3.09
3.9
FINANCIAL\\2021\\Bond Resolution – amended and restated - $1,610,370 – Meadowbrook Pump Station Force Main Replacement – 10-18-2021
AMENDED AND RESTATED RESOLUTION AUTHORIZING THE
ISSUANCE OF UP TO $2,700,000 IN SERIAL BONDS OF THE TOWN OF
QUEENSBURY TO PAY THE COST OF MEADOWBROOK PUMP
STATION FORCE MAIN REPLACEMENT AND AUTHORIZING THE
ISSUANCE OF UP TO $2,700,000 IN BOND ANTICIPATION NOTES OF
THE TOWN FOR THE SAME PURPOSE
RESOLUTION NO.: ____________________________________________________, 2021
INTRODUCED BY:____________________________________________________
WHO MOVED ITS ADOPTION
SECONDED BY: ______________________________________________________
WHEREAS, in accordance with New York Town Law, the Town of Queensbury (the
"Town") Town Board duly established certain sewer districts which were consolidated into the
Greater Queensbury Consolidated Sanitary Sewer District (the "District"), and
WHEREAS, the Meadowbrook Pump Station pumps sewerage from the District to the
City of Glens Falls collection system through an existing force main from the pump station along
Bay Road and Quaker Road to a point on Bay Road and Sanford Street, and
WHEREAS, the Town Board has determined that replacement of a deteriorated portion of the
Pump Station Force Main and a portion of the gravity sewer main and improvements and replacement
of the Pump Station infrastructure is necessary, and
WHEREAS, by Resolution No.: 143,2016, the Town Board authorized the issuance of up to
$1,610,370 in Serial Bonds and Bond Anticipation Notes (BANs) to pay the cost of the force main
replacement project (the “Original Bond Resolution” and “Original Project”) and
WHEREAS, no serial bonds or BANs have been issued pursuant to the Original Bond
Resolution, and
WHEREAS, the District had a sewer main break in early February, 2020, which required
immediate emergency repair and replacement of the force main in the vicinity of 313 Quaker Road
which is related to the force main break (“2020 Emergency Repair Project”), and
WHEREAS, by Resolution No.: 175,2020, the Town Board authorized the issuance of up to
$533,000 in serial bonds and BANs to pay the cost of the 2020 Emergency Repair Project (the “2020
Emergency Bond Resolution”), and
WHEREAS, the Town has issued and currently has outstanding a Renewal BAN dated June 7,
2021 in the amount of $533,000 and the original issuance of debt pursuant to the 2020 Emergency
Bond Resolution was on June 8, 2020, and
WHEREAS, the period of probable usefulness for both projects is forty (40) years, and
WHEREAS, the Town Wastewater Department engaged The Chazen Companies to provide
an updated Engineering Report for the Meadowbrook Pump Station Force Main Replacement Project
(the “Project”) which incorporates the Original Force Main Project and the 2020 Emergency Repair
Project and additional necessary improvements to the wastewater infrastructure in this area, and
WHEREAS, the Engineering Report dated July 16, 2021 estimated a maximum estimated cost
of $2,532,576, and
WHEREAS, since this time due to inflationary trends and supply chain issues, the Wastewater
Director has determined the maximum estimated cost for the Project is $2,700,000, and
WHEREAS, the Town Board has determined that the Project is necessary,
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 (the “Bond Resolution”) are to be issued is the replacement and/or rehabilitation of a
deteriorated portion of the Meadowbrook Pump Station force main comprising of 5,900 linear
feet of force main and 2,790 linear feet of gravity sewer main and upgrades and repair of the
Meadowbrook Pump Station, and related preliminary and incidental costs (the "Project"), and
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such specific object or purpose is hereby authorized at a maximum estimated cost of Two Million
Seven Hundred Thousand and 00/100 Dollars ($2,700,000.00). This Bond Resolution is
contingent upon the Project being duly authorized under Town Law Section 202-b.
Section 2. The plan for the financing of such maximum estimated cost is the issuance of
up to $2,700,000 in serial bonds and/or bond anticipation notes of the Town, hereby authorized to
be issued pursuant to the Local Finance Law. $533,000 of such financing has been previously
issued and is outstanding and authorized by the 2020 Emergency Repair Bond Resolution (No.:
175,2020). Accordingly, the principal amount remaining for which financing has not been issued
is $2,167,000. The proceeds of the bonds or bond anticipation notes may be used to reimburse
expenditures paid by the Town from other funds or otherwise on or after the date of adoption of
the Original Bond Resolution for up to $1,610,370 for the original project and after May 6, 2020
for $533,000 relating to the 2020 Emergency Repair Project and after the date of adoption hereof
for any amounts over $2,143,370. The Town may submit applications for grants and/or low
interest loans from the New York State Environmental Facilities Corporation (EFC) and/or other
funding sources 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 107.00(d)(9), a down payment from current funds is not required.
