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HomeMy WebLinkAbout08-30-2018 Special BOT Agenda *All Exhibits and Reports can be found at www.cayuga-heights.ny.us/BOT.html agenda, unless otherwise noted Village of Cayuga Heights Board of Trustees Special Board Meeting Marcham Hall Thursday, August 30, 2018, 10:45a.m. AGENDA EXHIBIT/PAGE 1. Call to Order 2. Report of Mayor Woodard a. Fire Cayuga Heights Dept. Open House and Support Letter 2019-059 pg. 2 b. Bond Council Resolution 2019-060 pg. 3 - 5 3. Executive Session 4. Adjournment 2 EXHIBIT 2019-059 3 EXHIBIT 2019-060 SUPERSEDING BOND RESOLUTION DATED AUGUST 30, 2018. A RESOLUTION AUTHORIZING, SUBJECT TO PERMISSIVE REFERENDUM, THE CONSTRUCTION OF ADDITIONS TO AND RECONSTRUCTION OF THE SEW AGE TREATMENT PLANT IN AND FOR THE VILLAGE OF CAYUGA HEIGHTS, TOMPKINS COUNTY, NEW YORK, AT A MAXIMUM ESTIMATED COST OF $10,000,000, AND AUTHORIZING THE ISSUANCE OF $10,000,000 SERIAL BONDS OF SAID VILLAGE TO PAY THE COST THEREOF, AND SUPERSEDING A CERTAIN BOND RESOLUTION DULY ADOPTED BY THE BOARD OF TRUSTEES OF SAID VILLAGE ON MAY 21, 2018. WHEREAS, after authorizing the issuance of $10,000,000 bonds for the construction of additions to and reconstruction of the sewage treatment plant in and for the Village of Cayuga Heights, Tompkins County, New York, it was determined that the maximum maturity of the bonds authorized had to be limited to five years; and WHEREAS, it is now desired to extend the original bond authorization and authorize financing for the fu ll useful life; NOW, THERFORE, 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 (the "Village"), as follows: Section 1. The construction of additions to and reconstruction of the sewage treatment plant in and for the Village of Cayuga Heights, Tompkins County, New York, including original furnishings, equipment, machinery, apparatus, and incidental improvements and expenses in connection therewith, is hereby authorized, subject to permissive referendum, at a maximum estimated cost of $10,000,000. Section 2. SEQR DETERMINATION: It is hereby determined that the aforesaid purpose constitutes a Type II action as defined under regulations of the State of New York, promulgated under the State Environmental Quality Review Act, which, by definition, will not have a significant adverse impact upon the environm ent. Section 3. The plan for the financing of the aforesaid maximum estimated cost is by the issuance of $10,000,000 serial bonds of said Village, hereby authorized to be issued therefor pursuant to the provisions of the Local Finance Law; provided, however, the amount of bonds to be issued shall be reduced to the extent of grants received. Section 4. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is forty years, pursuant to subdivision 4 of paragr aph 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. 4 Section 5. The faith and credit of said Village of Cayuga Heights, Tompkins County, Ne w 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 6. 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 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 Treasurer, consistent with the provisions of the Local Finance Law. Section 7. 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 by the Village Treasurer, the chief fiscal officer of such Village. Such bonds shall cont ain 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 51.00 of the Local Finance Law, as the Village Treasurer shall determine consistent with the provisions of the Local Finance Law. Section 8. The Village Treasurer is hereby further authorized, at her sole discretion, to execute a project finance and/or loan agreement, and any other agreements with 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 object or purpose described in Sect ion 1 hereof, or a portion thereof, by a bond or note issue of said Village in the event of the sale of same to the New York State Environmental Facilities Corporation. Section 9. 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 Village is not authorized to expend money, or 5 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 10. 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 permanent funding of the object or purpose described herein. Section 11. Upon this resolution taking effect, the same shall be published in summary form in the official newspaper of said Village for such purpose, together with a notice of the Village Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. Section 12. This resolution amends and supersedes the bond resolution adopted on May 21, 2018. Section 13. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE REFERENDUM.