Bill Text: NY S06834 | 2011-2012 | General Assembly | Amended
Bill Title: Validates certain findings and determinations with respect to bond anticipation notes issued by the village of Webster and legalizes and authorizes the issuance of obligations of such notes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2012-08-01 - SIGNED CHAP.321 [S06834 Detail]
Download: New_York-2011-S06834-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6834--A I N S E N A T E March 28, 2012 ___________ Introduced by Sen. NOZZOLIO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT validating certain findings and determinations with respect to bond anticipation notes issued by the village of Webster, in the town of Webster, county of Monroe, and to legalize and authorize the issu- ance of obligations of such notes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Legislative findings. (a) It is hereby found and deter- 2 mined that the village board of trustees of the village of Webster, in 3 the town of Webster, county of Monroe, and the village treasurer of such 4 village undertook the following described actions in relation to the 5 issuance of certain bond anticipation notes of said village: 6 (1) Pursuant to resolutions adopted by said village board of trustees 7 on September 14, 2006 and September 28, 2006 and a certificate of the 8 village treasurer of said village dated October 4, 2006, said village 9 issued its bond anticipation note, dated October 4, 2006, in the princi- 10 pal amount of $715,000 maturing on October 3, 2007 to finance the cost 11 of the object or purpose consisting of the reconstruction and rehabili- 12 tation of said village's sewage treatment plan grit system. Thereafter, 13 pursuant to a resolution adopted by said village board of trustees on 14 September 27, 2007 and a certificate of the village treasurer of said 15 village dated October 3, 2007, said bond anticipation note was renewed 16 by the issuance of a renewal bond anticipation note, dated October 3, 17 2007, in the principal amount of $715,000 maturing on October 3, 2008. 18 Thereafter, pursuant to a certificate of the village treasurer of said 19 village dated October 3, 2008, a principal payment of $50,000 was made 20 on said renewal bond anticipation note and said note was again renewed 21 by the issuance of a renewal bond anticipation note, dated October 3, 22 2008, in the principal amount of $665,000 maturing on October 2, 2009. 23 Thereafter, pursuant to a resolution adopted by said village board of 24 trustees on September 24, 2009 and a certificate of the village treasur- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15108-02-2 S. 6834--A 2 1 er of said village dated October 2, 2009, a principal payment of $25,000 2 was made on said renewal bond anticipation note and said note was again 3 renewed by the issuance of a renewal bond anticipation note, dated Octo- 4 ber 2, 2009, in the principal amount of $640,000 maturing on October 1, 5 2010. Thereafter, pursuant to a resolution adopted by said village 6 board of trustees on September 23, 2010 and a certificate of the village 7 treasurer of said village dated October 1, 2010, a principal payment of 8 $20,000 was made on said renewal bond anticipation note and said note 9 was renewed by the issuance of a renewal bond anticipation note, dated 10 October 1, 2010, in the principal amount of $620,000 maturing on Septem- 11 ber 30, 2011. Thereafter, pursuant to a resolution adopted by said 12 village board of trustees on September 29, 2011 and a certificate of the 13 village treasurer of said village dated October 3, 2011, a principal 14 payment of $15,000 was made on said renewal bond anticipation note and 15 said note was renewed by the issuance of a renewal bond anticipation 16 note, dated October 3, 2011, in the principal amount of $605,000 matur- 17 ing on October 2, 2012. 