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. 145 dated and duly adopted on the date

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

Capital Project No. 525 for the reconstruction of various roads 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 Action 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 a 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 reconstruction of various roads throughout and in and for

the County of Ulster, New York, including drainage, sidewalks, curbs, gutters,

landscaping, grading or improving rights-of-way, as well as other incidental

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

maximum estimated cost of $425,000.00.

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 $425,000.00

serial 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

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

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: 21 NOES: 0

 (Absent: Legislators Eckert and Maio)

Passed Committee: Ways and Means on April 17, 2018

FINANCIAL IMPACT:

$425,000.00 – ADDITIONAL COUNTY FUND APPROPRIATIONS

$425,000.00 – ADDIIOTNAL REVENUES – SERIAL BONDS – COUNTY 

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 April 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 18th Day of April 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 April, 2018. 26th Day of April, 2018.

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

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

Ulster County Legislature