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History
- Substituted by A8967
- Ordered to third reading cal.841
- Referred to rules
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.
Legalizes, validates, ratifies and confirms certain actions taken by the village of Hammond, in the county of Lawrence, with respect to a certain serial bond note
Signed by Governor · Sponsor Addie Jenne
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to legalize, validate, ratify and confirm certain actions taken by the village of Hammond, in the county of St. Lawrence, with respect to a certain serial bond note
Purpose of bill
The legislation is to provide legislative relief by validating and ratifying the actions of the Village of Hammond, NY with respect to the subject of certain inadvertent minor late payments made involving current borrowing. It should be noted that no payments have been missed and the village of Hammond is not in default. The legislation is designed to hold the village harmless from those minor late payments.
Summary of provisions
This legislation provides an explanation the issue in which the Village of Hammond, NY had issued serial bonds for $800,000 to finance the cost of a capital improvement project for wastewater collection and that several principal payments were not made in a timely fashion and that the village now wishes to obtain permanent financing from the Environmental Facilities Corporation to refund the subject note.
The legislation validates and ratifies the USDA note.
Justification
The Village of Hammond is seeking to obtain permanent financing through the Environmental Facilities Corporation, and in order to do so, must validate and ratify the USDA note. The Village made several late payments on the existing note and these actions rendered the Village unable to obtain permanent financing. This legislation validates and ratifies the note so that the village can be eligible to obtain permanent financing.
Legislative history
New Bill.
Fiscal implications
Unknown at this time.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.