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NY A09092
Bill
Status
3/13/2014
Primary Sponsor
Philip Palmesano
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AI Summary
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Town of Campbell issued bond anticipation notes for Water District No. 2 starting September 4, 2009 in the principal amount of $225,080, with subsequent renewals reducing the balance to $200,000 by September 20, 2013.
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The initial note and subsequent renewals violated local finance law provisions by being issued prior to Water District establishment, lacking required bond resolutions, exceeding maturity renewal deadlines, and failing to redeem principal amounts within required timeframes.
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Act validates all previously issued bond anticipation notes and related town board proceedings despite the identified legal defects.
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Town of Campbell is authorized to issue bonds or renewal bond anticipation notes up to $195,000 to refinance the outstanding note, contingent on adoption of an amending bond resolution establishing a 40-year period of usefulness.
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Renewal bond anticipation notes issued under this act must have portions redeemed from sources other than bond proceeds by September 19, 2015 and annually thereafter for the life of the notes.
Legislative Description
Makes certain findings and determinations with respect to bond anticipation notes issued by the town of Campbell, county of Steuben, validating such notes, and authorizing the issuance of obligations of such with respect thereto.
Last Action
substituted by s6786
6/19/2014