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ROCHESTER FUND MUNICIPALS v. AMSTERDAM MUNICIPAL LEASING CORPORATION

16 A.D.3d 861 (2005)

791 N.Y.S.2d 698

ROCHESTER FUND MUNICIPALS et al., Respondents, v. AMSTERDAM MUNICIPAL LEASING CORPORATION et al., Defendants, and CITY OF AMSTERDAM, Appellant.

Appellate Division of the Supreme Court of the State of New York, Third Department.

March 17, 2005.

Crew III, J.

In 1990 and 1991, defendant City of Amsterdam executed two consent orders with the Department of Environmental Conservation, wherein the City agreed to abate the excessive level of sewage sludge generated by its sewage treatment plant. To that end, the City contracted for the construction of a new sludge processing facility. The project was financed through the issuance of municipal bonds, and payment of the principal and interest on said bonds was accomplished...

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