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NY S07017
Bill
Status
7/22/2014
Primary Sponsor
Joseph Griffo
Click for details
AI Summary
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Town of Clifton failed to obtain state comptroller permission before issuing three bond anticipation notes: $150,000 on March 22, 2012, $150,000 renewal on March 21, 2013, and $667,000 to the Environmental Facilities Corporation on September 26, 2013, as required by local finance law.
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Town made a principal payment on the $150,000 bond anticipation renewal note six days late (March 26, 2014 instead of March 20, 2014), violating local finance law requirements.
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Act validates, ratifies, and confirms all three bond anticipation notes despite the procedural defects and forgives the late principal payment.
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Town is authorized to issue bonds or bond anticipation renewal notes to continue financing the sewer district and wastewater treatment plant improvements authorized by bond resolutions adopted between October 2011 and July 2013.
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Act takes effect immediately and allows future obligations to be issued in accordance with local finance law provisions.
Legislative Description
Makes certain findings and determinations with respect to certain bond anticipation notes issued by the town of Clifton, in the county of St. Lawrence, validates and legalizes the same, and authorizes the issuance of obligations of such town with respect thereto.
Last Action
SIGNED CHAP.167
7/22/2014