488.2003
RESOLUTION AMENDING AND RESTATING BOND RESOLUTION TO
PROVIDE ADDITIONAL DETAILS REGARDING THE MAXIMUM
ESTIMATED COST AND PLAN OF FINANCING CONCERNING THE
SOUTH QUEENSBURY-QUEENSBURY AVENUE SEWER DISTRICT
RESOLUTION NO.: 488, 2003
INTRODUCED BY: Mr. Roger Boor
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
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WHEREAS, on February 25, 2002, the Queensbury Town Board adopted Bond
Resolution No.: 125, 2002 relating to the duly established South Queensbury-Queensbury
Avenue Sewer District, and
WHEREAS, subsequent to that date, bids for construction of the Project came in which
exceeded the expected cost of the Project, and
WHEREAS, the higher project cost required an Amended and Restated Bond Resolution
No.: 313, 2002 authorizing the issuance of up to cost of One Million Three Hundred Sixty-
Seven Thousand Five Hundred Ninety One Dollars ($1,367,591) in serial bonds and/or bond
anticipation notes, and
WHEREAS, the New York State Environmental Facilities Corporation has requested that
the Town Board provide additional details concerning the Project’s maximum estimated cost and
plan of financing,
NOW, THEREFORE, BE IT
RESOLVED, that the maximum estimated cost of the South Queensbury-Queensbury
Avenue Sewer District Project is Two Million One Hundred Forty One Thousand Ninety One
Dollars ($2,141,091), and
BE IT FURTHER,
RESOLVED, that the plan for financing of such maximum estimated cost is:
(1) a portion of a $600,000 U.S. Department of Commerce-Economic Development
Administration Grant in the amount of 50% of the Project cost up to $72,000. (The remaining
$528,000 of the grant will be used for improvements to the Washington County Sewer District
#1);
(2) NYS Department of Environmental Conservation Clean Water/Clean Air Bond
Act Grant in the amount of $300,000;
(3) $325,000 purchase of future capacity in the QASD;
(4) $76,500 total reimbursement and donation of right-of way from NIMO; and
(5) issuance of Bonds and/or Bond Anticipation Notes by the Town of Queensbury
on behalf of the QASD, hereby authorized to be issued pursuant to the Local Finance Law in an
amount up to $1,367,591.
and
BE IT FURTHER,
RESOLVED, that the Amended and Restated Bond Resolution is hereby affirmed and
ratified and remains in effect in its totality as modified by the above information.
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Duly adopted this 17 day of November, 2003, by the following vote:
AYES : Mr. Brower, Mr. Boor, Mr. Turner, Mr. Stec, Mr. Brewer
NOES : None
ABSENT: None