Bill Text: NY S07498 | 2011-2012 | General Assembly | Introduced
Bill Title: Validates, ratifies and confirms certain bonds issued by the village of Dansville, in the county of Livingston, and authorizes issuance of further bonds to finance the objects and purposes of the validated bonds.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2012-08-01 - SIGNED CHAP.353 [S07498 Detail]
Download: New_York-2011-S07498-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7498 I N S E N A T E May 29, 2012 ___________ Introduced by Sen. YOUNG -- 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 certain bond anticipation notes issued by the village of Dansville, in the county of Livingston, validating and legalizing the same, and authorizing the issuance of obligations of such 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. (a) It is hereby found and determined 2 that the village of Dansville, in the county of Livingston, has under- 3 taken the following described actions in relation to the issuance of 4 certain bond anticipation notes of such village: (1) a bond resolution 5 was adopted on November 10, 1998 authorizing $316,820 of bonds for 6 wastewater treatment plant renovations and on November 24, 1998 issued 7 $316,820 of bond anticipation notes maturing on November 24, 1999, on 8 November 24, 1999 a $300,960 bond anticipation renewal note was issued 9 maturing on November 23, 2000, on November 23, 2000 a $285,120 bond 10 anticipation renewal note was issued maturing on November 22, 2001, on 11 November 22, 2001 a $269,299 bond anticipation renewal note was issued 12 maturing on November 20, 2002, on November 20, 2002 a $253,459 bond 13 anticipation renewal note was issued maturing on November 19, 2003, on 14 November 19, 2003 a $237,617 bond anticipation renewal note was issued 15 maturing on November 18, 2004, on November 18, 2004 a $221,760 bond 16 anticipation renewal note was issued maturing on November 18, 2005, on 17 November 18, 2005 a $205,937 bond anticipation renewal note was issued 18 maturing on November 18, 2006, on November 18, 2006 a $190,197 bond 19 anticipation renewal note was issued maturing on November 18, 2007, on 20 November 18, 2007 a $174,256 bond anticipation renewal note was issued 21 maturing on November 17, 2008, on November 17, 2008 a $158,416 bond 22 anticipation renewal note was issued maturing on November 17, 2009, on 23 November 17, 2009 a $142,575 bond anticipation renewal note was issued 24 maturing on November 16, 2010, on November 16, 2010 a $126,725 bond 25 anticipation renewal note was issued maturing on November 15, 2011, and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16013-01-2 S. 7498 2 1 on November 15, 2011 a $110,885 bond anticipation renewal note was 2 issued maturing on November 13, 2012; (2) a bond resolution was adopted 3 on July 8, 2003 authorizing $300,000 bonds for paving streets, and on 4 July 24, 2003 issued $300,000 of bond anticipation notes maturing on 5 July 24, 2004, on July 24, 2004 a $270,000 bond anticipation renewal 6 note was issued maturing on July 23, 2005, on July 23, 2005 a $240,000 7 bond anticipation renewal note was issued maturing on July 22, 2006, on 8 July 22, 2006 a $210,000 bond anticipation renewal note was issued 9 maturing on July 20, 2007, on July 20, 2007 a $180,000 bond anticipation 10 renewal note was issued maturing on July 20, 2008, on July 20, 2008 a 11 $150,000 bond anticipation renewal note was issued maturing on July 19, 12 2009, on July 19, 2009 a $120,000 bond anticipation renewal note was 13 issued maturing on July 19, 2010, on July 19, 2010 a $90,000 bond antic- 14 ipation renewal note was issued maturing on July 16, 2011, and on July 15 16, 2011 a $60,000 bond anticipation renewal note was issued maturing on 16 July 16, 2012; (3) a bond resolution was adopted on January 13, 2004 17 authorizing $90,000 of bonds for equipment replacement at the wastewater 18 treatment plant, and on February 6, 2004 issued $90,000 of bond antic- 19 ipation notes maturing on February 5, 2005, on February 5, 2005 an 20 $81,000 bond anticipation renewal note was issued maturing on February 21 3, 2006, on February 3, 2006 a $72,000 bond anticipation renewal note 22 was issued maturing on February 2, 2007, on February 2, 2007 a $63,000 23 bond anticipation renewal note was issued maturing on February 1, 2008, 24 on February 1, 2008 a $54,000 bond anticipation renewal note was issued 25 maturing on February 1, 2009, on February 1, 2009 a $45,000 bond antic- 26 ipation renewal note was issued maturing on January 31, 2010, on January 27 31, 2010 a $36,000 bond anticipation renewal note was issued maturing on 28 January 30, 2011, on January 30, 2011 a $27,000 bond anticipation 29 renewal note was issued maturing on January 28, 2012, and on January 28, 30 2012 an $18,000 bond anticipation renewal note was issued maturing on 31 January 28, 2013; (4) a bond resolution was adopted on October 10, 2006 32 