203.2012 BONDRES qsby consolidated shore colony water districts NOTICE OF ADOPTION
At a Regular Meeting of the Town Board of the Town of Queensbury held on July 2nd, 2012 at
the Queensbury Center, Town of Queensbury, 742 Bay Road, Queensbury, New York, the
following was adopted:
RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $1,975,000
AGGREGATE PRINCIPAL AMOUNT REFUNDING BONDS OF THE
TOWN OF QUEENSBURY TO REFUND SERIAL BONDS ISSUED TO
PAY A PORTION OF THE COST OF THE ACQUISITION,
CONSTRUCTION, AND INSTALLATION OF WATER TRANSMISSION
SYSTEM IMPROVEMENTS WITHIN THE QUEENSBURY
CONSOLIDATED AND SHORE COLONY WATER DISTRICTS
RESOLUTION NO. 203, 2012
INTRODUCED BY: Mr Tim Brewer
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Ronald Montesi
WHEREAS, on December 15, 2003, the Town of Queensbury (the "Town") issued its
Public Improvement (Serial) Bonds, 2003 (Queensbury Consolidated and Shore Colony Water
Districts Project), in the aggregate principal amount of $2,880,333 (the "Bonds") to finance the
acquisition, construction, and installation of water transmission system improvements within
the Queensbury Consolidated and Shore Colony Water Districts (the "Project"); and
WHEREAS, the Bonds were duly offered for sale and sold to Roosevelt and Cross, Inc.
as Purchaser and Cede & Co. as registered owner with an issuance date of December 15,
2003; and
WHEREAS, the outstanding principal amount of the Bonds which mature on or after
September 1, 2013 may be redeemed in whole at any time and in part on any interest payment
date, at a redemption price of 101% of the principal amount to be redeemed plus accrued and
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unpaid interest to the redemption date if redeemed on either September 1, 2012 or March 1,
2013; and
WHEREAS, the Town of Queensbury has been informed by Environmental Capital,
LLC that refinancing can result in a significant savings to the Town, which they estimate at
approximately $130,000, contingent upon the exact interest rates obtained at the time of sale
of the refunding bonds; and
WHEREAS, the Town of Queensbury hereby wishes to engage Environmental Capital,
LLC as its fiscal advisor for this refunding project for a fee of $8,500;
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 to refund the $1,850,000 outstanding principal amount of Town
of Queensbury Public Improvement (Serial) Bonds, 2003 (Queensbury Consolidated and
Shore Colony Water Districts Project), originally issued on December 15, 2003 in the
aggregate principal amount of $2,880,333 (the "Bonds") to finance the acquisition, construction
and installation of improvements within the Queensbury Consolidated and Shore Colony Water
Districts (the "Project"), together with the 1% early redemption premium and the costs and
expenses incidental to issuance of the refunding bonds; and such refunding is hereby
authorized in the maximum amount of One Million Nine Hundred Seventy-Five Thousand and
00/100 Dollars ($1,975,000) (the "Refunding").
Section 2. The maturity dates, interest rates and principal amounts of the Bonds to be
refunded are as follows:
MATURITY INTEREST PRINCIPAL
DATE RATE AMOUNT
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9/1/2013 4.000% 135,000.00
9/1/2014 4.000% 140,000.00
9/1/2015 4.000% 150,000.00
9/1/2016 4.000% 155,000.00
9/1/2017 4.000% 160,000.00
9/1/2018 4.000% 165,000.00
9/1/2019 4.000% 170,000.00
9/1/2020 4.125% 180,000.00
9/1/2021 4.125% 190,000.00
9/1/2022 4.125% 200,000.00
9/1/2023 4.250% 205,000.00
TOTAL $1,850,000.00
Section 3. The plan for the financing of such maximum estimated refunding cost is by
the issuance of up to $1,975,000 in refunding bonds of the Town on behalf of such Districts
(the "Refunding Bonds"), hereby authorized to be issued pursuant to the Local Finance Law.
The Refunding Bonds will bear interest at a rate lower than that borne by the Bonds to be
refunded. The net present value of the total debt service savings anticipated, computed in
accordance with Local Finance Law Section 90.10(b)(2)(a), is estimated to be $132,890.91.
Section 4. Pursuant to Local Finance Law Section 90.00(g)(1), no down payment from
current funds is required.
