273.91
A RESOLUTION AUTHORIZING THE ISSUANCE OF $225,000.00 SERIAL BONDS
OF THE TOWN OF QUEENSBURY TO FINANCE HIGHWAY DEPARTMENT PURCHASE OF
TANDEM DUMP TRUCKS WITH SNOW PLOWS AND WINGS
RESOLUTION NO. 273, 1991,
Introduced by Mr. Ronald Montesi who
moved for its adoption, seconded by Mrs. Marilyn Potenza:
WHEREAS, the Town of Queensbury, Highway Superintendent is desirous
of purchasing two (2) new tandem dump trucks with snow plows and
wings in accordance with specifications presented at this meeting,
and
WHEREAS, said Town Board of the Town of Queensbury by previous
resolution has approve and, as necessary, authorized said purchase
in accordance with the Highway Laws of the State of New York, and
WHEREAS, the maximum amount proposed to be expended for the
purchase is the amount of $225,000.00, 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 if 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 construction and maintenance including the
maintaining and removal of snow and ice from the Town of Queensbury
highways, said machinery or apparatus to consist of two (2) dump
trucks with snow plows and wings.
SECTION 2. The maximum estimated cost of such specific object
or purpose is $112,500.00 for each truck or a total of $225,000.00
and the plan for the financing thereof is the issuance of
$225,000.00 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
Section 11.00 of the Local Finance Law as the cost of each truck
equipped as specified shall exceed the sum of $30,000.00. 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 Section 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 Section 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 form
revenues derived form the aforesaid specific object of 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 see 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 (2) 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 Section 81.00 of the Local
Finance Law.
SECTION 9. This resolution is not subject to permissive
referendum.
Duly adopted this 6th day of May, 1991 by the following vote:
Ayes: Mr. Kurosaka, Mrs. Potenza, Mr. Montesi, Mrs. Monahan, Mr.
Borgos
Noes: None
Absent: None