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2022-132 2022-132 A Resolution Authorizing The Issuance Of$16,713,000 Serial Bonds Of The Town Of Wappinger, Dutchess County, New York, To Pay The Cost Of The Establishment Of A Route 9 Water District Extension (South Route 9 Area Extension), In And For Said Town At a Special 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 September 6, 2022. The meeting was called to order by Richard Thurston, Town Supervisor, and upon roll being called, the following was recorded: ✓Vote Record-Resolution RES-2022-132 Q Adopted Yes/Aye No/Nay Abstain Absent ❑ Adopted as Amended Richard Thurston Voter Q ❑ ❑ ❑ ❑ Defeated William H.Beale Mover Q ❑ ❑ ❑ ❑ Tabled Angela Bettina Voter Q ❑ ❑ ❑ ❑ Withdrawn Christopher Phillips Seconder Q ❑ ❑ ❑ Al Casella Voter Q ❑ ❑ ❑ The following Resolution was introduced by Councilman Beale and seconded by Councilman Phillips. WHEREAS, pursuant to proceedings to be had and taken in accordance with the provisions of Article 12-A of the Town Law, the Town Board of the Town of Wappinger, Dutchess County, New York, has determined to proceed with the establishment of a Route 9 Water District Extension (South Route 9 Area Extension), in the Town of Wappinger (the "Water District Extension"); and WHEREAS, the improvements for said Water District Extension shall consist of the construction of water mains along Route 9, in the Town of Wappinger, Dutchess County, New York, including original furnishings, equipment, machinery, apparatus, appurtenances, land or rights-in-land, and incidental improvements and expenses in connection therewith; and WHEREAS, the maximum amount proposed to be expended by the Water District Extension for said improvements is $16,713,000; and WHEREAS, said capital project has been determined to be a Type I Action pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, the implementation of which as proposed, will not result in any significant adverse environmental impact; and WHEREAS, it is now desired to authorize the financing of said improvements; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. For the specific object or purpose of paying the cost of the establishment of Route 9 Water District Extension (South Route 9 Area Extension) in the Town of Wappinger, Dutchess County, New York, and the improvements therefor, construction of water mains along Route 9, in the Town of Wappinger, Dutchess County, New York, including original furnishings, equipment, machinery, apparatus, appurtenances, land or rights-in-land, and incidental improvements and expenses in connection therewith, as described in the preambles hereof, at a maximum estimated cost of$16,713,000, which specific object or purpose is hereby authorized at said maximum estimated cost, there are hereby authorized to be issued $16,713,000 serial bonds of the Town of Wappinger, Dutchess County, New York pursuant to the provisions of the Local Finance Law. Section 2. It is hereby determined that the plan for the financing of said specific object or purpose shall consist of the issuance of the $16,713,000 serial bonds of said Town authorized to be issued pursuant to this bond resolution; PROVIDED, HOWEVER, that to the extent that any grants-in-aid are received for such specific object or purpose, the amount of bonds to be issued pursuant to this resolution shall be reduced dollar for dollar. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is 40 years, pursuant to subdivision 1 of paragraph a of Section 11.00 of the Local Finance Law. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will exceed five years. Section 4. The faith and credit of said Town of Wappinger, Dutchess County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such bonds as the same respectively become due and payable. There shall be annually assessed upon the taxable real property in said Water District Extension which the Town Board shall apportion and assess upon the several lots and parcels of land in the manner provided by law, an amount sufficient to pay the principal and interest on said bonds as the same become due, but if not paid from such source, all the taxable real property in said Town shall be subject to the levy of ad valorem taxes without limitation as to rate or amount sufficient to pay the principal of and interest on said bonds as the same shall become due. Section 5. Subject to the provisions of the Local Finance Law, the power to authorize the issuance of and to sell bond anticipation notes in anticipation of the issuance and sale of the serial bonds herein authorized, including renewals of such notes, is hereby delegated to the Supervisor, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shall be sold in such manner, as may be prescribed by said Supervisor, consistent with the provisions of the Local Finance Law. Section 6. The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds, are hereby delegated to the