NY S06786

Validates bond anticipation notes issued by the Town of Campbell, Steuben County, for Water District No. 2 improvements, despite defects in compliance with local finance law.

Finds that the initial note dated September 4, 2009 ($225,080) was issued before the water district was officially established and lacked required bond resolutions, violating local finance law sections 10.00, 31.00, and 32.00.

Authorizes the Town of Campbell to issue up to $195,000 in bonds or renewal bond anticipation notes to refinance the outstanding bond anticipation notes, provided an amending bond resolution establishes a 40-year period of probable usefulness.

Requires that a portion of any renewal bond anticipation notes issued shall be redeemed from non-bond proceeds no later than September 19, 2015 and each September 19 thereafter.

Takes effect immediately upon enactment.