Loading...
HomeMy WebLinkAboutBond Resolution Renovation of Marcham Hall.PDFBOND RESOLUTION DATED JTINE 20,2005. A RESOLUTION AUTHORIZING, SUBJECT TO PERMISSIVE REFERENDUM, THE RENOVATION AND EXPANSION OF MARCFIAM HALL IN AND FOR THE VILLAGE OF CAYUGA HEIGHTS, TOMPKINS COIINTY, NEW YORK, AT A MAXIMUM ESTIMATED COST OF $775,000 AND AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $4OO,OOO SERIAL BONDS OF SAID VILLAGE TO PAY THE COST TF{EREOF. 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 WIIEREAS, it is now desired to authorize such capital project and its financing; NOW" T}IEREFORE, BE IT RESOLVED, by the affirmative vote of not less than two-thirds of the total voting strength of the Board of Trustees of the Village of Cayuga Heights, Tompkins County, New York, as follows: Section 1. The renovation and expansion of Marcham Hall, in and for the Village of Cayuga Heights, Tompkins County, New York, including incidental improvements and expenses in connection therewith, at a maximum estimated cost of $775,000, is hereby authorized, subject to permissive referendum' Section 2. It is hereby determined that the plan for the financing of the aforesaid maximum estimated cost is as follows: a) by the appropriation and expenditure of $375,000 curent available funds, which monies are hereby authorized therefor; and b) by the issuance of not exceeding $400,000 serial bonds of the Village hereby authorized to be issued therefor. Section 3' It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is fifteen years pursuant to subdivision l2(a)(2) of paragraph a of Section 1 1.00 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 Village of Cayuga Heights, Tompkins County, New York, are hereby irrevocably pledged for the payment of the principal of and interest on such bonds 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 bonds becoming due and payable in such year. There shall annually be levied on all the taxable real property of said Village, a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable. Section 5. Subject to the provisions of the Local Finance Law, the power to atrthorize the issuance of and to sell bond anticipation notes in anticipation of the issuance and sale of the serial bonds herein authoized,, including renewals of such notes, is hereby delegated to the Village Treasurer, 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 Village Treasuret, consistent with the provisions of the Local Finance Law. Section 6' All other matters except as provided herein relating to the serial bonds herein authorized including the date, denominations, maturities and interest payment dates, within the limitations prescribed herein and the manner of execution of the same, including the consolidation with other issues, and also the ability to issue serial bonds with substantially level or declining annual debt service, shall be determined bv the Village Treasurer, the chief fiscal officer of such Village. Such bonds shall contain substantially the recital of validity clause provided for in Section 52.00 of the Local Finance Law, andshall otherwise be in such form and contain such recitals, in addition to those required by Section 51.00 of the Local Finance Law, as the Village Treasurer shall determine consistent with the provisions of the Local Finance Law. Section 7. The validity of such bonds and bond anticipation notes may be contested only ifi 1) Such obligations are authorized for an object or pufpose for which said Village is not authorized to expend money, or Z) 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 twenfy days after the date of such publication, or 3) Such obligations are authorized in violation of the provisions of the Constitution. Section 8. This resolution shall constitute a statement of official intent for pufposes of Treasury Regulations Section I.150-2. Other than as specified in this resolution, no monies ate, ot are teasonably 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 9. Upon this resolution taking effect, the same shall be published in full or summary form in the lthaca Journal, which is hereby designated as the official newspaper of said Village for such purpose, together with a notice of the Village Clerk in substantially the form provided in section g1.00 of the Local Finance Law. Section 10' Pursuant to the provisions of Section 36.00 of the Local Finance Law, this resolution is adopted subject to permissive referendum.