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278.2001 RESOLUTION AUTHORIZING ISSUANCE OF UP TO $22,500 SERIAL BONDS OF THE TOWN OF QUEENSBURY TO PAY PORTION OF COST OF DIGITAL COPIERS AND AUTHORIZING ISSUANCE OF UP TO $22,500 BOND ANTICIPATION NOTES OF TOWN OF QUEENSBURY FOR THE SAME PURPOSE RESOLUTION NO.: 278, 2001 INTRODUCED BY: Mr. Daniel Stec WHO MOVED ITS ADOPTION SECONDED BY: Mr. James Martin WHEREAS, by Resolution No.: 322.2000, the Queensbury Town Board authorized the purchase of three (3) digital copiers for a total amount of $33,500 with payment for such copiers to be in part by proceeds of a Bond and Bond Anticipation Note, and WHEREAS, the Town Board wishes to authorize financing for the copiers, 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 three (3) digital copiers, including related preliminary and incidental costs (the "Project"), and such specific object or purpose is hereby authorized at a maximum estimated cost of $33,500 (exclusive of the monthly maintenance/service fee). Section 2. The plan for the financing of such maximum estimated cost is as follows: (a) the provision of $11,000 from the General Equipment Capital Project Account; and 1 (b) the issuance of up to $22,500 of serial bonds or bond anticipation notes of the Town, hereby authorized to be issued pursuant to the Local Finance Law. Pursuant to Local Finance Law Section 107.00(d)(9), a down payment from current funds is not required. Section 3. It is hereby determined that the period of probable usefulness of the specific object or purpose is five (5) years, pursuant to Subdivision 32 of paragraph (a) of Section 11 of the Local Finance Law. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will not exceed five (5) years. Section 4. 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 Town a tax sufficient to pay the principal of and interest on such obligations as they become due and payable. Section 5. For the purpose of paying the cost of the Project, there are hereby authorized to be issued serial bonds of the Town up to a maximum amount of $22,500, the maximum maturity of which shall not exceed five (5) years and which shall mature on or before such date 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. Section 6. 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 $22,500 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. 2 Section 7. 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 8. 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 not be issued in 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 9. 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 or facsimile 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 or facsimile signature. If executed by facsimile signature, such obligation shall be authenticated by the manual countersignature of the Town Supervisor or a designated fiscal agent. 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. 3 Section 10. 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 11. The Chief Fiscal Officer shall prepare the bonds and/or notes and sell them in accordance with the provisions of the Local Finance Law, and at such sale shall determine the interest rate to be borne by such bonds and/or notes, and whether fixed or variable. Section 12. If issued, the notes may be in bearer form and may contain a power to convert to registered form, and shall bear interest at the determined rate. Section 13. 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 14. To the extent that it is permitted to do so under the Internal Revenue Code of 1986, as amended (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 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. 4 Section 15. The Town of Queensbury is a town partially within the Adirondack Park. State lands within the Town's boundaries are assessed at less than ten percent (10%) of the total assessed valuation of the Town. Section 16. Miller, Mannix, Schachner & Hafner, LLC, Glens Falls, New York, is hereby designated bond counsel. Section 17. 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 (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 18. This Resolution or a summary hereof 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 19. This Resolution shall take effect immediately. Section 20. The question of the adoption of this Resolution was duly put to a vote on roll call which resulted as follows: 5 AYES: Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Martin, Mr. Turner NOES: None ABSENT: None 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. th Date: July 9, 2001 The Resolution or the Resolution a summary of which is published herewith has been th adopted on the 9 day of July, 2001, and the validity of the obligations authorized by it may be hereafter contested only if the obligations were authorized for an object or purpose for which the Town of Queensbury is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty (20) days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the State Constitution. Signed:_________________________________________ Darleen M. Dougher Town Clerk of the Town of Queensbury STATE OF NEW YORK COUNTY OF WARREN Office of the Town Clerk of the Town of Queensbury This is to certify, that I, the undersigned Town Clerk of the Town of Queensbury, have compared the foregoing copy of Resolution with the original Resolution now on file in this office, 6 th and which was adopted by the Town Board of the Town of Queensbury on the 9 day of July, 2001, and it is a correct and true transcript of the original Resolution. In witness whereof, I have set my hand and the official seal of the Town of Queensbury this 13TH day of August, 2001. _________________________________________ Darleen M. Dougher Town Clerk of the Town of Queensbury th DATE OF PUBLICATION: July 13, 2001 Darleen M. Dougher Town Clerk Town of Queensbury 7