085.96
RESOLUTION AUTHORIZING THE ISSUANCE OF $175,000. SERIAL BONDS
OF THE TOWN OF QUEENSBURY TO FINANCE HIGHWAY DEPARTMENT
PURCHASE OF MACHINERY AND/OR APPARATUS FOR MAINTENANCE
RESOLUTION NO.: 85, 96
INTRODUCED BY: Mrs. Connie Goedert
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, the Town of Queensbury Highway Superintendent is
desirous of purchasing one (1) sweeper in accordance with
specifications presented at this meeting, and
WHEREAS, said Town Board of the Town of Queensbury, by
previous resolution, has approved and as necessary, authorized said
purchase in accordance with the Highway Laws of the State of New
York, subject to bidding certain requirements, and
WHEREAS, the maximum amount proposed to be expended for the
purchase is the amount of $175,000., and
WHEREAS, it is now desired to authorize financing for said
purchase, and
WHEREAS, the action for which this funding is proposed has
been reviewed by the Town Board pursuant to the mandates of the
State Environmental Quality Review Act and the Town Board has
determined that action to be an action not subject to the
requirements of the State Environmental Quality Review Act or it is
a Type II Action for which an Environmental Impact Statement or
other determination of proceedings under the Rules and Regulations
are not necessary,
NOW, THEREFORE, BE IT
RESOLVED, by the Town Board of the Town of Queensbury, as
follows:
SECTION 1.
The specific object or purpose to be financed
pursuant to this resolution is the purchase of machinery
and/or apparatus for maintenance, said machinery or
apparatus to consist of one (1) street sweeper.
SECTION 2.
The maximum estimated cost of such specific
object or purpose is a total of $175,000., and the plan
for the financing thereof is the issuance of $175,000.,
serial bonds hereby authorized to be issued pursuant to
the Local Finance Law.
SECTION 3.
It is hereby determined that the period of
probable usefulness of the aforesaid specific object or
purpose is fifteen (15) years, pursuant to subdivision
28 of paragraph a of §11.00 of the Local Finance Law as
the cost of each machine and/or apparatus equipped as
specified shall exceed the sum of $30,000. It is hereby
further determined that the maximum maturity of the
serial bonds herein authorized will not exceed five (5)
years. It is hereby determined that pursuant to
§35.00(b) of the Local Finance Law, that this bond
resolution is not subject to permissive referendum and
that a five-percent (5%) down payment is not required
therefore pursuant to §107 of the Local Finance Law.
SECTION 4.
The faith and credit of said Town of
Queensbury, New York, are hereby irrevocably 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. Unless
paid from revenues derived from the aforesaid specific
object or purpose, there shall annually be levied on all
the taxable property of said Town of Queensbury, 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 serial bonds herein authorized,
including renewals of such notes, is hereby delegated to
the Town Supervisor 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 Town Supervisor, consistent with the provisions of
the Local Finance Law.
SECTION 6.
The powers and duties of advertising the bonds
for sale, conducting the sale and awarding the bonds,
are hereby delegated to the Town Supervisor, who shall
advertise the bonds for sale, if appropriate, conduct
the sale and award the bonds in such manner as he shall
deem best for the interest of the Town of Queensbury,
provided, however, that in the exercise of those
delegated powers, he shall comply fully with the
provisions of the Local Finance Law and any order or
rule of the State Comptroller applicable to the sale of
municipal bonds. The receipt of the Town Supervisor
shall be a full acquittance to the purchaser of such
bonds who shall not be obliged to see to the application
of the purchase money.
SECTION 7.
The validity of such bonds or notes or any
bond anticipation notes issued in anticipation of the
sale of such bonds may be contested only if:
1) Such obligations are authorized for any object
or purpose for which the Town of Queensbury is not
authorized to expend money; or
2) The provisions of law which should be complied
with at the date of the publication of such resolution
or summary thereof, or certificate, as the case may be,
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 constitution.
SECTION 8.
This resolution shall be published in full by
the Town Clerk of the Town of Queensbury in the official
newspaper of the Town of Queensbury, together with a
notice of the Town Clerk substantially in the form
provided in §81.00 of the Local Finance Law.
SECTION 9.
This resolution is not subject to permissive
referendum.
Duly adopted this 5th day of February, 1996, by the following
vote:
AYES: Mrs. Monahan, Mr. Turner, Mrs. Goedert, Mrs. Pulver, Mr.
Champagne
NOES: None
ABSENT:None