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

Bartels, Belfiglio, Briggs, Maio, Maloney, Provenzano and Rodriguez)

Chairman of the Ways and Means Committee, Richard A. Gerentine, and Deputy

Chairman Tracey Bartels offer the following:

WHEREAS, by Resolution No. 98 dated and duly adopted on March 18, 2014,

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

No. 406 for the Department Emergency Communication/Emergency Management in

connection with the capital project hereinafter described; and

WHEREAS, the County of Ulster, New York, will undertake a programmatic

environmental review to comply with the provisions of the State Environmental Quality

Review Act, prior to commencing any work on the capital project hereinafter described

that would result in physical alteration of the sites thereof; and

WHEREAS, all other conditions precedent to the financing of the capital project

hereinafter described have been performed; 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 acquisition of parcels of land for flood remediation, open space,

wetlands, or recreational purposes, in and for the County of Ulster, New York,

including incidental expenses in connection therewith, including but not limited to

demolition of flood-damaged and water-infiltrated buildings, is hereby authorized at a

maximum estimated cost of $6,558,566.00.

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 $6,558,566.00 serial

bonds of the County hereby authorized to be issued therefor pursuant to the

provisions of the Local Finance Law; PROVIDED, HOWEVER, that, to the extent

that any Federal and/or State grants-in-aid are received for the aforesaid purpose, the

amount of bonds to be issued therefor shall be reduced dollar-for-dollar.

- Page 2 -

Resolution No. 145 April 15, 2014

Authorizing The Acquisition Of Land For Flood Remediation, Open

Space, Wetlands, Or Recreational Purposes, In And For The

County Of Ulster, New York, At A Maximum Estimated Cost Of

$6,558,566.00, And Authorizing The Issuance Of $6,558,566.00

Bonds Of Said County To Pay The Cost Thereof

Section 3. It is hereby determined that the period of probable usefulness of the

aforesaid class of objects or purposes is thirty years, pursuant to subdivision 21(a) 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:

1) Such obligations are authorized for an object or purpose for which said

County is not authorized to expend money, or

- Page 3 -

Resolution No. 145 April 15, 2014

Authorizing The Acquisition Of Land For Flood Remediation, Open

Space, Wetlands, Or Recreational Purposes, In And For The

County Of Ulster, New York, At A Maximum Estimated Cost Of

$6,558,566.00, And Authorizing The Issuance Of $6,558,566.00

Bonds Of Said County To Pay The Cost Thereof

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: 22 NOES: 0

(Absent: Legislator Briggs)

Passed Committee: Ways and Means on April 15, 2014

FINANCIAL IMPACT:

NONE

- Page 4 -

Resolution No. 145 April 15, 2014

Authorizing The Acquisition Of Land For Flood Remediation, Open

Space, Wetlands, Or Recreational Purposes, In And For The

County Of Ulster, New York, At A Maximum Estimated Cost Of

$6,558,566.00, And Authorizing The Issuance Of $6,558,566.00

Bonds Of Said County To Pay The Cost Thereof

STATE OF NEW YORK

 ss:

COUNTY OF ULSTER

This is to certify that I, the undersigned Clerk of the Legislature of the County of Ulster have compared the

foregoing resolution with the original resolution now on file in the office of said clerk, and which was adopted by said

Legislature on the 15th Day of April, 2014, and that the same is a true and correct transcript of said resolution and of the

whole thereof.

IN WITNESS WHEREOF, I have hereunto set my hand and seal of the County of Ulster this 16th Day of April in

the year Two Thousand and Fourteen.

|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 April, 2014. 25th Day of April, 2014.

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

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

Ulster County Legislature