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 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, by Resolution

No. 466 dated and duly adopted on November 22, 2016, and by Resolution No. 52

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 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, 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, and by said bond resolution dated November 22, 2016, the

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

$41,040.00 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 

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

$337,590.00

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

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

authorized to be issued therefor, pursuant to a bond resolution dated November 20,

2016; and

d) by the issuance of the additional $36,715.00 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: 19 NOES: 0

(Absent: Legislators Gerentine, Maio, Roberts and

 Ronk)

Passed Committee: Ways and Means on February 15, 2017

FINANCIAL IMPACT:

$36,715.00 – CAPITAL PROJECT NO. 451 APPROPRIATIONS

$36,715.00 – 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 15th Day of February 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 17th Day of

February 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

17th Day of February, 2017. 23rd Day of February, 2017.

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

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

Ulster County Legislature