HomeMy WebLinkAboutTB Minutes 1986-04-17 TOWN OF ITHACA
ADJOURNED BOARD MEETING
April 17 , 1986
At an Adjourned Meeting of the Town Board of the Town of Ithaca ,
Tompkins County , New York , held at the Town Offices at 126 East
Seneca Street , Ithaca , New York , at 12 : 00 noon , on the 17th day of
April , 1986 , there were .
• PRESENT : Noel Desch , Supervisor
Henry McPeak , Councilman
Shirley Raffensperger , Councilwoman
Marc Cramer , Councilman
Robert Bartholf , Councilman
ABSENT : Gloria Howell , Councilwoman
Patricia Leary , Councilwoman
ALSO PRESENT : Lawrence Fabbroni , Town Engineer
John Barney , Town Attorney
PLEDGE OF ALLEGIANCE
The Supervisor led the assemblage in the Pledge of Allegiance .
AUTHORIZATION TO PERMANENTLY FINANCE TOWN OF ITHACA LOCAL SHARE OF
THE ITHACA AREA WASTEWATER TREATMENT PLANT AND THE 1984 WATER AND
SEWER IMPROVEMENT PROJECT
Supervisor Desch stated that the primary reason to permanently
finance now is that the bond market is extremely good right now .
Also , it is difficult to know what will happen to the bond market
because of proposed tax reform legislation . The Supervisor went on
to say that he had hoped to bond in December of 1986 , but the
longer we go (toward September) the more likely we will end up with
higher rates . By coupling the Town ' s share of the Wastewater
Treatment Facility and the water and sewer improvements we can save
between $4 , 000 and $ 5 , 000 in renewal costs and get a lower rate on
the smaller projects . Supervisor Desch stated that bids would be
opened in New York City and that he was expecting favorable bids .
Councilman Cramer noted that $ 250 , 000 was authorized , however , only
$ 180 , 000 was being sold .
Supervisor Desch responded this is correct , as we did not replace
the hospital sewer .
Councilwoman Raffensperger asked , does this mean there are not more
• BAN ' s that have to be permanently financed?
Supervisor Desch responded , we still have BAN ' s for First and
Second South Hill and Coddington Road ,
Councilman Cramer questioned , is the initial $ 530 , 000 borrowings
included in the $ 2 , 100 , 000 figure ?
Supervisor Desch responded yes . The $ 530 , 000 was for the buy-in
cost , lake monitoring , etc .
Town Board 2 April 17 , 1986
Councilman Cramer asked the Supervisor if he had any idea what the
interest rate would be ?
Supervisor Desch responded that he expected the interest rate to be
in the high 6 ' s for twenty years .
Councilman Cramer asked about the debt exclusion .
Supervisor Desch responded , on April 9th we applied for the debt
exclusion in the amount of $ 180 , 000 . Debt exclusion already exists
on the Sewage Treatment Plant Project and the water is
automatically debt excludable .
• Councilman Cramer then asked what was the amount of the Towns total
long term obligations ?
Supervisor Desch responded , the outstanding principal in 1987 will
be about $5 , 000 , 000 .
Councilman Cramer asked what the new debt would do to the rate
structure ?
Supervisor Desch responded that there would be some increase in the
Benefit Assessment . How much the increase will be will depend on
how much canes from sewer rents and benefit assessments but it
looks like a $ 10 . 00 increase . The sewer rate is now rate and a
half , the new rates should be lower for the Town after the new
sewage treatment plant is in operation .
Councilwoman Raffensperger remarked , Town of Ithaca residents will
pay more in assessments but less in usage .
At a Regular Meeting of the Town Board of the Town of Ithaca ,
Tompkins County , New York , held at 126 East Seneca Street , in
Ithaca , New York , which commenced on April 7 , 1986 , and was then
adjourned to an Adjourned Meeting of the Town Board of the Town of
Ithaca , Tompkins County , New York , held at 126 East Seneca Street ,
in Ithaca , New York , in said Town , on April 17 , 1986 , at 12 : 00
o ' clock P . M . , Prevailing Time .
The meeting was called to order by Supervisor Desch , and upon roll
call being called , the following were
PRESENT : Councilman Robert Bartholf
Councilman Marc Cramer
Councilman Henry McPeak
Councilwoman Shirley Raffensperger
Supervisor Noel Desch
• ABSENT : Councilwoman Gloria Howell
Councilwoman Patricia Leary
The following resolution was offered by Councilman Cramer , who
moved its adoption , seconded by Councilman McPeak , to wit :
RESOLUTION DATED APRIL 17 , 1986 .
