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NY S08499
Bill
Status
10/12/2010
Primary Sponsor
Darrel Aubertine
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AI Summary
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Legalizes the village of Black River's issuance of bonds that exceeded the $5,000,000 maximum authorization by combining USDA loans ($1,271,000 and $100,000), USDA grants ($500,000 and $500,000), EFC short-term financing ($2,916,900), and additional financing ($946,201.76)
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Validates the village's prior bond payments of $80,451 in 2008 and $52,991 in 2009-2010, which violated Local Finance Law Section 21.00 by not maintaining proper payment ratios
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Permits the village to refund remaining financing through the New York State Environmental Facilities Corporation at zero percent interest
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Authorizes retroactive application of the 2009 and 2010 payments to principal and allows the village to make up deficient payment amounts over the remaining loan term
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Deems all bond notes and payments to have been issued and made in accordance with Local Finance Law provisions
Legislative Description
Legalizes, validates, ratifies and confirms certain actions taken by the village of Black Water, Jefferson County with respect to refunding its low interest loans through the United States department of agriculture and the New York state environmental facilities corporation.
Last Action
PRINT NUMBER 8499A
11/23/2010