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History
- Print number 8499a
- Amend and recommit to rules
- Referred to rules
Full text
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Sponsor's memo
BILL NUMBER:S8499A
Title of bill
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 facilities corpo- ration
Purpose or general idea of bill
This bill will correct an error made by the village of Black River in Jefferson County when they exceeded their maximum bond authorization on their United States Department of Agriculture (USDA) and their New York State Environmental Facilities Corporation (EFC) bonds used in financing their capital improvement project for improvement of facilities of the village wastewater collection and treatment system.
Summary of specific provisions
Section 1. Outlines history of the two capital bonds the village of Black River issued to fund their village wastewater collection and treatment system.
Section 2. Provides that even though they exceeded their maximum bond authorization, such amounts are legalized, validated, and ratified.
Section 3. Provides that these bonds shall be deemed to have been issued in accordance with provisions of the local finance law.
Section 4. Provides standard protections so that if a court invalidates any part of this act it does not invalidate the entire act.
Section 5. This act shall take effect immediately.
Justification
On March 7, 2005 the village of Black River in Jefferson County duly adopted a bond resolution authorizing the issuance of a $5 million maxi- mum serial bond in anticipation of financing the costs of a capital improvement project for the improvement of the facilities of the village wastewater collection and treatment system. Unfortunately, the village accidentally bonded in excess of their bond limit when they obtained phase I and phase II of the funding through both the USDA and and EFC. They did refund $1.27 million to the EFC in year 2010 to bring them under the bond limit.
This bill is needed to make sure that said bond notes are now issued in accordance with the provisions of the local finance law.
Prior legislative history
New Bill.
Fiscal implications
None to the state.
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.