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. 60 dated and duly adopted on the date hereof,
the County Legislature of the County of Ulster, New York has established Capital
Project No. 497 for the reconstruction of various roads for the Department of Public
Works (Highways and Bridges Division); and
WHEREAS, the capital project hereinafter described, 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 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
Section 1. Road reconstruction throughout and in and for the County of Ulster,
New York, including incidental improvements and expenses in connection therewith,
is hereby authorized at a maximum estimated cost of $425,000.00.
Section 2. It is hereby determined that the plan for the financing of the aforesaid
maximum estimated cost is by the issuance of not exceeding $425,000.00 serial
bonds of the 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 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.
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:
3) Such obligations are authorized in violation of the provisions of the
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 moves its adoption.
ADOPTED BY THE FOLLOWING VOTE:
AYES: 19 NOES: 0
(Absent: Legislators Gerentine, Maio, Roberts and
Passed Committee: Ways and Means on February 15, 2017
$425,000.00 – COUNTY FUNDS – SERIAL BONDS
STATE OF NEW YORK
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
Current Text: PDF
Updated: January 31, 2019
Votes on this Resolutionyes no abstained no vote
Committee Vote to Adopt Resolution No. 61
Vote to Adopt Resolution No. 61