authorizing $260,000 of bonds for a digester heating system and on Octo- 33 ber 19, 2006 a $260,000 bond anticipation renewal note was issued matur- 34 ing on October 19, 2007, on October 19, 2007 a $234,000 bond antic- 35 ipation renewal note was issued maturing on October 19, 2008, on October 36 19, 2008 a $208,000 bond anticipation renewal note was issued maturing 37 on October 19, 2009, on October 19, 2009 a $182,000 bond anticipation 38 renewal note was issued maturing on October 19, 2010, on October 19, 39 2010 a $156,000 bond anticipation renewal note was issued maturing on 40 October 19, 2011, and on October 19, 2011 a $130,000 bond renewal antic- 41 ipation note was issued maturing on October 19, 2012; (5) a bond resol- 42 ution was adopted on November 14, 2006 authorizing $145,450 of bonds for 43 a fire truck and on November 14, 2006 a $145,450 bond anticipation note 44 was issued maturing on November 14, 2007, on November 14, 2007 a 45 $130,905 bond anticipation renewal note was issued maturing on November 46 14, 2008, on November 14, 2008 a $116,360 bond anticipation renewal note 47 was issued maturing on November 14, 2009, on November 14, 2009 a 48 $101,815 bond anticipation renewal note was issued maturing on November 49 14, 2010, on November 14, 2010 an $87,270 bond anticipation renewal note 50 was issued maturing on November 14, 2011 and on November 14, 2011 a 51 $72,725 bond anticipation renewal note was issued maturing on November 52 13, 2012; (6) A bond resolution was adopted on April 10, 2007 authoriz- 53 ing $170,940 of bonds for a HME chassis, and on May 9, 2007 a $170,940 54 bond anticipation note was issued maturing on May 9, 2008, on May 9, 55 2008 a $153,940 bond anticipation renewal note was issued maturing on 56 May 9, 2009, on May 9, 2009 a $136,940 bond anticipation renewal note S. 7498 3 1 was issued maturing on May 9, 2010, on May 9, 2010 a $119,940 bond 2 anticipation renewal note was issued maturing on May 9, 2011 and on May 3 9, 2011 a $102,940 bond anticipation renewal note was issued maturing on 4 May 7, 2012; and (7) a bond resolution was adopted on June 5, 2007 5 authorizing $88,000 bonds for street paving, and on June 13, 2007 issued 6 an $88,000 bond anticipation note maturing on June 13, 2008, on June 13, 7 2008 issued a $79,200 bond anticipation renewal note maturing on June 8 13, 2009, on June 13, 2009 issued a $70,400 bond anticipation renewal 9 note maturing on June 13, 2010, on June 13, 2010 issued a $61,600 bond 10 anticipation renewal note maturing on June 13, 2011, on June 13, 2011 11 issued a $52,800 bond anticipation renewal note maturing on June 11, 12 2012. 13 (b) It is hereby further found and determined that: (1) each such 14 bond resolution was adopted taking effect immediately and thereby 15 requiring repayment over five years from the date of the first obli- 16 gation issued therefor; (2) various violations of the local finance law 17 occurred with the bond resolutions and issuance of notes pursuant to 18 such bond resolutions in that the bond resolutions indicated a period of 19 probable usefulness in excess of five years but no permissive referendum 20 process was followed and principal payments made did not satisfy the 21 requirements for amortizing the obligations over five years since the 22 bond resolutions, to take effect without permissive referendum, would 23 have to so limit the financing timeframe; and (3) in certain instances 24 bond anticipation renewal notes were issued after the fifth year anni- 25 versary of the first bond anticipation note issued therefor. 26 S 2. Notwithstanding the defects described in section one of this act, 27 the bond anticipation notes issued by the village pursuant to each of 28 the bond resolutions identified in section one of this act, and all 29 resolutions, acts and proceedings adopted or taken by the board of trus- 30 tees and the village treasurer of such village in relation thereto, are 31 hereby validated, ratified and confirmed. The village is hereby author- 32 ized to issue bonds or bond anticipation renewal notes to continue 33 financing the objects and purposes authorized pursuant to the aforesaid 34 bond resolutions over the period of probable usefulness thereof as set 35 forth in section 11.00 of the local finance law. 36 S 3. Except as otherwise provided in this act, any obligations issued 37 pursuant to this act shall be issued in accordance with the provisions 38 of the local finance law. 39 S 4. If any clause, sentence, subdivision, paragraph, section or part 40 of this act be adjudged by any court of competent jurisdiction to be 41 invalid, such judgment shall not affect, impair or invalidate the 42 remainder thereof, but shall be confined in its operation to the clause, 43 sentence, subdivision, paragraph, section or part thereof directly 44 involved in the controversy in which such judgment shall have been 45 rendered. 46 S 5. This act shall take effect immediately.