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History
- Substituted by A8132
- Ordered to third reading cal.804
- Committee discharged and committed to rules
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes the funding of the sanitary sewer system in the hamlet of Hemlock in the town of Livonia, county of Livingston
Signed by Governor · Sponsor Joseph Errigo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to authorize the funding of the sanitary sewer system in the hamlet of Hemlock in the town of Livonia
Purpose
This bill will legalize and validate certain minor technical violations of the Local Finance Law by the Town of Livonia in connection with the issuance of bond anticipation notes to finance sanitary sewer improvements within the town, thereby validating certain bond anticipation notes and authorizing the town to issue further bond anticipation notes and/or bonds in order to finance the project.
Summary of provisions
This bill is a special act which legalizes, validates, ratifies and confirms certain actions and proceedings taken by the Town of Livonia, Livingston County, from March 21, 2002 to date with connection with the adoption of a serial bond resolution and issuance of certain bond anticipation notes of the town. The bill specifically provides that notwithstanding specific technical violations of certain provisions of the Local Finance Law, the bond resolution adopted by the town in 2002, together with certain bond anticipation notes issued by the town are legal and valid obligations of the town. The bill also further authorizes the town to issue renewal bond anticipation notes and or serial bonds in order to complete the financing of the project.
Justification
The Town of Livonia adopted a serial bond resolution in 2002 for purposes of financing certain sanitary sewer improvements. Unfortunately, after the adoption of the bond resolution, certain bond anticipation notes were issued by the town and thereafter renewed by the town in a fashion which, in certain cases, were in technical violation of certain provisions of the Local Finance Law. The violations included the length of the issuance of bond anticipation notes and the failure to redeem a portion of such bond anticipation notes within two years of original date of issuance of the bond anticipation notes.
The Town of Livonia is in the process of attempting to refinance the outstanding obligations through the Environmental Facilities Corporation on very beneficial terms to the town. Unfortunately, the town cannot go forward with this financing unless the technical defects in the original obligations are validated by the Legislature.
Legislative history
Chapter 679, Laws of 2006 (S.6944-A/A.10216-A).
Fiscal implications
The Town of Livonia may be able to save significant interest costs as a result of this legislation and will be able to renew certain outstanding bond anticipation notes.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.