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History
- Signed chap.170
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading rules cal.405
- Substituted for A11450
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Home rule request
- Ordered to third reading cal.1188
Show 1 earlier action
- 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.
Validates and legalizes certain bond anticipation notes issued by the village of Whitehall
Assembly Floor Calendar · Sponsor Tony Jordan
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8180
Title of bill
An act in relation to making certain findings and determinations with respect to bond anticipation notes issued by the village of Whitehall, in the town of Whitehall, county of Washington, and validates and legal- izes such notes; and authorizes the issuance of obligations of such bond anticipation notes with respect thereto
Purpose or general idea of bill
On June 8, 2007, the Village of Whitehall issued a bond anticipation note (BAN) in the maximum principal amount of $7,462,287 to the New York State Environmental Facilities Corporation, maturing on June 28, 2010. The Village has drawn down an aggregate principal amount of $6,152,820.63 on the BAN, and made annual principal payments totaling $28,500. Due to a mistake in payment calculation, these payments were insufficient to meet the minimum redemption amounts necessary to comply with sections 23.00, 21.00 and 169.00 of the local finance law.
Summary of specific provisions
This bill authorizes the Village of Whitehall to issue bonds or bond anticipation notes, or bond anticipation renewal notes in the amount of $7,768,500 to the Environmental Facilities Corporation for long-term financing of improvement of the Village's water system. This amount reflects a $200,000 principal payment to be made by the Village prior to the issuance of said bonds, bond anticipation, or bond anticipation renewal notes.
Justification
There was an error made on behalf of the Village in the amount of prin- cipal paid on the BANS for this project. They are approximately $200,000 behind on principal payments. Their current financing expires on 6/28/10, and while the Village has the $200,000 on hand needed to pay down the outstanding principal, local finance law prohibits them from doing so. This legislation allows the Village to make this payment, which has been agreed upon by EFC, and proceed with the long-term financing of this project.
Prior legislative history
New Bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.