Resolution Information
RESOLUTION TEXT +-
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. 386 dated and duly adopted on October 17,
2017, the County Legislature of the County of Ulster, New York has amended
Capital Project No. 336 for the County’s share of the cost of the reconstruction of
South Putt Corners Road, including acquisition of land or rights-in-land, incidental
improvements and expenses in connection therewith 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 June 20, 2017, duly adopted on said
date, the County Legislature of the County of Ulster, New York, authorized the
issuance of $171,750.00 bonds of said County to pay the cost of the reconstruction of
South Putt Corners Road, including acquisition of land or rights-in-land, 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 (constituting a part of a capital project authorized by
Resolution No. 7 dated January 4, 2011) is $807,076.00, an increase of $635,326.00
over that previously authorized; and
WHEREAS, it is now desired to authorize the issuance of an additional
$635,326.00 bonds of said County for such specific object or purpose; 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 specific object or purpose of paying additional costs of the
County’s share of the cost of the reconstruction of South Putt Corners Road,
including acquisition of land or rights-in-land, incidental improvements and expenses
in connection therewith, in and for said County of Ulster, New York, there are hereby
authorized to be issued an additional $635,326.00 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
specific object or purpose is now determined to be $807,076.00, which specific
object or purpose 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 $171,750.00 bonds of said County authorized to be
issued pursuant to a bond resolution dated and duly adopted June 20, 2017 as
described in the preambles hereof; and
b. By the issuance of the additional $635,326.00 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 specific object or purpose is fifteen years, pursuant to subdivision 20(c) and
21(a), each 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
specific object or purpose.
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 Delaune)
Passed Committee: Ways and Means on October 17, 2017
FINANCIAL IMPACT:
$635,326.00 – CAPITAL PROJECT NO. 336 APPROPRIATIONS
$635,326.00 – 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 17th Day of October 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 19th Day of October
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
19th Day of October, 2017. 25th Day of October, 2017.
|s| Victoria A. Fabella |s| Michael P. Hein
Victoria A. Fabella, Clerk Michael P. Hein, County Executive
Ulster County Legislature
Current Text: PDF
Updated: January 31, 2019
Votes on this Resolution
yes no abstained no voteCommittee Vote to Adopt Resolution No. 387
Vote to Adopt Resolution No. 387
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