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

Allen, Bartels, Belfiglio, Briggs, Maio, and Maloney)

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

Deputy Chairman Peter M. Loughran offer the following:

WHEREAS, by Resolution No. 545 dated and duly adopted on the date

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

Capital Project No. 488 for the installation of shoulders along Route 299; 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 as such will not have a significant adverse impact 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 installation of shoulders along Route 299, in the Towns of New

Paltz and Gardiner, in and for the County of Ulster, New York, including incidental

improvements and expenses in connection therewith, is hereby authorized at a

maximum estimated cost of $487,000.00.

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

maximum estimated cost is by the issuance of $487,000.00 of 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 or State

grants-in-aid are received for such specific object or purpose, the ultimate amount of

bonds to be issued pursuant to this resolution shall be reduced dollar for dollar.

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. 

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

authori

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 Loughran)

Passed Committee: Ways and Means on December 20, 2016

FINANCIAL IMPACT:

$487,000.00 – COUNTY DOLLARS SERIAL BONDS

$389,600.00 – REIMBURSABLE FROM FEDERAL FUNDS

$ 38,440.00 – REIMBURSABLE NYS MARCHISELLI FUNDS

$ 58,960.00 – REMAINING COUNTY BALANCE: SERIAL BONDS 

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 December in the year Two Thousand

and Sixteen, 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 21st Day of

December in the year Two Thousand and Sixteen.

|s| Victoria A. Fabella

Victoria A. Fabella, Clerk

Ulster County Legislature

Submitted to the County Executive this Approved by the County Executive this

22nd Day of December, 2016. 28th Day of December, 2016.

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

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

Ulster County Legislature