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

Archer, Bartels, Lopez, James Maloney, Joseph Maloney, and Petit)

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

Deputy Chair Manna Jo Greene offer the following:

WHEREAS, by Resolution No. 140 dated and duly adopted on April 17, 2018,

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

Project No. 475 for the slope stabilization on various County roads for the

Department of Public Works (Highways and Bridges); 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 March 15, 2016, duly adopted on said

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

issuance of $780,000.00 bonds of said County to pay the cost of slope stabilization

on various County roads, including incidental improvements and expenses in

connection therewith, in and for said County, and

WHEREAS, it has now been determined that the maximum estimated cost of

such class of objects or purposes is $1,172,480.00, an increase of $392,480.00 over

that previously authorized; and

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

$392,480.00 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

slope stabilization on various County roads, including 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 $392,480.00 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 $1,172,480.00, 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 $780,000.00 bonds of said County authorized to

be issued pursuant to a bond resolution dated and duly adopted March 15, 2016 as

described in the preambles hereof; and

b. By the issuance of the additional $392,480.00 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 five years, pursuant to subdivision 35 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: 21 NOES: 0

 (Absent: Legislators Eckert and Maio)

Passed Committee: Ways and Means on April 17, 2018

FINANCIAL IMPACT:

$392,480.00 – ADDITIONAL CAPITAL FUND APPROPRIATIONS

$392,480.00 – ADDITIONAL REVENUES - SERIAL BONDS-COUNTY

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 April in the year Two Thousand and

Eighteen, 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 18th Day of April in

the year Two Thousand and Eighteen.

|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 April, 2018. 26th Day of April, 2018.

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

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

Ulster County Legislature