Section 3. The Town Board anticipates that the Town may pay certain capital
expenditures in connection with the Project prior to the receipt of the proceeds of the Bonds. The
Town Board hereby declares its official intent to use Bond proceeds to reimburse the Town for
such Project expenditures. The Town Board similarly made an official intent declaration relating
to each of the prior Bond Resolutions for such Projects. This section of the Resolution is adopted
solely for the purpose of establishing compliance with the requirements of Section 1.150-2 of the
Treasury Regulations and does not bind the Town to make any expenditure, incur any
indebtedness or proceed with the acquisition, construction and installation of the Project.
Section 4. It is hereby determined that the period of probable usefulness of the specific
object or purpose is forty (40) years, pursuant to Section 11(a)(4) of the Local Finance Law. It is
hereby further determined that the maximum maturity of the serial bonds herein authorized will
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not exceed forty (40) years. The first issuance of financing under this Amended and Restated
Bond Resolution was the original $533,000 Bond Anticipation Note issued on June 8, 2020.
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 real property of the District a tax sufficient to pay
the principal of and interest on such obligations as they become due and payable. This Bond
Resolution is not subject to permissive referendum pursuant to Local Finance Law Section
35.00(b)(2).
Section 6. For the purpose of paying the cost of the Project, there are hereby authorized
to be issued serial bonds of the Town up to a maximum amount of $2,700,000 the maximum
maturity of which shall not exceed the forty (40) year period of probable usefulness set forth
above taking into consideration the original issuance pursuant to the 2020 Emergency Repair
Project Bond Resolution on June 8, 2020 and which shall mature on or before such date 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. The bonds may be issued in the
form of a statutory installment bond.
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 $2,700,000 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 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 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 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
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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 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 and
bond anticipation notes issued pursuant to this Resolution by manual or facsimile 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 or
facsimile signature. If executed by facsimile signature, such obligation shall be authenticated by
the manual countersignature of the Town Supervisor or a designated fiscal agent. 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 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,
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
5
borne by such bonds and/or notes, and whether fixed or variable. The Town Board authorizes the
Chief Fiscal Officer to establish substantially level annual debt service or declining annual balance
for the repayment of such Bonds if he believes it is in the best interests of the Town. The Town
Board authorizes the Chief Fiscal Officer to issue such serial bonds in the form a statutory
installment bond.
Section 13. If issued, the bonds and/or notes shall be in 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 to the date hereof (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, to the extent permitted under the Code in effect as of the date of issuance
of any bonds and/or notes, 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. The Town of Queensbury is a town partly 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 17. Miller, Mannix, Schachner & Hafner, LLC, Glens Falls, New York, is hereby
designated Bond Counsel.
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Section 18. 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 19. This Resolution or a summary thereof shall be published in the 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 20. This Resolution shall take effect immediately, contingent upon the Project
being duly authorized under Town Law Section 202-b.
Section 21. The Town Board hereby affirms and ratifies all actions taken to date with
respect to the Original Bond Resolution and the 2020 Emergency Bond Resolution.
Section 22. The question of the adoption of this Resolution was duly put to a vote which
resulted as follows:
AYES:
NAYS:
ABSENT:
th
The Resolution was declared duly adopted on October 18, 2021 by a vote of not less than two-
thirds (2/3) of the full membership of the Town Board.
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RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO
$533,000 IN SERIAL BONDS OF THE TOWN OF QUEENSBURY
TO PAY THE COST OF EMERGENCY REPLACEMENT OF SEWER
MAIN ALONG QUAKER ROAD; AND AUTHORIZING THE ISSUANCE
OF UP TO $533,000 IN BOND ANTICIPATION NOTES OF THE TOWN OF
QUEENSBURY FOR THE SAME PURPOSE
RESOLUTION NO.: 175,2020
INTRODUCED BY: Mr. George Ferone
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Harrison Freer
WHEREAS, the Queensbury Town Board duly established the Town of Queensbury
Consolidated Sanitary Sewer District and the Route 9 Sanitary Sewer District (the "Districts") in
accordance with New York Town Law, and
WHEREAS, as a result of a break that occurred on the Districts' sewer force main in the
vicinity of 313 Quaker Road in early February 2020, which required notification of authorities
through the New York State Alerts System, the Town Supervisor declared an emergency and the
Town's Wastewater Director arranged for short-term, temporary repairs on an emergency basis
for public health and safety reasons; and
WHEREAS, under Town Law Section 202-a the Town Board is required to maintain the
sewer system; accordingly, additional replacement of the force main in this area must be
permanently repaired immediately to avoid a breach of the temporary repairs; and
WHEREAS, such replacement shall benefit both such Districts and the cost of this
project shall be apportioned between both Districts, and
WHEREAS, during the emergency repairs, it became clear that such problems with the
sewer main extend significantly further and must be replaced on an emergency basis to prevent
public health and environmental injuries; and
WHEREAS, the Town Board has received an engineer's proposal and cost estimate
describing the necessary emergency improvements, and
WHEREAS,the Town Board has determined that the improvements are a Type II Action
under the State Environmental Quality Review Act(SEQRA)and no further SEQRA review is
required;and
WHEREAS, in light of the urgent nature of the necessary emergency repairs and
concerns regarding possible injury to public health and the environment, the Town Board needs
to expedite this emergency project; and
WHEREAS, the expense of such maintenance is a charge upon the Districts and the
Town Board wishes to finance the improvements on behalf of the Districts;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN BOARD OF THE TOWN
OF QUEENSBURY, WARREN COUNTY,NEW YORK,AS FOLLOWS:
Section 1. It is hereby found and determined that it is in the public interest to replace
a portion of the District main in the area were the break took place at an estimated cost of
$533,000, such project is hereby authorized and the Town Supervisor is hereby authorized to
take all actions necessary to effectuate the intent of this Resolution.
