Bill Text: NY S08499 | 2009-2010 | General Assembly | Amended

New York Senate Bill 8499 (Prior Session Legislation)

Bill Title: Legalizes, validates, ratifies and confirms certain actions taken by the village of Black Water, Jefferson County with respect to refunding its low interest loans through the United States department of agriculture and the New York state environmental facilities corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-11-23 - PRINT NUMBER 8499A [S08499 Detail]

Download: New_York-2009-S08499-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        8499--A
                                   I N  S E N A T E
                                   October 11, 2010
                                      ___________
       Introduced by Sen. AUBERTINE -- read twice and ordered printed, and when
         printed  to  be  committed  to  the  Committee  on  Rules -- committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee
       AN ACT to legalize, validate, ratify and confirm certain  actions  taken
         by  the  village  of  Black  River,  in  the county of Jefferson, with
         respect to refunding its low interest loans through the United  States
         department of agriculture and the New York state environmental facili-
         ties corporation
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. It is hereby found and determined that: (i) the village  of
    2  Black  River, county of Jefferson, duly adopted on March 7, 2005, a bond
    3  resolution authorizing issuance of a maximum of $5,000,000.00 of  serial
    4  bonds  in  anticipation  of financing the costs of a capital improvement
    5  project  for  improvement  of  facilities  of  the  village   wastewater
    6  collection  and treatment system; (ii) pursuant to such bond resolution,
    7  said village obtained financing from the  United  States  Department  of
    8  Agriculture  ("USDA")  in  the  amount  of $1,271,000.00 in low interest
    9  loans on June 26, 2008, and a $500,000.00  grant  for  Phase  I  of  the
   10  project  on  May  21, 2009; (iii) pursuant to such bond resolution, said
   11  village obtained grant financing of $500,000.00 and $100,000.00  in  low
   12  interest  loans from the USDA for Phase II of the project; (iv) pursuant
   13  to such bond resolution, said village also obtained short term financing
   14  through the New York State Environmental Facilities Corporation  ("EFC")
   15  on  June  26,  2008 in the amount of $2,916,900.00; (v) pursuant to such
   16  bond  resolution,  said  village  also   obtained   financing   totaling
   17  $946,201.76;  (vi) said village returned $1,271,000.00 to the EFC in the
   18  year 2010; (vii) said village now wishes to refund the remaining financ-
   19  ing at a zero percent (0%) interest rate with  the  EFC,  however,  said
   20  village  has  exceeded  the  bond authorization with the funding that it
   21  received from both the USDA and the EFC in violation of section 32.00 of
   22  the local finance law; (viii) said village made payments on the bonds in
   23  the amounts of $80,451.00 in 2008 and $52,991.00 in 2009 and 2010;  (ix)
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD18175-02-0
       S. 8499--A                          2
    1  said village has violated section 21.00 of the local finance law in that
    2  the  largest  payment  does exceed the smallest payment by more than one
    3  and one half times; (x) said village now wishes to apply  the  2009  and
    4  2010  payments to principal and to make up the deficient payment amounts
    5  during the balance of the life of the loan.
    6    S 2. Notwithstanding the defects described in section one of this act,
    7  to the extent that the village of Black  River  exceeded  their  maximum
    8  bond  authorization  and  made  deficient  repayment of principal on the
    9  outstanding bonds, such amounts and payments are hereby legalized, vali-
   10  dated and ratified.
   11    S 3. Except as otherwise provided in this act, the bond  notes  issued
   12  under authority of the bond resolutions described in section one of this
   13  act  shall  be  deemed  to  have  been  issued  in  accordance  with the
   14  provisions of the local finance law.
   15    S 4. Except as otherwise provided in this act,  the  payments  on  the
   16  bonds  described in section one of this act shall be deemed to have been
   17  made in accordance with the provisions of the local finance law.
   18    S 5. If any clause, sentence, subdivision, paragraph or part  of  this
   19  act  be  adjudged  by any court of competent jurisdiction to be invalid,
   20  such judgment shall not affect, impair or invalidate the remainder ther-
   21  eof, but shall be confined in its operation  to  the  clause,  sentence,
   22  subdivision, paragraph, section or part thereof directly involved in the
   23  controversy in which such judgment shall have been rendered.
   24    S 6. This act shall take effect immediately.