2.02 2.2
RESOLUTIONSTINANCIAL2018\Bond Resolution—Carey Road Sewer—1-22-18
RESOLUTION AUTHORIZING THE ISSUANCE OF
UP TO $1,919,949 IN SERIAL BONDS OF THE TOWN OF QUEENSBURY
TO PAY THE COST OF ACQUISITION, CONSTRUCTION, AND
INSTALLATION OF CAREY ROAD SEWER DISTRICT
IMPROVEMENTS; AND AUTHORIZING THE ISSUANCE OF UP TO
$1,919,949 IN BOND ANTICIPATION NOTES OF THE TOWN OF
QUEENSBURY FOR THE SAME PURPOSE
RESOLUTION NO.: ,2018
INTRODUCED BY:
WHO MOVED ITS ADOPTION
SECONDED BY:
WHEREAS, the Town of Queensbury (the "Town") Town Board ("Town Board") duly
established the Carey Road Sanitary Sewer District (the "District") in accordance with New York
Town Law Article 12-A; and
WHEREAS, the Town Board wishes to finance the District improvements as set forth in the
Map, Plan and Report for the District;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN BOARD OF THE TOWN
OF QUEENSBURY, WARREN COUNTY, NEW YORK, AS FOLLOWS:
Section 1. The specific object or purpose for which the obligations authorized by this
Resolution are to be issued is the acquisition, construction, and installation of a low pressure
sewer system with individual grinder pumps to collect and pump wastewater from all users within
the proposed District to connect to the existing West Queensbury Sewer District at two locations,
including flushing devices, air relief valves and cleanouts, and further including related preliminary
and incidental costs (the "Project"), all as detailed in the Map, Plan and Report prepared pursuant
to New York Town Law Article 12-A. Such specific object or purpose is hereby authorized at a
maximum estimated cost of One Million Nine Hundred Nineteen Thousand Nine Hundred Forty-
nine Dollars ($1,919,949).
Section 2. The plan for the financing of such maximum estimated cost is the issuance
of up to of One Million Nine Hundred Nineteen Thousand Nine Hundred Forty-nine Dollars
($1,919,949) in serial bonds or bond anticipation notes of the Town on behalf of the District,
hereby authorized to be issued pursuant to the Local Finance Law.
The proceeds of the bonds or bond anticipation notes may be used to reimburse
expenditures paid by the Town from other funds or otherwise on or after the date of adoption of
this Bond Resolution. The Town may submit applications for grants and/or low interest loans
from the New York State Environmental Facilities Corporation (EFC) and/or other funding
source(s) and, to the extent that any such moneys are received, may apply such funds to the
payment of principal and interest on the bonds or bond anticipation notes. Pursuant to Local
Finance Law Sections 107.00[d][3](1) and 107.00[d][9], no down payment from current funds is
required.
Section 3. The Town Board anticipates that the Town may pay certain capital
expenditures in connection with the Project prior to the receipt of the proceeds of the Bonds. The
Town Board hereby declares its official intent to use Bond proceeds to reimburse the Town for
such Project expenditures occurring within sixty (60) days prior to adoption of this Resolution.
This section of the Resolution is adopted solely for the purpose of establishing compliance with
the requirements of Section 1.150-2 of the Treasury Regulations and does not bind the Town to
make any expenditure, incur any indebtedness or proceed with the acquisition, construction and
installation of the Project.
Section 4. It is hereby determined that the period of probable usefulness of the
specific object or purpose is thirty (30) years, pursuant to Section 11.00(a)[4] of the New York
Local Finance Law. It is hereby further determined that the maximum maturity of the serial bonds
herein authorized will exceed five (5) years.
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Section 5. The faith and credit of the Town of Queensbury, Warren County, New
York, are hereby irrevocably pledged for the payment of the principal of and interest on such
obligations as they become due and payable. An annual appropriation shall be made in each year
sufficient to pay the principal of and interest on such obligations becoming due and payable in
such years. There shall annually be levied on all the taxable real property of the District a fee
sufficient to pay the principal of and interest on such obligations as they become due and payable.
The Town Board is considering consolidating the District and the West Queensbury Sanitary
Sewer District. If the two Districts are consolidated, the expenses of the District would become a
charge against the entire area of the consolidated district.
Section 6. For the purpose of paying the cost of the Project, including related
preliminary and incidental costs, there are hereby authorized to be issued serial bonds of the Town
up to a maximum amount of $1,919,949, the maximum maturity of which shall not exceed the
thirty (30) year period of probable usefulness set forth above, and which shall mature on or before
the date of the expiration of the period of probable usefulness as measured from the date of the
bonds or from the date of the first bond anticipation note issued in anticipation of the sale of such
bonds, whichever date is earlier. The bonds may be issued in the form of a statutory installment
bond.
Section 7. There are hereby authorized to be issued bond anticipation notes for the
specific object or purpose in an amount up to but not exceeding the $1,919,949 maximum amount
of serial bonds authorized to be issued, in anticipation of the issuance and sale of the serial bonds
authorized, including renewals of such bond anticipation notes.
