S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6948

                            I N  S E N A T E

                              April 7, 2014
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT making  certain  findings  and  determinations  with  respect  to
  certain bond anticipation notes issued by the village of Whitehall, in
  the  town of Whitehall and county of Washington, validating and legal-
  izing such notes, and authorizing the issuance of obligations of  such
  village with respect thereto

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative findings. It is  hereby  found  and  determined
that,  pursuant to a bond resolution dated October 1, 2007, the board of
trustees of the village of Whitehall, in the town of Whitehall and coun-
ty of Washington, authorized the issuance of serial bonds of the village
in an aggregate principal amount not  to  exceed  $5,000,000,  and  bond
anticipation notes in anticipation of the sale of such bonds, to finance
the  construction of certain improvements to such village's sewer system
in order to bring it into compliance  with  a  consent  order  agreement
between  the  village  and the department of environmental conservation;
that in order to finance the cost of the capital improvements authorized
by said bond resolution: (i) on October 29, 2007, the village  issued  a
bond  anticipation note in the principal amount of $900,000, maturing on
October 28, 2008; (ii) on October 28, 2008, the village  issued  a  bond
anticipation note in the principal amount of $900,000, maturing on Octo-
ber  27,  2009,  to renew in full the bond anticipation note maturing on
October 28, 2008; (iii) on March 23, 2009, the  village  issued  a  bond
anticipation  note  in  the  principal amount of $1,200,000, maturing on
October 27, 2009; (iv) on October 27, 2009, the village made a principal
payment of $30,000 on the $900,000 principal  amount  bond  anticipation
note  maturing  on  such date and issued a bond anticipation note in the
principal amount of $2,070,000, maturing on October 26, 2010,  to  renew
the  balance  of such note and to renew in full the $1,200,000 principal
amount bond anticipation note also maturing on October 26, 2010; (v)  on
October 26, 2010, the village made a principal payment of $30,000 on the
bond  anticipation  note  maturing on such date and issued a bond antic-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD14589-01-4

S. 6948                             2

ipation note in the principal amount of $2,040,000, maturing on  October
25, 2011, to renew the balance of such note; (vi) on March 10, 2011, the
village  made  a  principal  payment of $40,000 on the bond anticipation
note  maturing  on  October  25,  2011;  (vii)  on October 25, 2011, the
village made a principal payment of $30,000  on  the  bond  anticipation
note  maturing  on  such date and issued a bond anticipation note in the
principal amount of $1,970,000, maturing on October 24, 2012,  to  renew
the  balance  of such note; (viii) on March 21, 2012, the village made a
principal payment of $40,000 on the bond anticipation note  maturing  on
October 24, 2012; (ix) on October 24, 2012, the village made a principal
payment  of  $30,000 on the bond anticipation note maturing on such date
and  issued  a  bond  anticipation  note  in  the  principal  amount  of
$2,000,000,  maturing  on October 23, 2013, to renew the balance of such
note and to finance additional costs of said capital  improvements;  (x)
on  March  21,  2013, the village made a principal payment of $40,000 on
the bond anticipation note maturing on October 23,  2013;  and  (xi)  on
October 23, 2013, the village made a principal payment of $70,000 on the
bond  anticipation  note  maturing on such date and issued a bond antic-
ipation note in the principal amount of $1,990,000, maturing on  October
22,  2014,  to  renew the balance of such note and to finance additional
costs of said capital  improvements;  that  certain  of  said  principal
payments  were  not  in compliance with the applicable provisions of the
local finance law because the principal payments  made  on  October  27,
2009, October 26, 2010, March 10, 2011 and March 21, 2012 were made from
the proceeds of said bond anticipation notes and not from a source other
than  the  proceeds  of  said bond anticipation notes as required by the
provisions of sections 21.00 and 23.00 of the local finance law.
  S 2. Notwithstanding the defects described in section one of this act,
the bond anticipation notes and renewals thereof issued by  the  village
of  Whitehall,  as  described in section one of this act, and all resol-
utions, acts and proceedings adopted or taken by the board  of  trustees
and  the treasurer of such village in relation thereto, are hereby vali-
dated, ratified and confirmed. Such  village  is  hereby  authorized  to
issue  bonds  and bond anticipation notes in anticipation of the sale of
such bonds, pursuant to the bond resolution dated October 1, 2007 in  an
aggregate  principal amount not to exceed $4,690,000 to finance the cost
of the purpose described in section one of this act.
  S 3. Except as otherwise set forth in this act,  the  bonds  and  bond
anticipation  notes,  and  the renewals of such bond anticipation notes,
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,  and after exhaustion of all further judicial review, the judg-
ment 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 of this act directly involved in the contro-
versy in which the judgment shall have been rendered.
  S 5. This act shall take effect immediately.