Resolution Information
RESOLUTION TEXT +-
Referred to: The Ways and Means Committee (Chairman Gerentine and Legislators
Archer, Bartels, Lopez, Maio, 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. 142 dated and duly adopted on July 17, 2018,
the County Legislature of the County of Ulster, New York has amended Capital
Project No. 488 for the installation of shoulders along Route 299 for the Department
of Public Works (Highways and Bridges Division); and
WHEREAS, the status of said capital project, as proposed, pursuant to the
regulations of the New York State Department of Environmental Conservation
promulgated pursuant to the State Environmental Quality Review Act, has been
determined as described in said Resolution No. 142 to be an “Unlisted Action” and to
not have any significant adverse impact on the environment; and
WHEREAS, by a bond resolution dated December 20, 2016, duly adopted on
said date, the County Legislature of the County of Ulster, New York, authorized the
issuance of $487,000.00 bonds of said County to pay the cost of the installation of
shoulders along Route 299, in the Towns of New Paltz and Gardiner, in and for said
County, including incidental improvements and expenses in connection therewith;
and
WHEREAS, by a bond resolution dated April 17, 2018, duly adopted on said
date, the County Legislature of the County of Ulster, New York, authorized the
issuance of an additional $262,397.00 bonds of said County to pay additional costs of
the installation of shoulders along Route 299, in the Towns of New Paltz and
Gardiner, 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 specific object or purpose is $784,397.00, an increase of $35,000.00 over that
previously authorized; and
WHEREAS, it is now desired to authorize the issuance of an additional
$35,000.00 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
installation of shoulders along Route 299, in the Towns of New Paltz and Gardiner,
in and for said County of Ulster, New York, including incidental improvements and
expenses in connection therewith, there are hereby authorized to be issued an
additional $35,000.00 bonds of the County of Ulster, New York, pursuant to the
provisions of the Local Finance Law, to be reduced by any Federal or State grants-inaid received therefor.
Section 2. It is hereby determined that the maximum estimated cost of such
specific object or purpose is now determined to be $784,397, 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 $487,000.00 bonds of said County authorized to be
issued pursuant to a bond resolution dated and duly adopted December 20, 2016 as
described in the preambles hereof; and
b. By the issuance of the additional $262,397.00 bonds of said County
authorized to be issued pursuant to the bond resolution dated and duly adopted April
17, 2018 as described in the preambles hereof; and
c. By the issuance of the additional $35,000.00 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) 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: 23 NOES: 0
Passed Committee: Ways and Means on July 17, 2018
FINANCIAL IMPACT:
$35,000.00 – CAPITAL PROJECT NO. 488 ADDITIONAL APPROPRIATION
DOLLARS
$35,000.00 – 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 17th Day of July 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 19th Day of July 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 July, 2018. 25th Day of July, 2018.
|s| Victoria A. Fabella |s| Michael P. Hein
Victoria A. Fabella, Clerk Michael P. Hein, County Executive
Ulster County Legislature
Current Text: PDF
Updated: February 4, 2019
Votes on this Resolution
yes no abstained no voteCommittee Vote to Adopt Resolution No. 311
Vote to Adopt Resolution No. 311
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