 2015-16, and 2016-17. 24 § 2. Notwithstanding the provisions of section 11.00 of the local 25 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. LBD10612-01-7S. 5198 2 1 of this act is hereby declared to be a public purpose which the village 2 of Hoosick Falls is authorized to accomplish with the issuance of serial 3 bonds in an aggregate principal amount not to exceed one million five 4 hundred thousand dollars ($1,500,000); provided, that no such bonds to 5 reimburse the village for the extraordinary expenses incurred and 6 extraordinary losses suffered shall be issued until the state comp- 7 troller shall first review and confirm the actual amount of such 8 extraordinary expenses and extraordinary revenue losses, and that the 9 amount of such bonds issued to reimburse the village for the extraor- 10 dinary expenses incurred and the extraordinary revenue losses suffered 11 shall not exceed the amount certified by the state comptroller. The 12 period of probable usefulness of such objects or purposes shall be ten 13 (10) years. 14 § 3. The village of Hoosick Falls is hereby authorized to levy an 15 annual tax on the properties of the village in an amount sufficient to 16 pay the annual debt service on such serial bonds; provided, however, 17 that nothing in this section shall be construed to preclude such village 18 from collecting all or a portion of such debt service through water and 19 sewer charges using the same formula as other water and sewer charges. 20 § 4. In anticipation of the issuance and sale of such serial bonds, 21 the village is hereby authorized to issue bond anticipation notes under 22 the local finance law. 23 § 5. This act shall take effect immediately.