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

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

Chairman of the Legislature, Kenneth J. Ronk, Jr, Chairman of the Economic

Development, Tourism, Housing, Planning, and Transit Committee, James F.

Maloney, and Legislator Nolan offer the following:

WHEREAS, by Resolution No. 307 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 capital project 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 has been determined 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 construction of the Ashokan Rail Trail, 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 $8,250,281.00.

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

maximum estimated cost is by the issuance of $8,250,281.00 of 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 State or other grants-inaid 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 19(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.

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 1.140 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: 20 NOES: 3

(Noes: Legislators Donaldson, Greene, and

Joseph Maloney)

Passed Committee: Ways and Means on July 17, 2018

FINANCIAL IMPACT:

$8,250,281.00- ADDITIONAL 2018 CAPITAL APPROPRIATIONS

$8,250,281.00- ADDITIONAL CAPITAL REVENUES 

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 July 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 19th Day of July 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 July, 2018. 23rd Day of July, 2018.

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

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

Ulster County Legislature