Section 5. The period of probable usefulness of the specific object or purpose
permitted by law at the time of the issuance of the Bonds is forty (40) years, pursuant to
Subdivision 4 of paragraph (a) of Section 11 of the Local Finance Law. It is hereby determined
that the Refunding Bonds shall mature not later than such maximum period of probable
usefulness computed from the date of issuance of the Bonds or from the date at issuance of
any prior Bond Anticipation Notes which may have been issued. It is hereby further
determined that the maximum maturity of the Refunding Bonds herein authorized will exceed
five (5) years. Pursuant to Local Finance Law Section 90.00(g)(2), the authorization of the
issuance of refunding bonds is not subject to mandatory or permissive referendum.
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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
District a fee sufficient to pay the principal of and interest on such obligations as they become
due and payable.
Section 7. For the purpose of refunding the Bonds, including the 1% early
redemption premium and related preliminary and incidental costs, there are hereby authorized
to be issued Refunding Bonds of the Town up to a maximum amount of $1,975,000, the
maximum maturity of which shall not exceed the remainder of the 40 year period of probable
usefulness as 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 the date of
any prior Bond Anticipation Notes that may have been issued previously.
Section 8. The Town Board hereby determines that they shall choose to use a
substantially level or declining annual debt service schedule for such Refunding bonds as
permitted in Local Finance Law Section 90.00(b-1). The proposed maturities of the Refunding
Bonds are as follows:
MATURITY INTEREST PRINCIPAL
DATE RATE AMOUNT
9/1/2012 0.600% $25,000.00
9/1/2013 0.600% $165,000.00
9/1/2014 0.800% $165,000.00
9/1/2015 1.000% $170,000.00
9/1/2016 1.250% $170,000.00
9/1/2017 1.500% $170,000.00
9/1/2018 1.750% $175,000.00
9/1/2019 2.000% $175,000.00
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9/1/2020 2.200% $180,000.00
9/1/2021 2.400% $190,000.00
9/1/2022 2.550% $195,000.00
9/1/2023 2.700% $195,000.00
TOTAL $1,975,000.00
Section 9. Subject to the terms and conditions of this Resolution and of the Local
Finance Law, and pursuant to the provisions of Sections 50.00 and 56.00 to 60.00, and 90.00
inclusive, of the Local Finance Law, the power to prescribe the terms, form and contents of the
Refunding Bonds and the power to sell and deliver the Refunding Bonds is hereby delegated
to the Town Supervisor, the Chief Fiscal Officer of the Town. The Town Supervisor is hereby
authorized to sign any Refunding Bonds 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
Refunding Bonds 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 Refunding Bonds and the exact date(s)
upon which they shall become due and payable shall be fixed and determined by the Chief
Fiscal Officer.
Section 11. The Chief Fiscal Officer shall prepare the Refunding Bonds 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(s)
to be borne by such refunding bonds.
Section 12. The Chief Fiscal Officer shall deliver the Refunding Bonds to the
purchaser only against a certified check or other immediately available funds. The proceeds of
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the sale of the Refunding Bonds 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 13. 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 Refunding Bonds 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
Refunding Bonds 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 Refunding Bonds to be
included in gross income for purposes of Federal income taxes.
Section 14. The Town of Queensbury is a town partially within the Adirondack Park.
However, State lands within the Town's boundaries are assessed at less than thirty percent
(30%) of the total 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 15. Miller, Mannix, Schachner & Hafner, LLC, Glens Falls, New York, is
hereby designated bond counsel.
Section 16. The validity of these Refunding Bonds 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
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(3) Such obligations are authorized in violation of the provisions of the State
Constitution.
Section 17. 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 18. The Town of Queensbury hereby engages Environmental Capital, LLC as
its fiscal advisor for this refunding project for a fee of $8,500.
Section 19. This Resolution shall take effect immediately.
Section 20. The question of the adoption of this Resolution was duly put to a vote on
roll call which resulted as follows:
AYES: NAYS: ABSENT:
ROLL CALL
AYES: Mr. Metivier, Mr. Montesi, Mr. Strough, Mr. Brewer, Mr. Stec
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: July 2, 2012
STATE OF NEW YORK
COUNTY OF WARREN
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Office of the Town Clerk
of the Town of Queensbury
This is to certify, that I, the undersigned Town Clerk of the Town of Queensbury, have
compared the foregoing copy of Resolution with the original Resolution now on file in this
office, and which was adopted by the Town Board of the Town of Queensbury on the 2nd day
of July, 2012, and it is a correct and true transcript of the original Resolution.
In witness whereof, I have set my hand and the official seal of the Town of Queensbury
this 3RD day of JULY 2012.
DARLEEN M. DOUGHER
TOWN CLERK
TOWN OF QUEENSBURY
DATED: JULY 6, 2012
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