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

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

Chairman of the Economic Development, Tourism, Housing, Planning, and Transit

Committee, James F. Maloney, and Legislator Nolan offer the following:

WHEREAS, by Resolution No. 460 dated and duly adopted on the date

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

Capital Project No. 459 for the construction of the Ashokan Rail Trail for the

Department of Planning; and

WHEREAS, the County Legislature of the County of Ulster, New York, on

July 17, 2018, duly adopted a bond resolution authorizing the issuance of

$8,250,281.00 of said County to pay the cost of the construction of the Ashokan Rail

Trail for the Department of Planning, and

WHEREAS, said capital project as hereinafter described, as proposed, has

been determined to be a Type I 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 was determined will not have any

significant adverse impact upon the environment; and

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

said capital project is $13,149,372.00, an increase of $4,899,091.00 over that

previously authorized therefor for additional elements of said capital project, being

the construction of a new bridge crossing at the Esopus Creek in Boiceville, and

removal of the existing destroyed bridge; and

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

$2,677,767.00 bonds of said County and the expenditure of $2,221,324.00 grants-inaid monies for such specific object or purpose to pay a portion of the cost thereof;

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. The construction of the Ashokan Rail Trail (Phase 2), in and for the

ounty of Ulster, including incidental site and other improvements and expenses in

connection therewith, a specific object or purpose, in and for said County of Ulster,

New York, is hereby authorized at a new maximum estimated cost of

$13,149,372.00.

Section 2. It is hereby determined that the plan for the financing of said maximum

estimated cost is as follows:

a) by the issuance of the $8,250,281.00 bonds of said County authorized to be

issued pursuant to bond resolution dated and duly adopted July 17, 2018;

b) by the issuance of an additional $2,677,767.00 bonds of said County hereby

authorized therefor to be issued pursuant to the provisions of the Local Finance Law;

c) by the expenditure of $555,331.00 State Aid monies to be received therefor;

and

d) by the expenditure of $1,665,993.00 Federal Aid monies to be received

therefor.

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 19(c) of

paragraph a of Section 11.00 of the Local Finance Law, calculated from the date of

issuance of the first obligations for said specific object or purpose.

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: 18 NOES: 2

(Noes: Legislators Donaldson and Joseph

Maloney)

(Absent: Legislators Bartels, Collins, and Eckert)

Passed Committee: Ways and Means on November 20, 2018

FINANCIAL IMPACT:

$2,677,767.00- ADDITIONAL 2018 CAPITAL APPROPRIATIONS

$2,677,767.00- 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 20th Day of November 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 17th Day of October

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

21st Day of November, 2018. 29th Day of November, 2018.

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

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

Ulster County Legislature