266.2010 $255K Site Remediation Bond Anticipat
RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $255,000
SERIAL BONDS OF THE TOWN OF QUEENSBURY TO PAY THE
COST OF SITE REMEDIATION; AND AUTHORIZING THE
ISSUANCE OF UP TO $255,000 BOND ANTICIPATION NOTES OF
THE TOWN FOR THE SAME PURPOSE
RESOLUTION NO.: 266, 2010
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. John Strough
WHEREAS, in 2009 the Town of Queensbury (the "Town") replaced an oil-water separator at
its Highway Garage site; and
WHEREAS, test pit examinations have shown that the old oil-water separator caused
contamination of some surrounding soils which must be remediated;
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 (the “Bond Resolution”) are to be issued is the cleaning, removal and disposal of
remaining system components and excavation and off-site disposal of contaminated soil in the
vicinity of the discontinued oil-water separator in compliance with USEPA rules and regulations,
including related preliminary and incidental costs (the "Project"), and such specific object or
purpose is hereby authorized at a maximum estimated cost of Two Hundred Fifty-Five Thousand
and 00/100 Dollars ($255,000.00).
Section 2.
The plan for the financing of such maximum estimated cost is the issuance of
up to $255,000 serial bonds and/or bond anticipation notes of the Town, hereby authorized to be
issued pursuant to the Local Finance Law. The proceeds of the bonds or bond anticipation notes
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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 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 Section 107.00(d)(5) and (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 Section 11(a)(35) 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.
This Bond Resolution is not subject to permissive referendum pursuant to
Local Finance Law Section 35.00(b)(1)(1).
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 Town a tax sufficient to pay
the principal of and interest on such obligations as they become due and payable.
Section 6.
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 $255,000 the maximum
maturity of which shall not exceed the five (5)year period of probable usefulness set forth above
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. 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 $255,000 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.
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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 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 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 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.
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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, and whether fixed or variable. The Town Board authorizes the
Chief Fiscal Officer to establish substantially level annual debt service for the repayment of the
Bonds if he believes it is in the best interests of the Town. The Town Board authorizes the Chief
Fiscal Officer to issue such serial bonds in the form a statutory installment bond.
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 (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.
Section 16.
The Town of Queensbury is a town wholly or partially within the Adirondack
Park. However, State lands subject to taxation within the Town's boundaries are assessed at less
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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
(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.
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.
This Resolution shall take effect immediately.
Section 21.
The question of the adoption of this Resolution was duly put to a vote on roll
call which resulted as follows:
th
Duly adopted this 26 day of July, 2010 by the following vote:
AYES: Mr. Brewer, Mr. Stec, Mr. Metivier, Mr. Montesi, Mr. Strough
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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.
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