18 (2) Pursuant to resolutions adopted by said village board of trustees 19 on September 14, 2006 and September 28, 2006 and a certificate of the 20 village treasurer of said village dated October 4, 2006, said village 21 issued its bond anticipation note, dated October 4, 2006, in the princi- 22 pal amount of $400,000 maturing on October 3, 2007 to finance the cost 23 of the object or purpose consisting of the reconstruction, rehabili- 24 tation, painting and metalizing of said village's water tank located at 25 1073 Webster Road within said village. Thereafter, pursuant to a resol- 26 ution adopted by said village board of trustees on September 27, 2007 27 and a certificate of the village treasurer of said village dated Octo- 28 ber 3, 2007, a principal payment of $25,000 was made on said bond antic- 29 ipation note and said note was renewed by the issuance of a renewal bond 30 anticipation note, dated October 3, 2007, in the principal amount of 31 $375,000 maturing on October 3, 2008. Thereafter, pursuant to a certif- 32 icate of the village treasurer of said village dated October 3, 2008, a 33 principal payment of $25,000 was made on said renewal bond anticipation 34 note and said note was again renewed by the issuance of a renewal bond 35 anticipation note, dated October 3, 2008, in the principal amount of 36 $350,000 maturing on October 2, 2009. Thereafter, pursuant to a resol- 37 ution adopted by said village board of trustees on September 24, 2009 38 and a certificate of the village treasurer of said village dated October 39 2, 2009, a principal payment of $25,000 was made on said renewal bond 40 anticipation note and said note was again renewed by the issuance of a 41 renewal bond anticipation note, dated October 2, 2009, in the principal 42 amount of $325,000 maturing on October 1, 2010. Thereafter, pursuant to 43 a resolution adopted by said village board of trustees on September 23, 44 2010 and a certificate of the village treasurer of said village dated 45 October 1, 2010, a principal payment of $20,000 was made on said renewal 46 bond anticipation note and said note was renewed by the issuance of a 47 renewal bond anticipation note, dated October 1, 2010, in the principal 48 amount of $305,000 maturing on September 30, 2011. Thereafter, pursuant 49 to a resolution adopted by said village board of trustees on September 50 29, 2011 and a certificate of the village treasurer of said village 51 dated October 3, 2011, a principal payment of $25,000 was made on said 52 renewal bond anticipation note and said note was renewed by the issuance 53 of a renewal bond anticipation note, dated October 3, 2011, in the prin- 54 cipal amount of $280,000 maturing on October 2, 2012. 55 (3) Pursuant to resolutions adopted by said village board of trustees 56 on April 23, 2009 and May 28, 2009 and a certificate of the village S. 6834--A 3 1 treasurer of said village dated June 5, 2009, said village issued its 2 bond anticipation note, dated June 5, 2009, in the principal amount of 3 $500,000 maturing on June 4, 2010 to finance the cost of the object or 4 purpose consisting of the reconstruction and rehabilitation of, upgrades 5 and improvements to, and acquisition and installation of equipment at, 6 said village's sewage treatment plant located at 613 Webster Road, 7 Webster, New York. Thereafter, pursuant to a resolution adopted by said 8 village board of trustees on June 1, 2010 and a certificate of the 9 village treasurer of said village dated June 4, 2010, a principal 10 payment of $25,000 was made on said bond anticipation note and said note 11 was renewed by the issuance of a renewal bond anticipation note, dated 12 June 4, 2010, in the principal amount of $475,000 maturing on June 3, 13 2011. Thereafter, pursuant to a resolution adopted by said village board 14 of trustees on May 26, 2011 and a certificate of the village treasurer 15 of said village dated June 3, 2011, a principal payment of $10,000 was 16 made on said renewal bond anticipation note and said note was again 17 renewed by the issuance of a renewal bond anticipation note, dated June 18 3, 2011, in the principal amount of $465,000 maturing on June 1, 2012. 19 (b) It is hereby further found and determined that the bond antic- 20 ipation notes and renewal bond anticipation notes described in subdivi- 21 sion (a) of this section were not issued in compliance with the applica- 22 ble provisions of the local finance law, in that: (i) the village board 23 of trustees of the village of Webster in each case had not, prior to the 24 issuance of such bond anticipation notes, adopted a bond resolution in 25 accordances with sections 31.00 and 32.00 of the local finance law, 26 which was subject to a permissive referendum in accordance with para- 27 graph a of section 36.00 of the local finance law, for the purpose of 28 authorizing the issuance of bonds of said village in anticipation of 29 which such bond anticipation notes were issued; (ii) in the case of the 30 renewal bond anticipation notes dated October 1, 2010, described in each 31 of paragraphs one and two of subdivision (a) of section one of this act, 32 a principal portion of each such note was not redeemed and the unre- 33 deemed portion of such note was not further renewed until after the 34 September 30, 2011 maturity date thereof; and (iii) in the case of each 35 of the renewal bond anticipation notes, dated October 3, 2011, described 36 in paragraphs one and two of subdivision (a) of section one of this act, 37 the term of said note extended more than five years beyond the date of 38 issuance of the applicable original bond anticipation note dated October 39 4, 2006. 