Referred to: The Ways and Means Committee (Chairman Gerentine and Legislators

Allen, Bartels, Belfiglio, Briggs, Maio, and Maloney)

Chairman of the Economic Development, Tourism, Housing, Planning, and Transit

Committee, James F. Maloney, and Deputy Chairman Hector S. Rodriguez offer the

following:

WHEREAS, by Resolution No. 139, dated and duly adopted on April 21,

2015, Resolution No. 238, dated and duly adopted on April 19, 2016, and by

Resolution No. 466 dated and duly adopted on the date hereof, the County

Legislature of the County of Ulster, New York has established and amended Capital

Project No. 451 for the Hudson Valley Rail Trail West right-of-way acquisition

(Phase IV) project for the Department of Planning; and

WHEREAS, the capital project hereinafter described, as proposed, has been

determined to be an Unlisted Action pursuant to the regulations of the New York

State Department of Environmental Conservation promulgated pursuant to the State

Environmental Quality Review Act, which it has been determined will not have any

significant adverse impact on the environment; and

WHEREAS, by said bond resolution dated April 21, 2015, the County

Legislature of the County of Ulster, New York, authorized the issuance of

$175,000.00 bonds of said County, and by said bond resolution dated April 19, 2016,

the County Legislature of the County of Ulster, New York, authorized the issuance of

$16,967.00 additional bonds of said County, to pay part of the cost of the design and

acquisition of a right-of-way interest in real property relating to the Hudson Valley

Rail Trail West (Phase IV) project, in and for said County, including incidental

improvements and expenses in connection therewith; and

WHEREAS, it has now been determined that the maximum estimated cost of

such specific object or purpose is now $300,875.00, an increase of $41,040.00 over

that previously authorized; and

WHEREAS, it is now desired to authorize such additional financing of such

capital project; now, therefore be it

RESOLVED, by the affirmative vote of not less than two-thirds of the total

voting strength of the County Legislature of the County of Ulster, New York, as

follows: 

Section 1. The design and acquisition of a right-of-way interest in real property

relating to the Hudson Valley Rail Trail West (Phase IV) project, including incidental

improvements and expenses in connection therewith, in and for the County of Ulster,

New York, is hereby authorized at a revised maximum estimated cost of $300,875.00

Section 2. The plan of financing for such specific object or purpose is as follows:

a) by the issuance of $175,000.00 bonds of said County heretofore authorized to

be issued therefor pursuant to a bond resolution dated April 21, 2015, to be reduced

by any grants-in-aid received therefor; and

b) by the issuance of $16,967.00 bonds of said County heretofore authorized to

be issued therefor and the expenditure of $67,868.00 federal grants-in-aid therefor,

pursuant to a bond resolution dated April 19, 2016; and

c) by the issuance of the additional $41,040.00 bonds of said County hereby

authorized to be issued therefor pursuant to the provisions of the Local Finance Law.

Section 3. It is hereby determined that the period of probable usefulness of the

aforesaid specific object or purpose is thirty years, pursuant to subdivision 21(a) of

paragraph a of Section 11.00 of the Local Finance Law, calculated from the date of

issuance of the first obligations issued therefor.

Section 4. The faith and credit of said County of Ulster, New York, are hereby

irrevocable pledged for the payment of the principal of and interest on such bonds as

the same respectively become due and payable. An annual appropriation shall be

made in each year sufficient to pay the principal of and interest on such bonds

becoming due and payable in such year. There shall annually be levied on all the

taxable real property of said County, a tax sufficient to pay the principal of and

interest on such bonds as the same become due and payable.

Section 5. Subject to the provisions of the Local Finance Law, the power to

authorize the issuance of and to sell bond anticipation notes in anticipation of the

issuance and sale of the bonds herein authorized, including renewals of such notes, is

hereby delegated to the Commissioner of Finance, the chief fiscal officer. Such notes

shall be of such terms, form and contents, and shall be sold in such manner, as may

be prescribed by said Commissioner of Finance, consistent with the provisions of the

Local Finance Law. 

Section 6. All other matters except as provided herein relating to the serial bonds

herein authorized including the date, denominations, maturities and interest payment

dates, within the limitations prescribed herein and the manner of execution of the

same, including the consolidation with other issues, and also the ability to issue serial

bonds with substantially level or declining annual debt service, shall be determined

by the Commissioner of Finance, the chief fiscal officer of such County. Such bonds

shall contain substantially the recital of validity clause provided for in Section 52.00

of the Local Finance Law, and shall otherwise be in such form and contain such

recitals, in addition to those required by Section 51.00 of the Local Finance Law, as

the Commissioner of Finance shall determine consistent with the provisions of the

Local Finance Law.

Section 7. The validity of such bonds and bond anticipation notes may be

contested only if:

1) Such obligations are authorized for an object or purpose for which said

County is not authorized to expend money, or

2) The provisions of law which should be complied with at the date of

publication of this resolution are not substantially complied with,

and an action, suit or proceeding contesting such validity is commenced within

twenty days after the date of such publication, or

3) Such obligations are authorized in violation of the provisions of the

Constitution.

Section 8. This resolution shall constitute a statement of official intent for

purposes of Treasury Regulations Section 1.150 2. Other than as specified in this

resolution, no monies are, or are reasonably expected to be, reserved, allocated on a

long term basis, or otherwise set aside with respect to the permanent funding of the

object or purpose described herein.

Section 9. This resolution, which takes effect immediately, shall be published in

summary form in the official newspaper(s) of such County, together with a notice of

the Clerk of the County Legislature in substantially the form provided in Section

81.00 of the Local Finance Law,

and move its adoption. 

ADOPTED BY THE FOLLOWING VOTE:

 AYES: 21 NOES: 0

 (1 Abstention: Legislator Litts)

 (Absent: Legislator Briggs)

Passed Committee: Ways and Means on November 22, 2016

FINANCIAL IMPACT:

$41,040.00 – ADDITIONAL 2016 CAPITAL APPROPRIATION

$41,040.00 – ADDITIONAL SERIAL BONDS

STATE OF NEW YORK

 ss:

COUNTY OF ULSTER

I, the undersigned Clerk of the Legislature of the County of Ulster, hereby certify that the foregoing resolution is

the original resolution adopted by the Ulster County Legislature on the 22nd Day of November in the year Two Thousand

and Sixteen, and said resolution shall remain on file in the office of said clerk.

IN WITNESS WHEREOF, I have hereunto set my hand and seal of the County of Ulster this 23rd Day of

November in the year Two Thousand and Sixteen.

|s| Victoria A. Fabella

Victoria A. Fabella, Clerk

Ulster County Legislature

Submitted to the County Executive this Approved by the County Executive this

23rd Day of November, 2016. 30th Day of November, 2016.

|s| Victoria A. Fabella |s| Michael P. Hein

Victoria A. Fabella, Clerk Michael P. Hein, County Executive

Ulster County Legislature