2016-277 2016-277
Resolution Of Intent Regarding The Temporary Expenditure Of General Fund Monies
Prior To The Proposed Sale And Issuance Of General Obligation Bonds And/Or Notes Of
The Town Of Wappinger, Dutchess County, New York, In The Aggregate Principal
Amount Not Exceeding $120,000 In Connection With An Emergency Interconnection Of
The Tall Trees Water District Prior To Extension Of The United Wappinger Water
District To Include The Facilities Of The Tall Trees Water District, In And For Said Town.
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 October
24, 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-2016-277
Q Adopted Yes/Aye No/Nay Abstain Absent
❑ Adopted as Amended Lori A.Jiava Voter Q ❑ ❑ ❑
❑ Defeated William H.Beale Mover Q ❑ ❑ ❑
El Tabled
William Ciccarelli Seconder Q ❑ ❑ ❑
❑ Withdrawn John J.Fenton Voter Q ❑ ❑ ❑
Michael Kuzmicz Voter Q ❑ ❑ ❑
The following Resolution was introduced by Councilman Beale and seconded by
Councilman Ciccarelli.
WHEREAS, the Town of Wappinger, Dutchess County, New York(the "Town"), has the
power and authority to issue general obligation bonds of the Town for the purpose of, among
other things, paying the cost of the emergency interconnection of the Tall Trees Water District to
the United Wappinger Water District, prior to extension thereto to include the facilities of the
Tall Trees Water District, including original furnishings, equipment, machinery, apparatus,
appurtenances, and incidental improvements and expenses in connection therewith, pursuant to
the provisions of the Town Law and the Local Finance Law of the State of New York (together,
the "Act"); and
WHEREAS, the Town Board is considering proceeding under the provisions of the Act
to authorize, sell and issue its general obligation bonds and/or notes in anticipation thereof, to
pay the cost of said specific object or purpose relating to such emergency work, subject to the
terms and conditions to be set forth in one or more bond resolutions in an aggregate principal
new money amount expected at this time not to exceed $120,000 to be adopted thereafter in
accordance with requirements of the Act; and
WHEREAS, the Internal Revenue Code of 1986, as amended, and the United States
Treasury Department regulations promulgated there under (together, the "Code") require that an
issuer who intends to reimburse itself for monies to be advanced and expended for a capital
project from the proceeds of a debt obligation of the issuer, adopt a declaration of official intent
to so reimburse not later than sixty days after the payment of any such original expenditures paid
with such advanced monies; and
WHEREAS, the Code provides that such declaration may be made in the form of a
resolution of the issuer;
NOW, THEREFORE, BE IT RESOLVED, by the Board of the Town of Wappinger,
Dutchess County, New York, as follows:
Section 1. The Town Board of the Town hereby finds and determines:
(a) By virtue of the Act, the Town has been vested with all powers necessary
and convenient to carry out and effectuate the purposes and provisions of
the Act and to exercise all powers granted to it under the Act.
(b) It is the intent of the Town to authorize, sell and issue its general
obligation bonds and/or notes in the aggregate new money principal
amount presented not to exceed $120,000 (the "Bonds" and the "Notes")
for the purpose of paying the cost of the emergency interconnection of the
Tall Trees Water District to the United Wappinger Water District prior to
the extension thereof to include the facilities of the Tall Trees Water
District, in anticipation of said establishment of an extension to the
UWWD to include Tall Trees Water District therein, as described herein
(the "Project"), pursuant to the provisions of the Act.
(c) It is expected that under Section 149(e) of the Code, interest on the Bonds
and/or Notes will not be includable in gross income for federal income tax
purposes.
(d) In anticipation of the issuance of the Bonds and/or Notes, the Town
hereby states its intention to reimburse general fund monies of the Town
heretofore and hereafter expended in an amount not to exceed $120,000 in
connection with the Project through the issuance of the Bonds and/or
Notes, such reimbursement allocations to be made not later than eighteen
months after the date the original expenditure is paid or such later date as
may be permissible under the provision of the Code and such expenditure
of general fund monies is hereby authorized pursuant to resolutions of this
Town Board authorizing said Project.
Section 2. A copy of this resolution shall be placed on file in the office of the Town
Clerk where the same shall be available for inspection during business
hours.
Section 3. This resolution shall take effect immediately.
The foregoing was put to a vote which resulted as follows:
RESULT: ADOPTED [UNANIMOUS]
MOVER: William H. Beale, Councilman
SECONDER: William Ciccarelli, Councilman
AYES: Jiava, Beale, Ciccarelli, Fenton, Kuzmicz
Dated: Wappingers Falls, New York
10/24/2016
The Resolution is hereby duly declared Adopted.
JOSS P P. PAOLONI, TOWN CLERK