SPECIAL MEETING OF THE TOWN BOARD
TOWN OF GLENVILLE
AUGUST 21, 2006
AT THE GLENVILLE MUNICIPAL CENTER
18 GLENRIDGE ROAD, GLENVILLE, NEW YORK
Present: Supervisor Frank X. Quinn, Councilmen, Mark A. Quinn, Robert E. Bailey, Edward F. Rosenberg and Councilwoman Valerie M. DiGiandomenico
Supervisor Quinn called the meeting to order at 5:02 PM
Supervisor Quinn asked the Deputy Town Clerk, Rose Mercurio, to call the roll. Everyone was present and accounted for.
The following resolution was acted upon.
RESOLUTION NO. 173-2006
Moved by: Councilman Bailey
Seconded by: Councilwoman DiGiandomenico
BOND RESOLUTION, DATED AUGUST 21, 2006, AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $500,000 AGGREGATE PRINCIPAL AMOUNT SERIAL BONDS OF THE TOWN OF GLENVILLE, SCHENECTADY COUNTY, NEW YORK, TO FINANCE THE COST OF CONSTRUCTION, RECONSTRUCTION AND/OR RESURFACING OF TOWN ROADS OR IMPROVEMENTS IN CONNECTION THEREWITH.
WHEREAS, the Town Board of the Town of Glenville (the “Town”) desires to provide for the financing of the cost of and the cost incidental thereto of the construction, reconstruction and/or resurfacing and or sealing of Town roads including, but not limited to, Closson Road, Woodhaven Road. Gower Road, Spring Valley development roads, Lover Lane South, Vernon Road, Wren Street, Lark Street, Alexander Street, Broad Street, Schermerhorn Road, Waters Road, Wagner Road, Hart Road and Western Road at a total estimated cost of $500,000 and has and hereby determines that such payments are in the public interest of the Town;
WHEREAS, such Town Board has determined that any obligations authorized or issued pursuant to the financing described in this resolution shall mature in not more than five years as prescribed in the Local Finance Law to permit this resolution to become effective upon its adoption;
NOW, THEREFORE, BE IT RESOLVED by the Town Board of the Town of Glenville as follows:
SECTION 1. There are hereby authorized to be issued serial bonds of the Town of Glenville in the aggregate principal amount not to exceed the amount of $500,000 pursuant to the Local Finance Law, in order to finance the specific objects or purposes hereinafter described.
SECTION 2. The specific object or purpose (hereinafter referred to as “purpose”) to be financed by the issuance of such serial bonds is the construction, reconstruction and/or resurfacing and/or sealing of Town roads including, but not limited to, Closson Road, Woodhaven Road. Gower Road, Spring Valley development roads, Lover Lane South, Vernon Road, Wren Street, Lark Street, Alexander Street, Broad Street, Schermerhorn Street, Waters Road, Wagner Road, Hart Road and Western Road (the “Project”) the total cost thereof to be financed from the proceeds of the bonds herein authorized to be issued since no payment from current funds is required by Section 107.00 of the Local Finance Law.
SECTION 3. It is hereby determined that the class of objects or purposes for which such serial bonds herein authorized to be issued is set forth in subdivisions (20) of paragraph a. of Section 11.00 of the Local Finance Law, namely, the construction, reconstruction, widening or resurfacing of a highway, road, street, parkway or parking area, whether or not including sidewalks, curbs, gutters, drainage, landscaping, grading or improving the rights of way, or the elimination of any grade crossing (exclusive of bridges therefore) or improvements in connection therewith for the Town use.
SECTION 4. No current funds are required to be provided prior to the issuance of the bonds herein authorized to be issued or prior to the issuance of any bond anticipation notes pursuant to Section 107 of the Local Finance Law since the period of probable usefulness of the bonds herein authorized for the objects or purposes set forth above is five years or less as provided for in Section 11.00 of the Local Finance Law.
SECTION 5. The Supervisor of the Town is hereby authorized to designate the bonds as “qualified tax-exempt obligations” pursuant to Section 265(b)(3) of the Internal Revenue Code of l986, as amended, if the Town does not issue in excess of $10,000,000 of its general obligations in the calendar year in which the bonds are issued. The Town covenants it will take any necessary action, do all things and not take any prohibited action to insure that the interest on the bonds will be exempt from Federal income taxation at all times.
