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,

Deputy Chairman Peter M. Loughran, and Legislator John Parete offer the following:

 WHEREAS, by Resolution No. 267 dated and duly adopted on the date

hereof, the County Legislature of the County of Ulster, New York has established

Capital Project No. 504 for the Frost Valley Road S-Turn Project for the Department

of Public Works (Highways and Bridges); 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 a

significant adverse effect on the environment; and

WHEREAS, it is now desired to authorize the 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 Frost Valley Road S-Turn Project, consisting of the construction of

a concrete panel H-Pile wall and stream remediation measures on Frost Valley Road

in the Town of Denning, in and for the County of Ulster, New York, including land

acquisition and incidental improvements and expenses in connection therewith, is

hereby authorized at a maximum estimated cost of $1,880,000.00.

Section 2. The plan for the financing of the aforesaid maximum estimated cost is

as follows:

a) by the issuance of $230,000.00 serial bonds of said County, hereby authorized

to be issued therefor pursuant to the provisions of the Local Finance Law; and

b) by the expenditure of not to exceed $1,650,000.00 available funds, which

expenditure is hereby authorized therefor.

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 94, based

upon subdivisions 21(a) and 22(a), each of paragraph a of Section 11.00 of the Local

Finance Law. 

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 1.140 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: 22 NOES: 0

(Absent: Legislator Allen)

Passed Committee: Ways and Means on June 20, 2017

FINANCIAL IMPACT:

$230,000.00 – CAPITAL PROJECT NO. 504 APPROPRIATIONS

$230,000.00 – SERIAL BOND PROCEEDS 

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