471.2003
RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $2,750,000 IN
SERIAL BONDS OF THE TOWN OF QUEENSBURY TO PAY A
PORTION OF THE COST OF ACQUISITION, CONSTRUCTION AND
INSTALLATION OF WATER TRANSMISSION SYSTEM
IMPROVEMENTS WITHIN THE QUEENSBURY CONSOLIDATED
WATER DISTRICT; AND AUTHORIZING THE ISSUANCE OF UP TO
$2,750,000 IN BOND ANTICIPATION NOTES OF THE TOWN OF
QUEENSBURY FOR THE SAME PURPOSE
RESOLUTION NO.: 471, 2003
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, the Town of Queensbury (the "Town") duly established the Town of
Queensbury Shore Colony Water District (the "Shore Colony Water District") in accordance
with New York Town Law, and
,
WHEREASon July 9, 2001 the Town adopted a Resolution (the “Shore Colony Bond
Resolution”) authorizing the issuance of up to $170,000 in serial bonds and/or bond anticipation
notes to pay the cost of acquisition, construction and installation of improvements to the water
supply system of the Shore Colony Water District, including replacement of a water storage tank
and installation of filtration equipment, and further including related preliminary and incidental
costs (the "Shore Colony Project"), and
WHEREAS, on September 12, 2001 the Town issued its $170,000 Bond Anticipation
Note, 2001 (Shore Colony Water District Improvements Project) pursuant to the Shore Colony
Bond Resolution, which Note was renewed in the amount of $136,000 on September 11, 2002
and such renewal note was redeemed on September 10, 2003 from surplus Town Water
Department general funds subject to reimbursement, and
WHEREAS, the Town duly established the Town of Queensbury Consolidated Water
District (the "Consolidated Water District") in accordance with New York Town Law, and
WHEREAS, Barton & Loguidice, P.C., professional engineers, have prepared a Map,
Plan and Report concerning proposed water transmission system improvements within the
Consolidated Water District, and the Town Board has duly authorized and approved the
improvements described in the Map, Plan and Report,
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 the acquisition, construction, and installation of water transmission
system improvements within the Consolidated Water District, including water mains along
Round Pond Road, Blind Rock Road, Country Club Road, Haviland Road, Ridge Road and
Hicks Road and a water main connection between Big Boom Road and Big Bay Road
underneath Interstate Route 87 (Adirondack Northway), and further including related
preliminary and incidental costs (the "Consolidated Water District Project"), and such specific
object or purpose is hereby authorized at a maximum estimated cost of Three Million Twenty
Thousand Dollars ($3,020,000).
Section 2.
The plan for the financing of such maximum estimated cost is as follows:
(a)use of $270,000 from the Water Department’s general fund balance, and
(b)issuance of up to Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000)
in serial bonds or bond anticipation notes of the Town on behalf of the Consolidated
Water District hereby authorized to be issued pursuant to the Local Finance Law.
The proceeds of the bonds or bond anticipation notes may be used to properly reimburse
expenditures paid by the Town from other funds or otherwise. The Town may submit
applications for additional grants and/or low interest loans from the New York State
Environmental Facilities Corporation (EFC) and/or the United States Department of Commerce
Economic Development Administration (EDA) and/or other funding source(s) 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(d)(9), no
down payment from current funds is required.
Section 3.
It is hereby determined that the period of probable usefulness of the specific
object or purpose is forty (40) years, pursuant to Subdivision 4 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 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 Consolidated
Water District a fee 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, including related
preliminary and incidental costs, there are hereby authorized to be issued serial bonds of the
Town up to a maximum amount of $2,750,000, the maximum maturity of which shall not exceed
the forty (40) year period of probable usefulness set forth above, and which shall mature on or
before the date of the expiration of the period of probable usefulness 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 $2,750,000 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.
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 be issued in anticipation of bonds
for assessable improvements. 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
issued pursuant to this Resolution by manual 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 signature. 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.
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 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.
Section 12.
If issued, the notes shall be in 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 the 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.
Section 15.
The Town of Queensbury is a town partially within the Adirondack Park.
However, State lands subject to taxation within the Town's boundaries are assessed at less 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 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.
The full text of 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 19.
The Town Board hereby authorizes the combination of the bonds authorized
by this Bond Resolution with the bonds authorized by the Shore Colony Bond Resolution as
necessary to reimburse the Water Department general fund for amounts expended to redeem the
Renewal Bond Anticipation Note (Shore Colony Water District Improvements Project, 2002) to
result in one combined set of serial bonds issued by the Town.
Section 20.
The question of the adoption of this Resolution was duly put to a vote on roll
call which resulted as follows:
ROLL CALL AYES: Mr. Brower, Mr. Boor, Mr. Turner, Mr. Stec, Mr. Brewer
NAYS: 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.
DATED: November 3, 2003