504.2013 $1,370,000 Bond Aviation Rd Roundabout RESOLUTION AUTHORIZING THE ISSUANCE OF
UP TO $1,370,000 IN SERIAL BONDS OF THE TOWN OF QUEENSBURY
TO PAY A PORTION OF THE COST OF ACQUISITION,
CONSTRUCTION, AND INSTALLATION OF A HIGHWAY
ROUNDABOUT; AND AUTHORIZING THE ISSUANCE OF UP TO
$1,370,000 IN BOND ANTICIPATION NOTES OF THE TOWN OF
QUEENSBURY FOR THE SAME PURPOSE
RESOLUTION NO.: 504,2013
INTRODUCED BY: Mr.Anthony Metivier
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Ronald Montesi
WHEREAS, the Queensbury Town Board wishes to undertake improvements to the
intersections of Farr Lane and Dixon Road with Aviation Road through the installation of a
roundabout; and
WHEREAS, by Resolution No.: 232, 2012, the Queensbury Town Board authorized and
approved the roundabout project for the Aviation Road/Dixon Road/Farr Lane Intersection
Improvements, Town of Queensbury, Warren County, P.I.N. 1759.06 (the "Project"), and
WHEREAS, the Town Board determined that the proposed Project is an Unlisted Action in
accordance with the State Environmental Quality Review Act (SEQRA), was duly established as
SEQRA Lead Agency for SEQRA review of the proposed Project and duly adopted a SEQRA
Negative Declaration—Determination of Non-Significance; and
WHEREAS, the Town Board has determined that it is in the public interest to make the
proposed improvements;
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 of certain real property and the design, engineering,
construction and installation of Aviation Road/Dixon Road/Farr Lane intersection improvements
consisting of a roundabout and related improvements. Such specific object or purpose is hereby
authorized at a maximum estimated cost of Two Million Fifty Thousand Dollars ($2,050,000).
Section 2. The plan for the financing of such maximum estimated cost is as follows:
(a) use of up to Six Hundred Eighty Thousand Dollars ($680,000) in currently
available funds; and
(b) issuance of up to of One Million Three Hundred Seventy Thousand Dollars
($1,370,000) in serial bonds 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 Project is eligible for funding under Title 23 U.S. Code, as amended, that calls
for the apportionment of the costs of such program to be borne at the ratio of 80% Federal funds
and 20% non-federal funds, and by Resolution No.: 232, 2012 the Town Board made a
commitment of 100% of the non-federal share of the costs of Preliminary Engineering and Right-
of-Way Incidentals. The Town Board further authorized and directed the Town Supervisor to
execute all necessary Agreements, certifications or reimbursement requests for Federal Aid and/or
Marchiselli Aid on behalf of the Town of Queensbury with the New York State Department of
Transportation in connection with the advancement or approval of the Project and providing for
the administration of the Project and the Town's first instance funding of Project costs and
permanent funding of the local share of federal-aid and state-aid eligible Project costs and all
Project costs within appropriations therefor that are not so eligible. To the extent that any such
moneys are received, the Town 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 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
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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. Consistent with the Resolution authorizing the Project, the Town Board
hereby determines that it is in the public interest to acquire and construct the Project and ratifies
and affirms the determinations and authorizations contained in Resolution No.: 232, 2012 and all
other Town Board Resolutions relating to the Project.
Section 5. It is hereby determined that the weighted average period of probable
usefulness of the specific object or purpose is 9.67 years, pursuant to Sections 11.00(a)[20] and
[21] 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 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 Town 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 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$1,370,000, the maximum maturity of which shall not exceed the 9.67 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 $1,370,000 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 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
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,
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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 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 for the repayment of such Bonds if he believes it is
in the best interests of the Town.
Section 14. If issued, the 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 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 to issue the bonds and/or notes is not required under Local Finance Law
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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.
Section 20 This Resolution is adopted subject to Permissive Referendum if required by
law.
Section 21 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 22. The question of the adoption of this Resolution was duly put to a vote on roll
call which resulted as follows:
ROLL AYES: Mr. Montesi, Mr. Metivier, Mr. Strough, Mr. Brewer
CALL NAYS: Mr. Clements
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.
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DATED: December 16, 2013
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