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. 54 dated and duly adopted on the date hereof,

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

Project No. 518 for the purchase of highway and bridge equipment 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 Actions 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 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

follows:

Section 1. The purchase of highway and bridge equipment for the Department of

Public Works, each item of which costs $30,000.00 or over, of and for the County of

Ulster, New York, including trailers and other incidental equipment and expenses in

connection therewith, is hereby authorized at a maximum estimated cost of

$2,424,000.00.

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 $2,424,000.00 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 28 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 l

 - Page 3 -

Resolution No. 55 February 13, 2018

Authorizing The Purchase Of Highway And Bridge Equipment For

Construction And Maintenance Purposes, For The County Of

Ulster, New York, At A Maximum Estimated Cost Of $2,424,000.00,

And Authorizing The Issuance Of $2,424,000.00 Bonds Of Said

County To Pay The Cost Thereof

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: 22 NOES: 0

(Absent: Legislator Collins)

Passed Committee: Ways and Means on February 13, 2018

FINANCIAL IMPACT:

$2,424,000.00 – SERIAL BONDS – ULSTER COUNTY FUNDS 

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 13th Day of February 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 14th Day of

February 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

15th Day of February, 2018. 23rd Day of February, 2018.

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

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

Ulster County Legislature