S T A T E O F N E W Y O R K
________________________________________________________________________
6598--A
Cal. No. 314
I N S E N A T E
February 11, 2014
___________
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government --
reported favorably from said committee, ordered to first and second
report, ordered to a third reading, amended and ordered reprinted,
retaining its place in the order of third reading
AN ACT to legalize and validate certain acts and proceedings of the
village board of trustees of the village of Silver Springs, Wyoming
county, in relation to the issuance of certain bond anticipation notes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislative findings. (a) It is hereby found and determined
that the village board of trustees of the village of Silver Springs,
county of Wyoming undertook the following described actions in relation
to the issuance of certain bond anticipation notes of said village.
(1) Pursuant to a resolution adopted by said village board of trustees
on May 4, 2009 and a certificate of the village clerk dated June 15,
2009, said village issued its bond anticipation note, dated June 15,
2009, in the principal amount of $400,000, maturing on June 15, 2010 to
finance the cost of the object or purpose consisting of Phase I of
certain reconstruction and rehabilitation of said village's electrical
system. Thereafter, pursuant to a resolution adopted by said village
board of trustees on June 7, 2010 and a certificate of the village clerk
of said village dated June 15, 2010, a principal payment of $80,000 was
made on said renewal bond anticipation note and said note was renewed by
the issuance of a renewal bond anticipation note, dated June 15, 2010,
in the principal amount of $320,000, maturing on June 15, 2011. There-
after, pursuant to a resolution adopted by said village board of trus-
tees on June 6, 2011 and a certificate of the village clerk of said
village dated June 15, 2011, a principal payment of $80,000 was made on
said renewal bond anticipation note and said note was again renewed by
the issuance of a renewal bond anticipation note, dated June 15, 2011,
in the principal amount of $240,000, maturing on June 15, 2012. There-
after, pursuant to a resolution adopted by said village board of trus-
tees on June 5, 2012 said bond anticipation note was again renewed by
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13964-02-4
S. 6598--A 2
the issuance of a renewal bond anticipation note dated June 15, 2012, in
the principal amount of $240,000, maturing on June 14, 2013. Thereafter,
pursuant to a resolution adopted by said village board of trustees on
June 4, 2013 and a certificate of the village clerk of said village
dated June 14, 2013, a principal payment of $60,000 was made on said
renewal bond anticipation note and said note was again renewed by the
issuance of a renewal bond anticipation note, dated June 14, 2013, in
the principal amount of $180,000, maturing on June 13, 2014.
(2) Pursuant to a resolution adopted by said village board of trustees
on February 7, 2011 and a certificate of the village clerk of said
village dated April 1, 2011, said village issued its bond anticipation
note, dated April 1, 2011, in the principal amount of $190,000, maturing
on April 2, 2012 to finance the cost of the object or purpose consisting
of Phase II of certain reconstruction and rehabilitation of said
village's electrical system. Thereafter, pursuant to a resolution
adopted by said village board of trustees on March 22, 2012 said bond
anticipation note was renewed by the issuance of a renewal bond antic-
ipation note dated April 2, 2012, in the principal amount of $190,000,
maturing on April 2, 2013 which matured one day later than required by
law. Thereafter, pursuant to a resolution adopted by said village board
of trustees on March 11, 2013 and a certificate of the village clerk of
said village dated April 2, 2013, a principal payment of $22,000 was
made on said renewal bond anticipation note and said note was again
renewed by the issuance of a renewal bond anticipation note, dated April
2, 2013, in the principal amount of $168,000, maturing on April 2, 2014.
(3) Pursuant to a resolution adopted by said village board of trustees
on March 22, 2012 and a certificate of the village clerk of said village
dated April 2, 2012, said village issued its bond anticipation note,
dated April 2, 2012, in the principal amount of $353,515, maturing on
April 2, 2013 to finance the cost of the object or purpose consisting of
Phase III of certain reconstruction and rehabilitation of said village's
electrical system. Thereafter, pursuant to a resolution adopted by said
village board of trustees on March 11, 2013 and a certificate of the
village clerk of said village dated April 2, 2013, a principal payment
of $1,515 which payment was optional and may be ignored was made on said
renewal bond anticipation note and said note was again renewed by the
issuance of a renewal bond anticipation note dated April 2, 2013, in the
principal amount of $352,000, maturing on April 2, 2014.