Section 2. The specific object or purpose for which the obligations authorized by this
Resolution are to be issued is the acquisition, construction, and installation of approximately
1,400 feet of sewer main in the area where the break took place, and further including related
preliminary and incidental costs (the "Project"), all as detailed in the engineer's proposal and cost
estimate. Such specific object or purpose is hereby authorized at a maximum estimated cost of
Five Hundred Thirty Three Thousand Dollars ($533,000).
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Section 3. The plan for the financing of such maximum estimated cost is the issuance
of up to of Five Hundred Thirty Three Thousand Dollars ($533,000) in serial bonds or bond
anticipation notes of the Town on behalf of the Districts, hereby authorized to be issued pursuant
to the Local Finance Law.
The proceeds of the bonds or bond anticipation: notes may be used to reimburse
expenditures paid by the Town from other funds or otherwise on or after the date of adoption of
this Bond Resolution. The Town may submit applications for grants and/or low interest loans
from the New York State Environmental Facilities Corporation (EFC) 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 Sections 107.00[d][3](1) and 107.00[d][9], no down payment from current funds is
required.
Section 4. The Town Board anticipates that the Town may pay certain capital
expenditures in connection with the Project prior to the receipt of the proceeds of the Bonds.
The Town Board hereby declares its official intent to use Bond proceeds to reimburse the Town
for such Project expenditures occurring within sixty (60) days prior to adoption of this
Resolution. This section of the Resolution is adopted solely for the purpose of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations and does not
bind the Town to make any expenditure, incur any indebtedness or proceed with the acquisition,
construction and installation of the Project.
Section 5. It is hereby determined that the period of probable usefulness of the
specific object or purpose is forty (40) years, pursuant to Section 11.00(a)[4] of the New York
Local Finance Law. It is hereby further determined that the maximum maturity of the serial
bonds herein authorized will exceed five (5) years.
Section 6. 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 Districts a fee
3
sufficient to pay the principal of and interest on such obligations as they become due and
payable.
Section 7. 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$533,000, 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. The bonds may be issued in the form of a statutory
installment bond.
Section 8. 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 $533,000 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 9. 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 10. 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 11. 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
4
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 anticipation notes 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 12. 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 13. 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. The Town Board authorizes the Chief Fiscal Officer to
establish substantially level annual debt service or a declining annual balance for the repayment
of such Bonds if he believes it is in the best interests of the Town.
Section 14. If issued, the bonds and/or notes shall be in registered form, and shall bear
interest at the determined rate.
Section 15. 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
5
delegated to the Chief Fiscal Officer and the power to invest in any instruments described in
Section 165.00 is expressly granted.
Section 16. To the extent that it is permitted to do so under the Internal Revenue Code
of 1986, as amended to the date hereof (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, to the extent permitted under the Code in effect as of the date of
issuance of any bonds and/or notes, 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 17. 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 for the proposed expenditure and issuance of the bonds and/or notes is not
required under Local Finance Law Section 104.10(3).
Section 18. Miller, Mannix, Schachner & Hafner, LLC, Glens Falls, New York, is
hereby designated bond counsel.
Section 19. 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.
