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

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

Chairman of the Public Works and Capital Projects Committee, Dean J. Fabiano, and

Deputy Chairman Peter M. Loughran offer the following:

 WHEREAS, by Resolution No. 265 dated and duly adopted on June 20, 2017,

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

Project No. 498 for the reconstruction of various road shoulders for the Department

of Public Works (Highways and Bridges Division); and

WHEREAS, said capital project, as proposed, has been determined to be a

Type II Action pursuant to the regulations of the New York State Department of

Environmental Conservation promulgated pursuant to the State Environmental

Quality Review Act, which regulations state that Type II Actions will not have any

significant adverse impact on the environment; and

WHEREAS, by a bond resolution dated February 15, 2017, duly adopted on

said date, the County Legislature of the County of Ulster, New York, authorized the

issuance of $250,00.00 bonds of said County to pay the cost of the reconstruction of

various road shoulders, throughout and 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 class of objects or purposes is $329,000.00, an increase of $79,000.00 over that

previously authorized; and

WHEREAS, it is now desired to authorize the issuance of an additional

$79,000.00 bonds of said County for such class of objects or purposes; 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. For the class of objects or purposes of paying additional costs of the

reconstruction of various road shoulders, throughout and in and for said County of

Ulster, New York, including incidental improvements and expenses in connection

therewith, there are hereby authorized to be issued an additional $79,000.00 bonds of

the County of Ulster, New York, pursuant to the provisions of the Local Finance

Law. 

Section 2. It is hereby determined that the maximum estimated cost of such class

of objects or purposes is now determined to be $329,000.00, which class of objects or

purposes is hereby authorized at said maximum estimated cost, and that the plan for

the financing thereof is as follows:

a. By the issuance of the $250,000.00 bonds of said County authorized to be

issued pursuant to a bond resolution dated and duly adopted February 15, 2017 as

described in the preambles hereof; and

b. By the issuance of the additional $79,000.00 bonds of said County authorized

to be issued pursuant to this bond resolution.

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

aforesaid class of objects or purposes is fifteen years, pursuant to subdivision 20(c) of

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

issuance of the first serial bonds/bond anticipation notes for said class of objects or

purposes.

Section 4. 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 5. 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 6. 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 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

full in the official newspapers 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: 22 NOES: 0

(Absent: Legislator Allen) 

Passed Committee: Ways and Means on June 20, 2017

FINANCIAL IMPACT:

$79,000.00 – COUNTY FUNDS – 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 20th Day of June in the year Two Thousand and

Seventeen, 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 22nd Day of June in

the year Two Thousand and Seventeen.

|s| Victoria A. Fabella

Victoria A. Fabella, Clerk

Ulster County Legislature

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

22nd Day of June, 2017. 28th Day of June, 2017.

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

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

Ulster County Legislature