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Sponsors
1 Co-sponsor
History
- Signed chap.40
- Delivered to governor
- Returned to senate
- Passed assembly
- Home rule request
- Ordered to third reading cal.258
- Substituted for A4764
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Home rule request
- Advanced to third reading
Show 3 earlier actions
- 2nd report cal.
- 1st report cal.236
- 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.
Validates and legalizes certain bond anticipation notes issued by the village of Norwood
Assembly Floor Calendar · Sponsor Addie Jenne
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2778
Title of bill
An act in relation to making certain findings and determinations with respect to bond anticipation notes issued by the village of Norwood, in the town of Potsdam, county of St. Lawrence, and validates and legalizes such notes; and authorizes the issuance of obligations of such bond anticipation notes with respect thereto
Purpose
This legislation is to provide legislative relief by validating and ratifying the Village of Norwood's actions with respect to bond anticipation notes notwithstanding the village not making an additional principal payment in 2009 or 2010.
Summary of provisions
Section 1. Outlines history of the bond anticipation note the village of Norwood issued to finance the construction of certain improvements to their sewer plant and collection system.
Section 2. Provides that such bond is validated, ratified and confirmed.
Section 3. Provides that the bond 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 February 20, 2007, the Village of Norwood adopted a $2,386,000 resolution in anticipation of financing the cost of a Waste Water Treatment Plant and Collection Improvement project with the USDA. The Village issued a bond anticipation note in the amount of $2,386,000, the proceeds of which were used for costs associated with the project.
The Village however violated provisions of the Local Finance law by not making a principal payment towards the bond in 2009 or 2010. This bill is needed to make sure that the bond note is now issued in accordance with the provisions of the Local Finance law.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.