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Section 20. The full text of this Resolution or a summary thereof shall be published in
The 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 21. 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. Strough, Mr. Metivier, Mr. Freer, Mr. Ferone
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: May 4,2020
RESOLUTION AUTHORIZING THE ISSUANCE OF
UP TO $1,610,370 IN SERIAL BONDS OF THE TOWN OF QUEENSBURY
TO PAY THE COST OF FORCE MAIN REPLACEMENT AND
AUTHORIZING THE ISSUANCE OF UP TO $1,610,370 IN BOND
ANTICIPATION NOTES OF THE TOWN FOR THE SAME PURPOSE
RESOLUTION NO.: 143,2016
INTRODUCED BY: Mr.William VanNess
WHO MOVED ITS ADOPTION
SECONDED BY: Mr.Brian Clements
WHEREAS, in accordance with New York Town Law, the Town of Queensbury (the
"Town") Town Board duly established the Queensbury Consolidated Sewer District and the
Route 9 Sanitary Sewer District(together, the "Districts"); and
WHEREAS, the Meadowbrook Pump Station pumps sewerage from both Districts to the
City of Glens Falls collection system through an existing force main from the pump station along
Bay Road and Quaker Road to a point on Bay Road and Sanford Street; and
WHEREAS, the Town Board has determined that replacement of a deteriorated portion of
the Pump Station Force Main is necessary;
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 (the "Bond Resolution") are to be issued is the replacement of a deteriorated portion
of the Meadowbrook Pump Station force main, and related preliminary and incidental costs (the
"Project"), and such specific object or purpose is hereby authorized at a maximum estimated cost
of One Million Six Hundred Ten Thousand Three Hundred Seventy and 00/100 Dollars
($1,610,370.00). This Bond Resolution is contingent upon the Project being duly authorized
under Town Law Section 202-b.
Section 2. The plan for the financing of such maximum estimated cost is the issuance of
up to $1,610,370 in serial bonds and/or bond anticipation notes of the Town, hereby authorized
to be issued pursuant to the Local Finance Law. The proceeds of the bonds or bond anticipation
notes may be used to reimburse expenditures paid by the Town from other funds or otherwise on
or after the date of adoption of this Bond Resolution. The Town may submit applications for
grants and/or low interest loans from the New York State Environmental Facilities Corporation
(EFC) and/or other funding sources 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 107.00(d)(9), a down payment from current funds is not
required.
Section 3. The Town Board anticipates that the Town may pay certain capital
expenditures in connection with the Project prior to the receipt of the proceeds of the Bonds. The
Town Board hereby declares its official intent to use Bond proceeds to reimburse the Town for
such Project expenditures. This section of the Resolution is adopted solely for the purpose of
establishing compliance with the requirements of Section 1.150-2 of the Treasury Regulations
and does not bind the Town to make any expenditure, incur any indebtedness or proceed with the
acquisition, construction and installation of the Project.
Section 4. It is hereby determined that the period of probable usefulness of the specific
object or purpose is forty (40) years, pursuant to Section 11(a)(4) of the Local Finance Law. It is
hereby further determined that the maximum maturity of the serial bonds herein authorized will
not exceed forty(40) 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 real property of the Districts a tax
sufficient to pay the principal of and interest on such obligations as they become due and
payable. This Bond Resolution is not subject to permissive referendum pursuant to Local
Finance Law Section 35.00(b)(2).
2
Section 6. For the purpose of paying the cost of the Project, there are hereby authorized
to be issued serial bonds of the Town up to a maximum amount of$1,610,370 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 such date 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. The bonds may be issued in the form of a statutory installment bond.
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 $1,610,370 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 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 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 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 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
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serial bonds and bond anticipation notes issued in anticipation of the issuance of the serial bonds
and bond anticipation notes issued pursuant to this Resolution by manual or facsimile 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
or facsimile signature. If executed by facsimile signature, such obligation shall be authenticated
by the manual countersignature of the Town Supervisor or a designated fiscal agent. 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 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, 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, and whether fixed or variable. The Town Board authorizes
the Chief Fiscal Officer to establish substantially level annual debt service or declining annual
balance for the repayment of such Bonds if he believes it is in the best interests of the Town. The
Town Board authorizes the Chief Fiscal Officer to issue such serial bonds in the form a statutory
installment bond.
Section 13. If issued, the bonds and/or notes shall be in 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.
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Section 15. To the extent that it is permitted to do so under the Internal Revenue Code of
1986, as amended to the date hereof(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, to the extent permitted under the Code in effect as of the date of issuance
of any bonds and/or notes, 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. The Town of Queensbury is a town partly 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 17. Miller, Mannix, Schachner & Hafner, LLC, Glens Falls, New York, is
hereby designated Bond Counsel.
Section 18. 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.
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Section 19. This Resolution or a summary thereof shall be published in the 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 20. This Resolution shall take effect immediately, contingent upon the Project
being duly authorized under Town Law Section 202-b.
Section 21. The question of the adoption of this Resolution was duly put to a vote which
resulted as follows:
AYES: Mr. Clements, Mr. Irish, Mr. VanNess, Mr. Strough, Mr. Metivier
NAYS: None
ABSENT: None
The Resolution was declared duly adopted on April 4th, 2016 by a vote of not less than two-thirds
(2/3) of the full membership of the Town Board.
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