214.2005
RESOLUTION AMENDING BOND RESOLUTION
REGARDING ROUTE 9 SEWER DISTRICT IMPROVEMENTS
AUTHORIZING THE ISSUANCE OF UP TO $5,170,000 IN
SERIAL BONDS AND BOND ANTICIPATION NOTES
RESOLUTION NO.: 214, 2005
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. John Strough
WHEREAS, by Resolution No. 114,2003 on February 10, 2003, the Queensbury Town
Board authorized the issuance of up to $5,170,000 in serial Bonds and authorized the issuance of
up to $5,170,000 in Bond Anticipation Notes to pay the cost of acquisition, construction and
installation of the Route 9 Sewer District Improvements (the “Bond Resolution”), and
WHEREAS, the Town Board later passed an Order approving the proposed increase in
maximum amount to be expended for Route 9 Sewer District, being Resolution No. 462,2004 and
dated September 27, 2004 (the “Order”), and
WHEREAS, in the Order, the Town Board detailed the grant the Town received for this
project, increased the maximum amount to be expended for the Route 9 Sewer District
improvements from $5,170,000 to $5,847,191, and detailed the revised plan of financing for this
project, and
WHEREAS, there will be no increase in the amount to be raised by serial bonds or bond
anticipation notes, and
WHEREAS, the New York State Environmental Facilities Corporation ( “EFC”) has
requested that the Town Board pass a supplemental Bond Resolution to detail the amount to be
expended for the Route 9 Sewer District improvements from $5,170,000 to $5,847,191, and to
detail the revised plan of financing for this project,
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NOW, THEREFORE, BE IT
RESOLVED, that the maximum amount to be expended for the Route 9 Sewer District
improvements is increased from $5,170,000 to $5,847,191, and
BE IT FURTHER,
RESOLVED, that the plan for the financing of such maximum estimated cost is as
follows:
A. Economic Development Administration Grant in the amount of $910,000; and
B. Issuance by the Town of serial bonds and/or bond anticipation notes of
$4,937,191.
and
BE IT FURTHER,
RESOLVED, that the Town authorizes net level debt service for the issuance and
repayment of such bonds, and
BE IT FURTHER,
RESOLVED, that the Town authorizes the issuance of such serial bonds and/or bond
anticipation notes, with the Town’s intention to issue them through EFC, and
BE IT FURTHER,
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RESOLVED, that the Bond Resolution is hereby modified as detailed above and affirmed
and ratified in all other respects, and
BE IT FURTHER,
RESOLVED that the Town Supervisor is hereby authorized to take all actions he deems
necessary to effectuate this Resolution.
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Duly adopted this 25 day of April, 2005, by the following vote:
AYES : Mr. Boor, Mr. Turner, Mr. Strough, Mr. Brewer, Mr. Stec
NOES : None
ABSENT: None
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