1994-08-08 SPM940808. SPM I T i
A Special Meeting of the Town Board of the Town of Wappinger was
held on August 8, 1994, at the Town Hall, 20 Middlebush Road,
Wappingers Falls, New York.
SUPERVISOR SMITH called the Meeting to order at 9:10 P.M.
Present:
Constance Smith, Supervisor
Joseph Ruggiero, Councilman
Robert Valdati, Councilman
June Visconti, Councilwoman
Absent:
Joseph Incoronato
Elaine H. Snowden
Others Present:
Albert Roberts, Attorney to the Town
The Supervisor scheduled The Special Meeting for August 8, 1994
for the sole purpose to vote on a Resolution authorizing the
Town of Wappinger to enter into an agreement with the
Tri -Municipal Sewer Commission for the construction of a
1,000,000 gallon per day Municipal Waste Water Treatment
Facility to treat sewage originating in the Town of Wappinger.
The following Resolution was offered by COUNCILWOMAN VISCONTI
who moved its adoption and seconded by Mr. Valdati.
WHEREAS, the Town has heretofore entered into a certain
Agreement Dated July 10, 1991 with the Tri -Municipal Sewer
Commission, hereinafter referred to as the "COMMISSION," FOR THE
CONSTRUCTION OF A 1,000,000 gallon per day expansion of the
Tri -Municipal Waste Water Treatment Facility to treat sewage
originating in the Town; and
WHEREAS, the Agreement dated July 10, 1991 gave the Town
the option of financing the cost of this project through the New
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.T
York State Revolving Loan Fund (hereinafter referred to as SRF;)
and
WHEREAS, the Agreement dated July 10, 1991 provided that if
the Town elected to finance the project through SRF that
requisitioned construction progress payments would be made
directly to the COMMISSION; and
WHEREAS, the SRF is managed by the New York State
Environmental Facilities Corporation (hereinafter referred to as
EFC); and
WHEREAS, the TOWN has already close on a Short -Term Project
and Loan Financing Agreement (Short -Term PLFA) with EFC dated
June 24, 1994 which designates the TOWN as the loan recipient;
and
WHEREAS, the TOWN has qualified for long-term financing in
the approximate sum of $8,700,000.00 +/-for the Fall 1994 Pooled
SRF Financing under SRF Financing under SRF Project No. 5306-02,
which loan is expected to close in December of 1994; and
WHEREAS, the COMMISSION may be designated a direct recipient
of any loan proceeds issued pursuant to a Long -Term Project
Financing and Loan Agreement (Long -Term PFLA) for SRF Project
No. 5306-02 upon authorization of the Town Board; and
WHEREAS, to implement the provisions of the Agreement dated
July 10, 1991 in accordance with the regulations of EFC it is
necessary for the Town and the Commission to enter into an
Agreement authorizing and designating the COMMISSION as an agent
for the recipient of loan proceeds to be disbursed pursuant to
the Long -Term PFLA to be entered into between the TOWN and EFC
and to adopt the procedures for requisitioning construction
progress payments under the Short -Term PFLA; and
WHEREAS, the Town and the Commission have agreed upon terms
and conditions of an Agreement which will implement the
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procedures required for requisitioning loan proceeds to be
disbursed pursuant to the Short -Term PFLA and for the
designation of the COMMISSION as an agent of the Town for the
receipt of loan proceeds of the Long -Term PFLA;
NOW, THEREFORE, BE IT RESOLVED as follows:
Iw.
1. The recitations above made are hereby adopted and
incorporated as if fully set forth herein.
2. The Town hereby authorizes the COMMISSION to designate a
member or other person to act as an authorized signatory on a
bank account established at Fleet Bank, Middlebush Road,
Wappingers Falls, New York, which account is dedicated to the
receipt and disbursement of loan proceeds issued by EFC
pursuant to a Project Financing and Loan Agreement between the
Town and EFC dated June 24, 1994 for SRF Project No. 5306-02;
the proceeds of said account may be disbursed by the COMMISSION
only for costs and expenses incurred pursuant to the Agreement
dated July 10, 1991 by and between the Town and the COMMISSION.
3. On and after the closing of the Long -Term PFLA for the
Fall 1994 Pooled SRF Financing for SRF Project No. 5306-02
between the Town and EFC, the Town hereby designates the
COMMISSION as its agent for the receipt of loan proceeds
disbursed pursuant to the Long -Term PFLA to be disbursed by the
COMMISSION only for the purposes set forth in the Agreement
dated July 10, 1991 between the Town and the Commission.
4. The Town further authorizes the Commission to act as its
agent to requestion funds directly from EFC for receipt of the
loan proceeds to be disbursed pursuant to the Long -Term PFLA
above referenced.
5. The Town Board further authorizes and directs the
1 60 Supervisor, Constance 0. Smith, to execute an Agreement between
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the Town and the Commission for the implementation of the
procedures above referenced, in substantially the same form as
the form of Agreement annexed hereto, authorizing the Supervisor
and the Attorney to the Town to amend the provisions of the
Agreement to conform to the regulations of EFC.
Roll Call Vote:
Supervisor
Smith
Aye
Councilman
Valdati
Aye
Councilman
Ruggiero
Aye
Councilwoman Visconti
Aye
Councilman
Incoronato
Absent
The Resolution is hereby duly declared adopted.
There was no other Business to come before the Board.
COUNCILWOMAN VISCONTI moved to close the Special Meeting,
seconded by Mr. Ruggiero and unanimously carried.
The Special Meeting Closed at 9:11 P.M.
Respectfully Submitted
7e Visconti, Councilwoman
Elaine H. Snowden
Town Clerk
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