404.2000
RESOLUTION AUTHORIZING THE ISSUANCE OF $190,000 SERIAL
BONDS TO FINANCE REPLACEMENT/INSTALLATION OF WATER
MAINS IN THE VICINITY OF GREENWAY DRIVE, CARLTON DRIVE,
GREENWAY NORTH AND GLENDALE DRIVE
RESOLUTION NO.: 404. 2000
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, the Town of Queensbury (Town) has established the Queensbury Consolidated
Water District (District) in accordance with New York State Town Law, and
WHEREAS, water mains located in the vicinity of Greenway Drive, Carlton Drive, Greenway
North and Glendale Drive, Queensbury are in need of repair and/or replacement, and
WHEREAS, by Resolution No.: 368.2000, the Queensbury Town Board authorized the
advertisement for bids for the replacement/installation of water mains in the vicinity of Greenway
Drive, Carlton Drive, Greenway North and Glendale Drive, Queensbury and the Town’s Purchasing
Agent duly advertised for bids for the construction work, and
WHEREAS, the Town’s Water Superintendent and C.T. Male Associates, the engineers
providing services to the Town in connection with the project, reviewed all bids received and
recommended that the Town Board award the bid for the project to the lowest responsible bidder,
Jenkins Excavating, Inc., for an amount not to exceed $190,000 and the Town’s Purchasing Agent
concurs with the bid award recommendation, and
WHEREAS, the Town Board previously determined that it was in the public interest to
replace/install the water mains and therefore scheduled a public hearing concerning the proposed
project and expenditure of funds, and
WHEREAS, the Town Board duly held the public hearing and heard all interested persons on
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October 16, 2000, and
WHEREAS, the Town Board has adopted a Resolution authorizing the construction project
and awarding the bid to Jenkins Excavating, Inc. with the maximum amount proposed to be expended
for the project to be $190,000 and the Town Board wishes to now authorize financing for the project,
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, replacement and installation of water mains
located in the vicinity of Greenway Drive, Carlton Drive, Greenway North and Glendale Drive in the
Town of Queensbury (the “Project”) and such specific object or purpose is hereby authorized at a
maximum estimated cost of One Hundred Ninety Thousand Dollars ($190,000).
Section 2.
Based upon the evidence given at the Public Hearing, the Town Board hereby
determines that it is in the public interest to acquire and construct the Project.
Section 3.
The plan for the financing of such maximum estimated cost is by the issuance
of up to $190,000 in serial bonds or bond anticipation notes of the Town on behalf of the District
hereby authorizes the issuance of such bonds and/or notes in accordance with the Local Finance Law.
The proceeds of the bonds or bond anticipation notes may be used to reimburse expenditures paid by
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the Town from other funds or otherwise on or after October 16, 2000, the date of adoption of this
Resolution. The Town may submit applications for grants and/or low interest loans from the New
York State Department of Health/New York State Environmental Facilities Corporation Drinking
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Water State Revolving Fund and/or the United States Department of Agriculture Rural Development
Authority 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. In accordance with Local Finance
Las §107(d)(3)(l), no down payment from current funds is required.
Section 4.
It is hereby determined that the period of probable usefulness of the specific
object or purpose thirty (30) years, in accordance with 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 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 property of the District a fee sufficient to pay the principal of and
interest on such obligations as they become due and payable. Each property in the District will pay for
debt service based on the benefit received as calculated in accordance with a formula set by the Town
Board.
Section 6.
For the purpose of paying the cost of this 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 $190,000, the maximum maturity of which shall not exceed the 30 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 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 $190,000 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 Local Finance Law §23.00.
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 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 in accordance with 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 anticipations notes issued in accordance with
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 take such other action as may be necessary and
proper to carry out the intent of the provisions of this Resolution.
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
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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.
Section 13.
If issued, the notes may be in bearer form and may contain a power to convert
to 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 (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.
Miller, Mannix & Pratt, P.C., 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:
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(1)These obligations are authorized for any 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 the 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 Town Clerk shall publish this Resolution in full or a summary thereof in
The Post-Star, the official newspaper of the Town of Queensbury, together with a notice of the Town
Clerk substantially in the form provided in Local Finance Law §81.
Section 19.
The question of the adoption of this Resolution was duly put to a vote on roll
call which resulted as follows:
AYES : Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Martin, Mr. Brower
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.
Dated: October 16, 2000
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