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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