Bill Text: NY S06947 | 2013-2014 | General Assembly | Introduced
Bill Title: Legalizes and validates certain bond anticipation notes issued by the village of Whitehall.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2014-09-23 - SIGNED CHAP.386 [S06947 Detail]
Download: New_York-2013-S06947-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6947 I N S E N A T E April 7, 2014 ___________ Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT making certain findings and determinations with respect to bond anticipation notes and serial bonds issued by the village of White- hall, in the town of Whitehall and county of Washington, and validat- ing and legalizing such notes and bonds 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 pursuant to a bond resolution dated April 5, 2001, as amended by a 3 bond resolution dated April 7, 2005, the board of trustees of the 4 village of Whitehall, in the town of Whitehall and county of Washington, 5 authorized the issuance of serial bonds of the village in an aggregate 6 principal amount not to exceed $2,772,792, and bond anticipation notes 7 in anticipation of the sale of such bonds, to finance the construction 8 of certain improvements to such village's sewer system in order to bring 9 it into compliance with a stipulation agreement between the village and 10 the department of environmental conservation; that in order to finance 11 the cost of the capital improvements authorized by said bond resolution, 12 as so amended: (i) on November 3, 2000, the village issued a bond antic- 13 ipation note in the principal amount of $450,000, maturing on November 14 2, 2001; (ii) on November 2, 2001, the village issued a bond antic- 15 ipation note in the principal amount of $450,000, maturing on November 16 1, 2002, to renew in full the bond anticipation note maturing on Novem- 17 ber 2, 2001; (iii) on June 6, 2002, the village issued a bond antic- 18 ipation note in the principal amount of $1,970,234, maturing on June 6, 19 2005, to refinance the balance of the bond anticipation note maturing on 20 November 1, 2002 and to finance additional costs of said capital 21 improvements; (iv) on November 1, 2002, the village made a principal 22 payment of $11,100 on the bond anticipation note maturing on June 6, 23 2005; (v) on November 4, 2003, the village made a principal payment of 24 $11,200 on the bond anticipation note maturing on June 6, 2005; (vi) on 25 November 4, 2004, the village made a principal payment of $11,300 on the 26 bond anticipation note maturing on June 6, 2005; and (vii) on June 2, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14590-01-4 S. 6947 2 1 2005, the village issued serial bonds in the aggregate principal amount 2 of $1,155,748, maturing on November 1, in the years 2005 through 2034, 3 to refinance the balance of the bond anticipation note maturing on June 4 6, 2005; that pursuant to bond resolutions dated January 25, 2005, Janu- 5 ary 26, 2006, July 6, 2006 and November 6, 2006, the board of trustees 6 of such village authorized the issuance of serial bonds of the village 7 in an aggregate principal amount not to exceed $9,997,000, and bond 8 anticipation notes in anticipation of the sale of such bonds, to finance 9 the construction of certain improvements to the village's water system 10 in order to bring it into compliance with a stipulation agreement 11 between such village and the department of health; that in order to 12 finance the cost of the capital improvements authorized by said bond 13 resolutions: (a) on February 24, 2005, the village issued a bond antic- 14 ipation note in the principal amount of $200,000, maturing on February 15 23, 2006; (b) on February 23, 2006, the village issued a bond antic- 16 ipation note in the principal amount of $300,000, maturing on February 17 22, 2007, to renew in full the bond anticipation note maturing on Febru- 18 ary 23, 2006 and to finance additional costs of said capital improve- 19 ments; (c) on May 17, 2006, the village issued a bond anticipation note 20 in the principal amount of $100,000, maturing on May 16, 2007; (d) on 21 August 10, 2006, the village issued a bond anticipation note in the 22 principal amount of $500,000, maturing on August 9, 2007; (e) on Decem- 23 ber 7, 2006, the village issued a bond anticipation note in the princi- 24 pal amount of $1,500,000, maturing on December 6, 2007; (f) on February 25 22, 2007, the village made a principal payment of $5,000 on the bond 26 anticipation note maturing on such date and issued a bond anticipation 27 note in the principal amount of $295,000, maturing on February 21, 2008, 28 to renew the balance of such note; (g) on May 16, 2007, the village 29 issued a bond anticipation note in the principal amount of $100,000, 30 maturing on May 15, 2008, to renew in full the bond anticipation note 31 maturing on May 16, 2007; (h) on June 28, 2007, the village issued a 32 bond anticipation note in the amount of $7,462,287, maturing on June 28, 33 2010, to refinance the balance of the bond anticipation notes maturing 34 on August 9, 2007, December 6, 2007, February 21, 2008 and May 15, 2008 35 and to finance additional costs of said capital improvements; (i) on 36 February 21, 2008, the village made a principal payment of $7,500 on the 37 bond anticipation note maturing on June 28, 2010; (j) on February 20, 38 2009, the village made a principal payment of $10,500 on the bond antic- 39 ipation note maturing on June 28, 2010; (k) on February 18, 2010, the 40 village made a principal payment of $10,500 on the bond anticipation 41 note maturing on June 28, 2010; (l) on June 25, 2010, the village made a 42 principal payment of $210,402 on the bond anticipation note maturing on 43 June 28, 2010; (m) on July 13, 2010, pursuant to chapter 170 of the laws 44 of 2010, the bond anticipation notes and renewals thereof previously 45 issued by the village to finance the cost of said capital improvements 46 and authorized the village to issue bonds or bond anticipation renewal 47 notes in the aggregate principal amount of $7,768,500 to finance the 48 cost of said capital improvements; and (n) on September 28, 2010, the 49 village issued serial bonds in the form of a statutory installment bond 50 in the principal amount of $7,753,098, maturing on February 18, 2040, to 51 refinance the balance of the bond anticipation note maturing on June 28, 52 2010 and to finance additional costs of said capital improvements; that 53 the principal payment of $210,402 made on June 25, 2010 on the bond 54 anticipation note maturing on June 28, 2010, issued to finance the 55 construction of said water system improvements, was made from the 56 proceeds of the bond anticipation note maturing on June 6, 2005, issued S. 6947 3 1 to finance the construction of said sewer system improvements; that said 2 principal payment was not in compliance with the applicable provisions 3 of the local finance law because the proceeds of obligations authorized 4 pursuant to a bond resolution are required by the provisions of sections 5 32.00, 165.00 and 169.00 of the local finance law to be expended only 6 for the object or purpose for which such obligations were issued; that, 7 further, said principal payment was not in compliance with the applica- 8 ble provisions of the local finance law because it was made from the 9 proceeds of said bond anticipation note and not from a source other than 10 the proceeds of said bond anticipation note as required by the 11 provisions of sections 21.00, 23.00 and 169.00 of the local finance law. 12 S 2. Notwithstanding the defects described in section one of this act, 13 the bond anticipation notes and renewals thereof and the serial bonds 14 issued by the village of Whitehall, as described in section one of this 15 act, and all resolutions, acts and proceedings adopted or taken by the 16 board of trustees and the treasurer of such village in relation thereto, 17 are hereby validated, ratified and confirmed. 18 S 3. If any clause, sentence, subdivision, paragraph, section or part 19 of this act be adjudged by any court of competent jurisdiction to be 20 invalid, and after exhaustion of all further judicial review, the judg- 21 ment shall not affect, impair or invalidate the remainder thereof but 22 shall be confined in its operation to the clause, sentence, subdivision, 23 paragraph, section or part of this act directly involved in the contro- 24 versy in which the judgment shall have been rendered. 25 S 4. This act shall take effect immediately.