(b) It is hereby further found and determined that the bond antic-
ipation notes and renewal bond anticipation notes described in subdivi-
sion (a) of this section were not issued in compliance with the applica-
ble provisions of the local finance law, in that: (i) the village board
of trustees of the village of Silver Springs in each case had not, prior
to the issuance of such bond anticipation notes, adopted a bond resol-
ution in accordance with sections 31.00 and 32.00 of the local finance
law, which was subject to a permissive referendum in accordance with
paragraph a of section 36.00 of the local finance law, for the purpose
of authorizing the issuance of bonds of said village in anticipation of
which such bond anticipation notes were issued; (ii) in the case of the
renewal bond anticipation note dated June 15, 2012, described in para-
graph 1 of subdivision (a) of this section, a principal portion of such
note was not redeemed; and (iii) in the case of the renewal bond antic-
ipation note dated June 14, 2013, described in paragraph 1 of subdivi-
sion (a) of this section, the term of said note will extend more than
five years beyond the date of issuance of the applicable original bond
anticipation note dated June 15, 2009 by the time this act is enacted.
S. 6598--A 3
S 2. Notwithstanding the defects described in section one of this act,
the bond anticipation notes and renewals thereof issued by the village
of Silver Springs, as described in section one of this act, and all
resolutions, acts and proceedings heretofore adopted or taken by the
board of trustees in relation thereto, are hereby validated, ratified
and confirmed. Subject to the adoption by the village board of trustees
of the village of Silver Springs of one or more bond resolutions in
accordance with sections 31.00 and 32.00 of the local finance law, such
village is hereby authorized to hereinafter issue:
(a) bonds or renewal bond anticipation notes in the aggregate princi-
pal amount of $120,000 for the purpose of refinancing the outstanding
bond anticipation notes issued for the object or purpose described in
paragraph 1 of subdivision (a) of section one of this act;
(b) bonds or renewal bond anticipation notes in the aggregate princi-
pal amount of $150,000 for the purpose of refinancing the outstanding
bond anticipation notes issued for the object or purpose described in
paragraph 2 of subdivision (a) of section one of this act; and
(c) bonds or renewal bond anticipation notes in the aggregate princi-
pal amount of $325,000 for the purpose of refinancing the outstanding
bond anticipation notes issued for the object or purpose described in
paragraph 3 of subdivision (a) of section one of this act; provided,
however, that:
(1) each such bond resolution shall not be subject to a permissive
referendum in accordance with paragraph a of section 36.00 of the local
finance law;
(2) notwithstanding the provisions of paragraph b of section 23.00 and
paragraph b of section 21.00 of the local finance law, said village may
issue one additional renewal bond anticipation note maturing not later
than June 13, 2015 for the objects or purposes described in paragraph 1
of subdivision (a) of section one of this act, and may provide for the
first installment payment on the bonds issued for such objects or
purposes to be made on any date on or before June 13, 2015; and
(3) in the event that the renewal bond anticipation note, dated June
13, 2014, described in paragraph 1 of subdivision (a) of section one of
this act has, prior to the effective date of this act, been amended to
extend the maturity date thereof, been renewed by another renewal bond
anticipation note, or been redeemed in full, said village, following
enactment of this act, shall have the authority, notwithstanding any
such extension, renewal or redemption, to issue the bonds or renewal
bond anticipation notes described in clause (iii) of subdivision (b) of
section one of this act for the purpose of refinancing such extended or
renewed bond anticipation notes or for the purpose of reborrowing the
principal amount of such redeemed bond anticipation notes up to the
maximum principal amount set forth in such clause (iii).
S 3. Except as otherwise set forth in this act, the bonds and bond
anticipation notes, and renewals thereof, issued pursuant to this act
shall be issued in accordance with the provisions of the local finance
law.
S 4. If any clause, sentence, subdivision, paragraph, section or part
of this act be adjudged by any court of competent jurisdiction to be
invalid, such judgment shall not affect, impair or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentence, subdivision, paragraph, section or part thereof directly
involved in the controversy in which such judgment shall have been
rendered.
S 5. This act shall take effect immediately.