2006-1592006-159
COPY
A Resolution Authorizing the Issuance of $250,000 Serial Bonds of the Town of Wappinger,
Dutchess County, New York, to Pay the Cost of the Wappinger Sewer Improvement Area
#5 Improvements of the Town of Wappinger, Dutchess County, New York
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 June 12`h,
2006.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor
Councilmembers
ABSENT:
Joseph Ruggiero
Robert L. Valdati
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
The following Resolution was introduced by Councilwoman McCarthy and seconded by
WHEREAS, pursuant to the proceedings heretofore duly had and taken in accordance with
the provisions of Article 12-C of the Town Law, and more particularly a resolution dated June 12d,
2006, said Town Board has determined it to be in the public interest to establish Wappinger Sewer
Improvement Area #5 and to make certain improvements therefore at a maximum estimated cost of
$250,000; and
WHEREAS, said improvements have been determined to be a Type II Action pursuant to
the regulations of the New York State Department of Environmental Conservation promulgated
pursuant to the State Environmental Quality Review Act which by definition will not result in any
significant environmental effects; and
WHEREAS, it is now desired to provide funding for such 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 class of objects or purposes of paying the cost of sewer system
improvements, including the construction of a wet well mounted pump station, with related
generator set and gravity main, as well as other original equipment, machinery, apparatus,
appurtenances, and incidental improvements and expenses in connection therewith, to be installed
near the existing air ejector station on Cedar Hill Road in Wappinger Sewer Improvement Area #5,
at a maximum estimated cost of $250,000, there are hereby authorized to be issued $250,000 serial
bonds of said Town pursuant to the provisions of the Local Finance Law.
Section 2. It is hereby determined that the plan for the financing of said class of objects
or purposes is by the issuance of the $250,000 serial bonds of said Town authorized to be issued
therefore pursuant to this bond resolution.
Section 3. It is hereby determined that the period of probable usefulness of the
aforesaid class of objects or purposes is forty years, pursuant to subdivision 4 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 apportioned and
assessed upon the several lots and parcels of land within said Wappinger Sewer Improvement Area
#5 which the Town Board shall determine and specify to be especially benefited by the
improvements, 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 or she shall deem best for the
interests of said Town, including, but nothimited-to the power to sell sdid-borids-to-the New i ork
State Environmental Facilities Corporation; provided, however, that in the exercise of these
delegated powers, he or she 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 Town 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 matter 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 the 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 Town shall determine.
Section 8. 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 Town. Such notes shall be of such terms, form and contents as may be prescribed by said Town
consistent with the provisions of the Local Finance Law.
Section 9. The Supervisor is hereby further authorized, at his or her sole discretion, to
execute an application, 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 class of objects or
purposes described in Section 1 hereof, or a portion thereof, by a serial bond or note issue of said
Town in the event of the sale of same to the New York State Environmental Facilities Corporation.
Section 10. The intent of this resolution is to give the Supervisor sufficient authority to
execute those agreements, instruments or to do any similar acts necessary to effect the issuance of
the aforesaid serial bonds or notes without resorting to further action of this Town Board.
Section 11. 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 12. This resolution shall constitute a statement of official intent for purposes of
Treasury Regulations Section 1.150 -
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 13. This resolution which takes effect immediately shall be published in full 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.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR Voting: AYE
ROBERT L. VALDATI, COUNCILMAN Voting: AYE
VINCENT F. BETTINA, COUNCILMAN Voting: AYE
JOSEPH P. PAOLONI, COUNCILMAN Voting: AYE
MAUREEN McCARTHY, COUNCILWOMAN Voting: AYE
Dated: Wappingers Falls, New York
6/12/2006
The Resolution is hereby duly declared adopted.
/mjl�fi"IHN C. -
-