2005-105p RESOLUTION NO. 2005--105
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BOND RESOLUTION DATED JULY 5, 2005.
A RESOLUTION AUTHORIZING THE ISSUANCE OF $566,912 SERIAL
BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW
YORK, TO PAY ADDITIONAL COSTS OF SAID TOWN'S SHARE OF THE
COST OF THE CLOSURE OF THE SO-CALLED POUGHKEEPSIE-
WAPPINGER JOINT LANDFILL LOCATED AT THE DUTCHESS COUNTY
AIRPORT.
WHEREAS, by Intermunicipal Agreement dated January 19, 1970, as supplemented by
Intermunicipal Agreement dated September 11, 2003, the Town of Poughkeepsie, the City of
Poughkeepsie, the Town of Wappinger, the Village of Wappingers Falls and the Town of LaGrange
operated and maintained a joint sanitary landfill located at the Dutchess County Airport, commonly
known as the Poughkeepsie-Wappinger Joint Landfill;
WHEREAS, each of the aforesaid municipalities have executed an Order on Consent with
the New York State Department of Environmental Conservation, Department of Environmental
Conservation Order On Consent File No. R3-20020628-75, pursuant to which such municipalities
have agreed to undertake certain closure and remedial actions with respect to the
Poughkeepsie-Wappinger Joint Landfill, all in accordance with a certain Closure - Investigation
Report approved by the Department of Environmental Conservation; and
WHEREAS, by bond resolution dated January 26, 2004, the Town Board of said Town
authorized the issuance of $850,368 serial bonds of said Town to pay said Town's share of the cost
of the closure of the so-called Poughkeepsie-Wappinger Joint Landfill located at the Dutchess
County Airport; and
WHEREAS, it has now been determined that the aggregate cost of the closure of such
landfill is $10,000,000, an increase of $4,000,000 over that previously estimated,. and that the
Town's share of the cost of said closure, including the undertaking of the closure and remedial
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measures set forth in the aforesaid Order on Consent, is $1,417,280, an increase of $566,912 over
that previously estimated; and
WHEREAS, all conditions precedent to the financing of the capital project hereinafter
described, including compliance with the provisions of the State Environmental Quality Review
Act, have been performed; and
WHEREAS, it is now desired to authorize the issuance of an additional $566,912 serial
bonds of said Town to pay the Town's share of such additional costs; NOW, THEREFORE, BE IT
RESOLVED, -by the Town Board -of the Town of Wappingers-Dutchess-County, New York, - - - -
Town -
as follows:
Section 1. For the specific object or purpose of paying additional costs of the Town's
share of the cost of the closure and remedial measures to be undertaken at the so-called
-Poughkeepsie-ViFappinger Joint -Landfill °in accordance with -the Order on -Consent -described -n -the
preambles hereof, including incidental drainage and other incidental improvements and expenses
therefore, there are hereby authorized to be issued $566,912 serial bonds of said Town pursuant to
the provisions of the Local Finance Law.
Section 2. It is hereby determined that the maximum estimated cost of the aforesaid
specific object or purpose is now determined to be $1,417,280, and that the plan for the financing
thereof shall be as follows: 1
(a) by the issuance of the $850,368 serial bonds of said Town authorized to be issued
pursuant to bond resolution dated January 26, 2004; and
(b) by the issuance of the additional $566,912 serial bonds of said Town authorized to
be issued pursuant to this bond resolution.
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Section 3. It is hereby determined that the period of probable usefulness of the
aforesaid specific object or purpose is twenty years, pursuant to subdivision 6-b of paragraph a of
Section 11.00 of the Local Finance Law, calculated from April 8, 2004, the date of issuance of the
first bond anticipation notes therefor. It is, hereby further determined that the maximum maturity of
the serial bonds herein authorized will exceed five years.
Section 4. Subject to the provisions of the Local Finance Law, the power to authorize
the issuance of and to sell bondanticipation 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 -5. •... Sueh bonds -shall be in -fully. -registered form-and��shal-1 be -signed in.the,name _.
n Dutchess County, New York, by the manual or facsimile signature of its
of the Town of Wappiger ,
Supervisor, and a facsimile of its corporate seal shall be imprinted or impressed thereon and maybe
attested by the manual or facsimile signature of its Town Clerk.
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 she shall deem best for the
interests of said Town, including, but not limited to the power to .sell said bonds to the New York
State Environmental Facilities Corporation; provided, however, that in the exercise of these
delegated powers, 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
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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 SuP ervisor. 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 9. ` The Supervisor is hereby further authorized, at his or her sole discretion, to
execute an application, a project financing and loan agreement, and any other agreements with the
New York State Department of Environmental Conservation 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 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 farther action of this Town Board.
Section 11: The faith and. -credit Town of Wappinger,-Dutchess-County, New -York,
are hereby irrevocably pledged to the payment of the principal of and interest on such obligations as
the same respectively become due and payable. An annual appropriation shall be made in each year
sufficient to pay the principal of and interest on such obligations becoming due and payable in such
year. There shall annually be levied on all the taxable. real property in said Town a tax sufficient to
pay the principal of and interest on such obligations as the same become due and payable.
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 isnot 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 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 per-manent-funding- of the -object -or pur-pose-described-herein. ---
Section 14. This resolution, which takes effect ,immediately in accordance with the
provisions of Section 35.00(b)(4) of the Local Finance Law and with the aforesaid Order On
Consent described in the preambles hereof, shall be published in full in the Poughkeepsie Journal
-and-the Southern-Dutchess News; the officialxnewspapgrs together with a notice.of the Town-�Clerk
in substantially the form provided in Section 8.1.00 of the Local Finance Law.
The question of the adoption of the foregoing resolution was duly put to a vote on roll call,
which resulted as follows:
Joseph Ruggiero, Supervisor VOTING�Av�
Robert Valda:ti, Councilman VOTING Aye .
Vincent Bettina, Councilman VOTING Ave
Maureen McCarthy VOTING Absent
Jo eph Paolon3 VOTING Aye
The resolution was thereupon declared duly adopted.
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