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VILLAGE OF CORNWALL-ON-HUDSON BOARD OF TRUSTEES
July 7, 2005
The Special Meeting of the Board of Trustees was called to order at 7:10 P.M., at 325 Hudson St., Cornwallon-
Hudson, N.Y.
The following Board Members were in attendance:
Mayor Edward C. Moulton, Jr.
Trustee Charles R. Hahn
Trustee Peter J. Miller
Trustee William Fogarty
Absent was: Trustee Mark J. Edsall
Also present was: DPW Superintendent Robert Gilmore, and Village Clerk Jeanne Mahoney
NEW BUSINESS
AMENDED BOND RESOLUTION DPW GARAGE FACILITY
Trustee Hahn introduced the following amended resolution and moved for its adoption.
WHEREAS, the Board of Trustees of the Village of Cornwall-on-Hudson in the County of Orange,
New York, has heretofore duly authorized the acquisition of a DPW garage facility at the estimated maximum
cost of $940,000.00, which amount was appropriated therefor pursuant to the bond resolution adopted by said
Board of Trustees on June 20, 2005; and
WHEREAS, the Board has determined to amend the plan of financing to make the application of net
proceeds from the sale of the DPW Hudson Street facility optional in the discretion of the Board and to amend
said bond resolution to reflect such amended plan of financing;
Now, therefore, be it
RESOLVED BY THE BOARD OF TRUSTEES OF THE VILLAGE OF CORNWALL-ONHUDSON,
IN THE COUNTY OF ORANGE, NEW YORK (by the favorable vote of not less than twothirds
of all members of said Town Board) AS FOLLOWS:
Section (A). The bond resolution of said Village adopted by the Board of Trustees on June 20, 2005,
entitled:
?Bond resolution of the Village of Cornwall-on-Hudson, adopted June 20,
2005, authorizing the acquiring of a Department of Public Works garage facility,
stating that the estimated maximum cost thereof is $940,000.00, appropriating
said amount therefor, and authorizing the issuance of $940,000.00 serial bonds
to finance said appropriation,?
Is hereby amended to read as follows;
BOND RESOLUTION OF THE VILLAGE OF CORNWALL-ON-HUDSON, ADOPTED
JUNE 20, 2005, AND AMENDED JULY 7, 2005, AUTHORIZING THE ACQUISITION
OF A DEPARTMENT OF PUBLIC WORKS GARAGE FACILITY, STATING THAT
THE ESTIMATED MAXIMUM COST THEREOF IS $940,000.00, APPROPRIATING
SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $940,000.00
SERIAL BONDS TO FINANCE SAID APPROPRIATION
WHEREAS, all conditions precedent to the financing of the capital project hereinafter described,
including the filing of a negative declaration and compliance with the provisions of the State Environmental
Quality Review Act, have been performed; and
WHEREAS, it is now desired to authorize the financing of such capital project;
NOW THEREFORE,
BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE VILLAGE OF CORNWALL-ONHUDSON
IN THE COUNTY OF ORANGE, NEW YORK, (by the favorable vote of not less than twothirds
of all the members of said Board) AS FOLLOWS:
Section 1. The Village is hereby authorized to acquire a Department of Public Works garage
facility at 50 Shore Road, Cornwall-on-Hudson, New York. The estimated maximum cost of said specific
object or purpose, including preliminary costs, cost of maps, plans, surveys, estimates, advertisements, legal
documents and costs incidental hereto and the financing thereof, is $940,000.00 and the said amount is hereby
appropriated therefor. The plan of financing is the issuance of $940,000.00 serial bonds to finance said
appropriation and the levy of a tax on all the taxable real property within the Village to pay the principal of said
bonds and interest thereon as the same shall become due and payable, and net proceeds received from the sale
of the DPW Hudson Street facility (approximately $300,000.), in the discretion of the Board of trustees, may
be expended towards the cost thereof or redemption of the bonds issued therefor or be budgeted as an offset to
the taxes to pay the principal of or interest on said funds.
Section 2. Serial bonds in the principal amount of $940,000.00 are hereby authorized to be issued
pursuant to the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New
York (herein called "Law"), to finance said appropriation.
