2016-179 2016-179
Resolution Accepting The Town Of Wappinger Debt Management Policy
At a Regular Meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held
at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on May 23, 2016.
The meeting was called to order by Lori A. Jiava, Town Supervisor, and upon roll being called, the
following was recorded:
✓Vote Record-Resolution RES-2016-179
Q Adopted Yes/Aye No/Nay Abstain Absent
❑ Adopted as Amended Lori A.Jiava Voter Q ❑ ❑ ❑
❑ Defeated William H.Beale Voter Q ❑ ❑ ❑
❑ Tabled William Ciccarelli Seconder Q El El ElElWithdrawn John J.Fenton Voter Q ❑ ❑ ❑
Michael Kuzmicz Mover Q ❑ ❑ ❑
The following Resolution was introduced by Councilman Kuzmicz and seconded by Councilman
Ciccarelli.
WHEREAS, the Town seeks to standardize and rationalize the issuance and management of debt by the
Town; and
WHEREAS, the Town's primary objective is to establish conditions for the use of debt and to create
procedures and policies that minimize the Town's debt service issuance costs, retain the highest practical credit
rating and maintain full and complete financial disclosure and reporting; and
WHEREAS, the Town acknowledges that updated debt policies are an important tool to insure the use
of the Town's resources to meet its commitments to provide needed services to its citizens; and
WHEREAS, the Town Board, in consultation with the Town's Financial Advisor, finds the Debt
Management Policy to be reasonable and in the best interest of the Town.
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if fully set forth and
adopted herein.
2. The Town Board members acknowledge that they have reviewed the terms of the Debt
Management Policy and find the same to be reasonable and acceptable.
3. The Town Board authorizes and accepts the Debt Management Policy in substantially same form
as attached hereto.
4. The Town Board hereby authorizes the implementation of the Debt Management Policy to be
implemented immediately.
The foregoing was put to a vote which resulted as follows:
RESULT: ADOPTED [UNANIMOUS]
MOVER: Michael Kuzmicz, Councilman
SECONDER: William Ciccarelli, Councilman
AYES: Jiava, Beale, Ciccarelli, Fenton, Kuzmicz
Dated: Wappingers Falls, New York
5/23/2016
The Resolution is hereby duly declared Adopted.
JOSS P P. PAOLONI, TOWN CLERK
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