Section 8. Any bond anticipation notes shall be payable from the proceeds derived
from the sale of the bonds or otherwise redeemed in the manner provided by Section 23.00 of the
Local Finance Law. The faith and credit of the Town are hereby irrevocably pledged for the
payment of the bond anticipation notes and the interest on them.
Section 9. There are no bond anticipation notes outstanding which have been
previously issued in anticipation of the sale of these bonds. Neither are the bond anticipation
notes hereby authorized renewal notes. These bond anticipation notes will be issued in
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anticipation of bonds for an assessable improvement. These notes shall mature at such time as the
Town may determine and may be renewed from time to time, provided that in no event shall such
notes or renewals extend more than one (1) year beyond the original date of issue except as
permitted in the Local Finance Law.
Section 10. Subject to the terms and conditions of this Resolution and of the Local
Finance Law, and pursuant to the provisions of Sections 30.00, 50.00 and 56.00 to 60.00,
inclusive, of the Local Finance Law, the power to authorize bond anticipation notes in
anticipation of the issuance of the serial bonds authorized by this Resolution and the renewal of
these notes, and the power to prescribe the terms, form and contents of the serial bonds and bond
anticipation notes and the power to sell and deliver the serial bonds and bond anticipation notes
issued in anticipation of the issuance of the bonds is hereby delegated to the Town Supervisor, the
Chief Fiscal Officer of the Town. The Town Supervisor is hereby authorized to sign any serial
bonds and bond anticipation notes issued in anticipation of the issuance of the serial bonds and
bond anticipation notes issued pursuant to this Resolution by manual signature, and the Town
Clerk is hereby authorized to affix or impress or imprint a facsimile of the seal of the Town to any
of the serial bonds or bond anticipation notes and to attest such seal by manual signature. The
Town Supervisor, as Chief Fiscal Officer of the Town, is authorized to execute and deliver any
documents and to take such other action as may be necessary and proper to carry out the intent of
the provisions of this Resolution.
Section 11. The exact date of issuance of the bonds and/or notes and the exact date
upon which they shall become due and payable shall be fixed and determined by the Chief Fiscal
Officer, provided, however, that the maturity of the notes or renewals shall not exceed one (1)
year from the date of issue except as permitted by the Local Finance Law.
Section 12. The Chief Fiscal Officer shall prepare the bonds and/or notes and sell them
in accordance with the provisions of the Local Finance Law including, but not limited to, the
provisions of Section 169.00, if applicable, and at such sale shall determine the interest rate to be
borne by such bonds and/or notes. The Town Board authorizes the Chief Fiscal Officer to
establish substantially level annual debt service or a declining annual balance for the repayment of
such Bonds if he believes it is in the best interests of the Town.
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Section 13. If issued, the bonds and/or notes shall be in registered form, and shall bear
interest at the determined rate.
Section 14. The Chief Fiscal Officer shall deliver the bonds and/or notes to the
purchaser only against a certified check or other immediately available funds. The proceeds of the
sale of the bonds and/or notes shall be deposited and/or invested as required by Section 165.00 of
the Local Finance Law, and the power to invest the proceeds of sale is hereby delegated to the
Chief Fiscal Officer and the power to invest in any instruments described in Section 165.00 is
expressly granted.
Section 15. To the extent that it is permitted to do so under the Internal Revenue Code
of 1986, as amended to the date hereof (the "Code"), the Town hereby designates the bonds
and/or notes as "qualified tax-exempt obligations" under Section 265(b)(3) of the Code. The
Town hereby covenants that, to the extent permitted under the Code in effect as of the date of
issuance of any bonds and/or notes, it will (i) take all actions on its part necessary to cause
interest on the bonds and/or notes to be excluded from gross income for purposes of Federal
income taxes and (ii) refrain from taking any action which would cause interest on the bonds
and/or notes to be included in gross income for purposes of Federal income taxes.
Section 16. The Town of Queensbury is a town partially within the Adirondack Park.
However, State lands subject to taxation within the Town's boundaries are assessed at less than
thirty percent (30%) of the total taxable assessed valuation of the Town, so permission of the
State Comptroller to issue the bonds and/or notes is not required under Local Finance Law
Section 104.10(3).
Section 17. Miller, Mannix, Schachner & Hafner, LLC, Glens Falls, New York, is
hereby designated bond counsel.
Section 18. The validity of these serial bonds and bond anticipation notes may be
contested only if
(1) These obligations are authorized for an object or purpose for which the
Town is not authorized to expend money; or
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(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 (20) days after the date of such publication; or
(3) Such obligations are authorized in violation of the provisions of the
State Constitution.
Section 19. The full text of this Resolution or a summary thereof shall be published in
the Glens Falls Post Star, which has been designated as the official newspaper of the Town,
together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of
the Local Finance Law.
Section 20. The question of the adoption of this Resolution was duly put to a vote on
roll call which resulted as follows:
AYES : NAYS: ABSENT:
ROLL CALL
AYES:
NAYS:
ABSENT:
The Resolution was declared duly adopted by a vote of not less than two-thirds (2/3) of the
full membership of the Town Board.
DATED: January 22, 2018
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