Section 3. The following additional matters are hereby determined and stated:
a) The period of probable usefulness applicable to the purpose for which said serial bonds herein
authorized are to be issued, within the limitations of Section 11.00a.11(c) of the Law, is fifteen (15) years.
b) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years.
c) The proceeds of the bonds herein authorized and any bond anticipation notes issued in
anticipation of said bonds may be applied to reimburse the Village for expenditures made after
the effective date of this resolution for the purpose for which said bonds are authorized. The
foregoing statement of intent with respect to reimbursement is made in conformity with Treasury
Regulation Section 1.150-2 of the United States Treasury Department.
Section 4. The bonds authorized by this resolution and any bond anticipation notes in anticipation
of the sale of said bonds, shall contain the recital of validity prescribed by Sec. 52.00 of the Law and said
bonds and any notes issued in anticipation of such bonds, shall be general obligations of the Village, payable as
to both principal and interest by a general tax upon all the taxable real property within the Village without
limitation of rate or amount. The faith and credit of the Village are hereby irrevocably pledged to the punctual
payment of the principal of and interest of said bonds and any notes issued in anticipation of said bonds, and
provisions shall be made annually in the budget of the Village by appropriation for (a) the amortization and
redemption of the bonds and notes to mature in each year and (b) the payment of interest to be due and payable
in each year.
Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the
provisions of Sec. 21.00 relative to the authorization of the issuance of bonds with substantially level or declining
annual debt service, and of Sec.30.00 relative to the authorization of the issuance of bond anticipation notes and
of Sec. 50.00 and Sec. 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Board of Trustees
relative to authorizing bond anticipation notes and prescribing the terms, form and contents as to the sale and
issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds,
and the renewals of said bond anticipation notes, and relative to providing for substantially level or declining
annual debt service, are hereby delegated to the Village Treasurer, the chief fiscal officer of the Village.
Section 6. The validity of the bonds authorized by this resolution and of any notes issued in
anticipation of said bonds, may be contested only if:
(a) such obligations are authorized for an object or purpose of which the Village is not authorized to
expend money, or
(b) the provisions of the 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 days after the date of such
publication or
(c) such obligations are authorized in violation of the provisions of the constitution.
Section 7. This resolution is subject to permissive referendum.
Section 8. The object or purpose described in Section 1 hereof has been determined to be an
Unlisted Action pursuant to the regulations of the New York State Department of Environmental Conservation
promulgated pursuant to the State Environmental Quality Review Act, with respect to which said Board of
Trustees has made a "Negative Declaration."
Section (B) The amendment of the bond resolution set forth in Section A of this resolution shall in no
way affect the validity of the liabilities incurred, obligations issued, or actions taken pursuant to said bond
resolution, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been
incurred, issued or taken pursuant to said bond resolution, as so amended.
Section (C) The Village Clerk of said Village of Cornwall-on-Hudson shall, within ten (10) days after
the adoption of this resolution, cause to be published, in full, in the ?CORNWALL LOCAL,? a newspaper,
having a general circulation within said Village and hereby designated the official newspaper of the Village for
such publication, and posted on the sign board of the Village maintained pursuant to the Village Law, a Notice
in substantially the following form:
Section (D) Said bond resolution, as herein amended, is subject to a permissive referendum as therein
provided. In the event that a valid petition protesting against said bond resolution, as amended, and requesting
that it be submitted to the electors of said Village for their approval or disapproval is filed and the Proposition
submitted therefor is defeated, the validity of the bond resolution adopted June 20, 2005, shall not be in any
way affected and shall remain in full force and effect.
Section (E) After said bond resolution, as herein amended, shall take effect, the Village clerk is hereby
directed to cause said bond resolution as herein amended, to be published, in summary, in the newspaper
hereinabove referred to in Section C hereof, and hereby designated the official newspaper for said publication,
together with a Notice in substantially the form as prescribed by Section 812.00 of the Local Finance Law of
the State of New York.
Section (F) This resolution shall take effect immediately.
This foregoing resolution was seconded by Trustee Miller, and by a unanimous vote of 4 Ayes and 0 Nays, the
motion was carried.
Having concluded the business set before them, Trustee Miller moved to adjourn the meeting which was
seconded by Trustee Hahn and upon a vote of 4 Ayes and 0 Nays, the meeting was adjourned at 7:23 PM.
posted by Jonathan Dunaief on 02/24/10 at 10:34 AM
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