SECTION 6. Subject to the terms and conditions of this bond resolution and the Local Finance Law, and pursuant to the provisions of Sections 30.00, 50.00, 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 bond resolution and the renewal of such bond anticipation notes and the power to prescribe the terms, form and content of such serial bonds and such bond anticipation notes authorized by this bond resolution, and the power to issue, sell and deliver such serial bonds and bond anticipation notes, including renewal notes, and to make any necessary “arbitrage” covenants in the name of the Town, is hereby delegated
to the Supervisor of the Town as the chief fiscal officer of the Town. The Supervisor of the Town is hereby authorized to execute by manual or facsimile signature on behalf of the Town all serial bonds issued pursuant to this bond resolution and all bond anticipation notes, including renewal notes, issued in anticipation of the issuance of such serial bonds, and the Town Clerk is hereby authorized to affix the seal of the Town (or to have imprinted a facsimile thereof) to all such serial bonds and all such bond anticipation notes, including renewal notes, and to attest such seal. Such serial bonds, if, as and when issued shall be authenticated by the countersignature of a fiscal agent of the Town or by the appropriate designated officer of the Town pursuant to Section 70.00 of the Local Finance Law.
SECTION 7. The faith and credit of the Town are hereby and shall be irrevocably pledged for the punctual payment of the principal of and interest on all obligations authorized and issued pursuant to this bond resolution as the same shall become due. An annual appropriation shall be made in amounts sufficient to pay installments of principal together with interest on the obligations herein authorized as the same become due and payable, such amounts to be included in the levy of taxes on all taxable parcels of land in the Town.
SECTION 8. When this bond resolution takes effect, the Clerk of the Town shall cause the same to be published together with a notice in substantially the form prescribed by Section 81.00 of the Local Finance Law at least once in “The Daily Gazette”, the official newspaper of the Town, a newspaper having a general circulation in the Town.
SECTION 9. The validity of said serial bonds or of any bond anticipation notes issued in anticipation of the sale of said serial bonds may be contested only if:
1.) Such 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 the publication of such 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 Constitution of the State of New York.
SECTION 10. Tax Covenant. The Town covenants for the benefit of the registered owners of the obligations authorized herein that it will not make any use of the proceeds of such obligations, any funds reasonably expected to be used to pay the principal of or interest on such obligations or any other funds of the Town, or will not make any use of the proceeds of the obligations which would cause interest on the obligations to become subject to Federal income taxation under the Internal Revenue Code of 1986, as amended, (the “Code”) (except for the alternative minimum tax imposed on individuals and corporations by Section 148 of the Tax Code, except for the environment tax imposed on corporations by Section 59A of the
Tax Code and except for any obligations held by substantial users, or related persons, of the project financed by the obligations) or subject the Town to any penalties under Section 148 of the Tax Code, and that it will not take any action or omit to take any action with respect to the obligations, the proceeds thereof or any facilities financed thereby if such action or omission would cause the interest on the obligations to become subject to Federal income taxation under the Tax Code (except for the alternative minimum tax imposed on individuals and corporations by Section 55 of the Tax Code and except for the environmental tax imposed on corporations by Section 59A of the Code) or subject the Town to any penalties under Section 148 of the Code. The foregoing covenants shall remain in full force and effect notwithstanding the defeasance of the bonds or any other provision hereof until the date which is 60 days after the final maturity date or earlier prior redemption date
thereof. The proceeds of any obligations authorized to be issued herein may be applied to reimburse expenditures or commitments made for such purpose on or after a date which is not more than one year prior to the date of adoption of this bond resolution. The Town expects to expend general funds or other available moneys for the purposes which should be reimbursed from the proceeds of such obligations.
SECTION 11. Prior to the issuance of obligations authorized to be issued by this bond resolution, the Town Board of the Town shall comply with all applicable provisions prescribed in Article 8 of the Environmental Conservation Law, all regulations promulgated thereunder by the New York Department of Environmental Conservation, all orders of the New York Department of Environmental Conservation and all applicable Federal laws and regulations in connection with environmental quality review relating to the specific object or purposes authorized to be financed herein (collectively, the “environmental compliance proceedings”). In the event that any of the environmental compliance proceedings are not completed, or require
amendment or modification subsequent to the date of adoption of this bond resolution, the Town Board of the Town will readopt, amend or modify this bond resolution prior to the issuance of obligations authorized to be issued herein upon the advice of bond counsel. It is hereby determined by the Town Board of the Town that the project will not have a significant effect on the environment.
SECTION 12. This bond resolution shall take effect immediately upon its adoption by the required votes by the Town Board of the Town.
Ayes: Councilwoman DiGiandomenico, Councilmen Rosenberg, Quinn, Bailey
and Supervisor Quinn
Motion to adjourn was moved by Councilman Bailey and Seconded by Councilwoman DiGiandomenico.
The Town of Glenville Town Board Meeting was adjourned at 5:18 PM.
Rose M. Mercurio
Deputy Town Clerk