S T A T E O F N E W Y O R K
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4251
2017-2018 Regular Sessions
I N S E N A T E
February 7, 2017
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Introduced by Sen. AMEDORE -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to validate, ratify and confirm certain findings and determi-
nations with respect to bond anticipation notes issued by the town of
Knox, in the county of Albany, and to legalize and authorize the issu-
ance of certain obligations of such town
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 town board of the town of Knox, in the county of Albany, and
the town supervisor of such town undertook the following described
actions in relation to the issuance of certain bond anticipation notes
of such town:
Pursuant to resolutions adopted by the town board of the town of Knox
on August 24, 2009, authorizing the issuance of bonds in the amount of
$1,219,981 and September 8, 2009, authorizing the issuance of a bond
anticipation note in the amount of $1,219,981, and the town issued its
bond anticipation note, dated September 8, 2009, in the principal amount
of $1,219,981 maturing on September 8, 2010 to finance the cost of the
object or purpose consisting of the renovations and additions to its
town hall. Thereafter, pursuant to a resolution adopted by such town
board, on August 10, 2010, a principal payment of $80,000 was made on
said bond anticipation note and said note was renewed by the issuance of
a renewal bond anticipation note dated September 8, 2010 in the princi-
pal amount of $1,139,981 maturing on September 7, 2011. Thereafter,
pursuant to a resolution adopted by the town board, on August 9, 2011, a
principal payment of $160,000 was made on said renewal bond anticipation
note and said note was again renewed by the issuance of a renewal bond
anticipation note, dated September 8, 2011, in the principal amount of
$979,981 maturing on September 7, 2012. Thereafter, pursuant to a resol-
ution adopted by the town board, on August 14, 2012, a principal payment
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09747-01-7
S. 4251 2
of $180,000 was made on said renewal bond anticipation note and said
note was again renewed by the issuance of a renewal bond anticipation
note, dated September 8, 2012, in the principal amount of $799,981
maturing on September 7, 2013. Thereafter, pursuant to a resolution
adopted by the town board, on August 13, 2013, 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 September 6, 2013, in the principal amount of $719,981 maturing on
September 6, 2014. Thereafter, pursuant to a resolution adopted by the
town board, on August 19, 2014, 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 September 5,
2014, in the principal amount of $639,981 maturing on September 6, 2015.
Thereafter, pursuant to a resolution adopted by the town board, on
August 11, 2015, 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 September 4, 2015, in the
principal amount of $559,981 maturing on September 6, 2016. Thereafter,
pursuant to a resolution adopted by the town board, on September 13,
2016, an additional principal payment of $80,000 was made on said
renewal bond anticipation note and said note is currently outstanding in
the principal amount of $479,981.
(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: (1) the town board of
the town of Knox had not, prior to the issuance of such bond antic-
ipation notes, adopted a bond resolution in accordance with sections
31.00 and 32.00 of the local finance law, which was subject to a permis-
sive referendum in accordance with subparagraph 1 of paragraph b of
section 35.00 of the local finance law, for the purpose of authorizing
the issuance of bonds of said town in anticipation of which such bond
anticipation notes were issued; and (2) in the case of the renewal bond
anticipation notes dated September 5, 2014 and September 4, 2015
described in subdivision (a) of this section, the term of said notes
extended more than five years beyond the date of issuance of the appli-
cable original bond anticipation note dated September 8, 2009.
§ 2. Refinancing the outstanding bond anticipation notes. Notwith-
standing the defects described in section one of this act, the bond
anticipation notes and renewals thereof issued by the town of Knox, as
described in such section of this act, and all resolutions, acts and
proceedings heretofore adopted or taken by the town board and the town
supervisor of such town in relation thereto, are hereby validated, rati-
fied, and confirmed. Subject to the adoption by the town board of the
town of Knox of a bond resolution in accordance with sections 31.00 and
32.00 of the local finance law, such town is hereby authorized to here-
inafter issue bonds or renewal bond anticipation notes in the aggregate
principal amount not to exceed $480,000 for the purpose of refinancing
the outstanding bond anticipation notes issued for the object or purpose
described in subdivision (a) of section one of this act; provided,
however, that:
(a) the bond resolution shall not be subject to a permissive referen-
dum in accordance with subparagraph 1 of paragraph b of section 35.00 of
the local finance law;
(b) notwithstanding the provisions of paragraph b of section 23.00 and
paragraph b of section 21.00 of the local finance law, said town may
S. 4251 3
issue one additional renewal bond anticipation note maturing not later
than September 6, 2017 for the object or purpose described in subdivi-
sion (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 September 6, 2017; and
(c) in the event that the renewal bond anticipation note, dated
September 4, 2015, described in 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 antic-
ipation note, or been redeemed in full, said town, following enactment
of this act, shall have the authority, notwithstanding any such exten-
sion, renewal or redemption, to issue the bonds or renewal bond antic-
ipation notes as authorized by the bond resolution required by this
section.
§ 3. Issuance of bonds. 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.
§ 4. Severability clause. If any clause, sentence, subdivision, para-
graph, 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.
§ 5. This act shall take effect immediately.