40 S 2. Notwithstanding the defects described in section one of this act, 41 the bond anticipation notes and renewals thereof issued by the village 42 of Webster, as described in section one of this act, and all resol- 43 utions, acts and proceedings heretofore adopted or taken by the board of 44 trustees and the village treasurer of said village in relation thereto, 45 are hereby validated, ratified and confirmed. Subject to the adoption by 46 the village board of trustees of the village of Webster of one or more 47 bond resolutions in accordance with sections 31.00 and 32.00 of the 48 local finance law, such village is hereby authorized to hereinafter 49 issue: (a) bonds or renewal bond anticipation notes in the aggregate 50 principal amount of $590,000 for the purpose of refinancing the 51 outstanding bond anticipation notes issued for the object or purpose 52 described in paragraph 1 of subdivision (a) of section one of this act; 53 (b) bonds or renewal bond anticipation notes in the aggregate principal 54 amount of $255,000 for the purpose of refinancing the outstanding bond 55 anticipation notes issued for the object or purpose described in para- 56 graph 2 of subdivision (a) of section one of this act; and (c) bonds or S. 6834--A 4 1 renewal bond anticipation notes in the aggregate principal amount of 2 $455,000 for the purpose of refinancing the outstanding bond antic- 3 ipation notes issued for the object or purpose described in paragraph 3 4 of subdivision (a) of section one of this act; provided, however, that: 5 (1) each such bond resolution shall not be subject to a permissive 6 referendum in accordance with paragraph a of section 36.00 of the local 7 finance law; 8 (2) notwithstanding the provisions of paragraph b of section 23.00 and 9 paragraph b of section 21.00 of the local finance law, said village may 10 issue one additional renewal bond anticipation note maturing not later 11 than October 4, 2013 for each of the objects or purposes described in 12 paragraphs 1 and 2 of subdivision (a) of section one of this act, and 13 may provide for the first installment payment on the bonds issued for 14 such objects or purposes to be made on any date on or before October 4, 15 2013; and 16 (3) in the event that the renewal bond anticipation note, dated June 17 3, 2011, described in paragraph 3 of subdivision (a) of section one of 18 this act has, prior to the effective date of this act, been amended to 19 extend the maturity date thereof, been renewed by another renewal bond 20 anticipation note, or been redeemed in full, said village, following 21 enactment of this act, shall have the authority, notwithstanding any 22 such extension, renewal or redemption, to issue the bonds or renewal 23 bond anticipation notes described in clause (iii) of subdivision (b) of 24 section one of this act for the purpose of refinancing such extended or 25 renewed bond anticipation notes or for the purpose of reborrowing the 26 principal amount of such redeemed bond anticipation notes up to the 27 maximum principal amount set forth in such clause (iii). 28 S 3. Except as otherwise set forth in this act, the bonds and bond 29 anticipation notes, and renewals thereof, issued pursuant to this act 30 shall be issued in accordance with the provisions of the local finance 31 law. 32 S 4. If any clause, sentence, subdivision, paragraph, section or part 33 of this act be adjudged by any court of competent jurisdiction, to be 34 invalid, such judgment shall not affect, impair or invalidate the 35 remainder thereof, but shall be confined in its operation to the clause, 36 sentence, subdivision, paragraph, section or part thereof directly 37 involved in the controversy in which such judgment shall have been 38 rendered. 39 S 5. This act shall take effect immediately.