Loading chat...

NY A09191

Bill

Status

Introduced

3/27/2014

Primary Sponsor

Peter Lopez

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Legalizes and validates bond anticipation notes totaling $750,000 issued by the town of Cairo, Greene County, originally issued December 24, 2008 with renewals in 2009 and 2010.

  • Ratifies $2,915,000 in serial bonds authorized for wastewater treatment plant upgrades, force main construction, and sewer system improvements.

  • Confirms short-term financing of $2,885,715 obtained from the New York State Environmental Facilities Corporation on September 29, 2011, which refinanced the outstanding principal balance of $720,715.

  • Waives compliance with Local Finance Law sections 21.00 and 23.00 amortization requirements that the town could not meet due to the timing of its EFC note payments, deeming the 2013 principal payment as compliant with these requirements.

  • Validates all prior town board resolutions, acts, and proceedings related to these obligations despite technical defects in their issuance.

Legislative Description

Relates to long-term environmental facilities corporation financing and the town of Cairo; provides relief by validating and ratifying the town of Cairo's actions with respect to a bond anticipation note and renewals.

Last Action

substituted by s6910

6/19/2014

Committee Referrals

Rules6/18/2014
Ways and Means6/12/2014
Local Governments3/27/2014

Full Bill Text

No bill text available