Supervisor, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as he shall deem best for the interests of the Town, including, but not limited to, the power to sell said serial bonds to the New York State Environmental Facilities Corporation, provided, however, that in the exercise of these delegated powers, the Supervisor shall comply fully with the provisions of the Local Finance Law and any order or rule of the State Comptroller applicable to the sale of municipal bonds. The receipt of the Supervisor shall be a full acquittance to the purchaser of such bonds, who shall not be obliged to see to the application of the purchase money. Section 7. All other matters, except as provided herein relating to such bonds, including determining whether to issue such bonds having substantially level or declining annual debt service and all matters related thereto, prescribing whether manual or facsimile signatures shall appear on said bonds, prescribing the method for the recording of ownership of said bonds, appointing the fiscal agent or agents for said bonds, providing for the printing and delivery of said bonds (and if said bonds are to be executed in the name of the Town by the facsimile signature of its Supervisor, providing for the manual countersignature of a fiscal agent or of a designated official of the Town), the date, denominations, maturities and interest payment dates, place or places of payment, and also including the consolidation with other issues, shall be determined by the Supervisor. It is hereby determined that it is to the financial advantage of the Town not to impose and collect from registered owners of such serial bonds any charges for mailing, shipping and insuring bonds transferred or exchanged by the fiscal agent, and, accordingly, pursuant to paragraph c of Section 70.00 of the Local Finance Law, no such charges shall be so collected by the fiscal agent. Such bonds shall contain substantially the recital of validity clause provided for in Section 52.00 of the Local Finance Law and shall otherwise be in such form and contain such recitals in addition to those required by section 52.00 of the Local Finance Law, as the Supervisor shall determine. Section 8. The Supervisor is hereby further authorized, at the Supervisor's sole discretion, to execute a project financing and/or loan agreement, and any other agreements with the New York State Department of Health and/or the New York State Environmental Facilities Corporation, including amendments thereto, and including any instruments (or amendments thereto) in the effectuation thereof, in order to effect the financing or refinancing of the specific object or purpose described in Section 1 hereof, or a portion thereof, by a serial bond, and, or note issue of said Town in the event of the sale of same to the New York State Environmental Facilities Corporation. Section 9. The power to issue and sell notes to the New York State Environmental Facilities Corporation pursuant to Section 169.00 of the Local Finance Law is hereby delegated to the Supervisor. Such notes shall be of such terms, form and contents as may be prescribed by said Supervisor consistent with the provisions of the Local Finance Law. Section 10. The intent of this resolution is to give the Supervisor sufficient authority to execute those applications, agreements, instruments or to do any similar acts necessary to effect the issuance of the aforesaid serial bonds and, or notes without resorting to further action of this Town Board. Section 11. This resolution shall constitute a statement of official intent for purposes of Treasury Regulations Section 1.150 - 2. Other than as specified in this resolution, no monies are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the object or purpose described herein. Section 12. The validity of such bonds and bond anticipation notes may be contested only if: 1) Such obligations are authorized for an object or purpose for which said 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 days after the date of such publication, or 3) Such obligations are authorized in violation of the provisions of the Constitution. Section 13. This resolution, which takes effect immediately, shall be published in summary form in the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law;provided, however, that no bond anticipation notes or bonds shall be issued prior to the completion of the proceedings for the establishment of a Route 9 Water District Extension (South Route 9 Area Extension) in the Town and the subsequent ratification and confirmation of this bond resolution by re-adoption thereafter by the Town Board. The foregoing was put to a vote which resulted as follows: RESULT: ADOPTED [UNANIMOUS] MOVER: William H. Beale, Councilman SECONDER: Christopher Phillips, Councilman AYES: Thurston, Beale, Bettina, Phillips, Casella Dated: Wappingers Falls, New York 9/6/2022 The Resolution is hereby duly declared Adopted. JOSSP P. PAOLONI, TOWN CLERK