Town Board 3 April 17 , 1986
A RESOLUTION PROVIDING FOR THE CONSOLIDATION , DETAILS
AND SALE OF $ 2 , 830 , 000 PUBLIC IMPROVEMENT (SERIAL)
BONDS , 1986 , OF THE TOWN OF ITHACA , TOMPKINS COUNTY ,
NEW YORK , FOR VARIOUS PRUPOSES IN AND FOR SAID TOWN ,
BE IT RESOLVED , by the Town Board of the Town of Ithaca , Tompkins
County , New York , as follows :
Section 1 . Of the $ 15 , 395 , 810 serial bonds authorized by
bond resolution dated May 9 , 1983 , to pay the Town of Ithaca -
Ithaca Area Wastewater Treatment Improvement Area ' s share of the
cost of the construction of the Ithaca Area Wastewater Treatment
Plant Project for the Town of Ithaca , Tompkins County , New York ,
• there shall be issued and sold $2 , 100 , 000 serial bonds which shall
mature $ 83 , 000 in each of the years 1987 and 1988 , $93 , 000 in the
year 1989 , $ 92 , 000 in each of the years 1990 to 1992 , both
inclusive , $ 116 , 000 in each of the years 1993 to 1996 , both
inclusive , $ 111 , 000 in the year 1997 , and $ 110 , 000 in each of the
years 1998 to 2006 , both inclusive , and shall be consolidated with
other issues of bonds of said Town as hereinafter authorized . 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 paragraph a of Section 11 . 00 of the Local Finance
Law , computed from April 30 , 1984 , the date of the first bond
anticipation note issued therfor . It is hereby further determined
that the sum of $ 1 , 039 , 350 , from a source other than the proceeds
of bonds or bond anticipation notes , was used on May 30 , 1985 to
reduce outstanding bond anticipation notes of said Town for such
purpose , such amount constituting the first installment of the
principal amount of such indebtedness . It is hereby further
determined that the sum of $ 2 , 057 , 400 , from a source other than the
proceeds of bonds or bond anticipation notes , will be used on or
before May 30 , 1986 to further reduce outstanding bond anticipation
notes of said Town for such purpose , of which amount $ 1 , 559 , 025
shall constitute the second installment of the principal amount of
such indebtedness , and of which amount $ 498 , 375 shall constitute a
voluntary reduction in such indebtedness .
Section 2 . Of the $ 600 , 000 serial bonds authorized by bond
resolution dated August 22 , 1984 , for water improvements to the
Town of Ithaca Water Improvement - 1984 in the Town of Ithaca Water
System Benefited Area - 1984 , in the Town of Ithaca , Tompkins
County , New York , there shall be issued and sold $ 550 , 000 serial
bonds which shall mature $ 25 , 000 in each of the years 1987 to 1996 ,
both inclusive , and $30 , 000 in each of the year 1997 to 1996 , both
inclusive , and $ 30 , 000 in each of the years 1997 to 2006 , both
inclusive , and shall be consolidated with other issues of bonds of
said Town as hereinafter authorized . It is hereby determined that
the period of probable usefulness of the aforesaid class of object
or purposes is forty years pursuant to subdivision 1 of paragraph a
of Section 11 . 00 of the Local Finance Law , computed from September
14 , 1984 , the date of the first bond anticiaption note issued
therfor . It is hereby further determined that the sum of $30 , 000 ,
from a source other than the proceeds of bonds or bond anticipation
notes , was used on September 14 , 1985 to reduce outstanding bond
• anticipation notes of said Town for such purpose , such amount
constituting the first installment of the principal amount of such
indebtedness . It is hereby further determined that the sum of
$20 , 000 , from a source other than the proceeds of bonds or bond
anticipation notes , will be used on or before September 14 , 1986 to
further reduce outstanding bond anticipation notes of said Town for
such purpose , such amount constituting the second installment of
the principal amount of such indebtedness .
Section 3 . Of the $ 250 , 000 serial bonds authorized by bond
resolution dated August 22 , 1984 , for sewer improvements to the
Town Board 4 April 17 , 1986
Town of Ithaca Sewer Improvement - 1984 in the Town of Ithaca Sewer
System Benefited Area - 1984 , in the Town of Ithaca , Tompkins
County , New York , there shall be issued and sold $ 180 , 000 serial
bonds which shall mature $ 7 , 000 in each of the year 1987 to 1989 ,
both inclusive , $ 8 , 000 in each of the years 1990 to 1992 , both
inclusive , $ 9 , 000 in each of the years 1993 to 1997 , both
inclusive , and $ 10 , 000 in each of the year 1998 to 2006 , both
inclusive , and shall be consolidated with other issues of bonds of
said Town as hereinafter authorized . 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, computed from September
14 , 1984 , the date of the first bond anticipation note issued
therefor . It is hereby further determined that the sum of $ 12 , 500 ,
from a source other than the proceeds of bonds or bond anticipation
notes , was used on September 14 , 1985 to reduce outstanding bond
anticipation notes of said Town for such purpose , such amount
constituting the first installment of the principal amount of such
indebtedness . It is hereby further determined that the sum of
$ 18 , 750 , from a source other than the proceeds of bonds or bond
anticipation notes , will be used on or before September 14 , 1986 to
further reduce outstanding bond anticipation notes of said Town for
such purpose , such amount constituting the second installment of
the principal amount of such indebtedness . It is hereby further
determined that the further sum of $ 38 , 750 , from a source other
than the proceeds of bond or bond anticipation notes , will be used
on or before September 14 , 1986 , such sum constituting a voluntary
reduction in the principal amount of such indebtedness .
Section 4 . The serial bonds described in the preceding
sections hereof are hereby authorized to be consolidated for
purposes of sale into one bond issue aggregating $ 2 , 830 , 000 . Such
bonds shall each be designated substantially PUBLIC IMPROVEMENT
(SERIAL) BONDS , 1986 , shall be dated May 15 , 1986 , shall be of the
denomination of $ 5 , 000 each or any integral multiple therof not
exceeding the principal amount of each respective maturity . Bonds
may be transferred or exchanged at any time prior to maturity at
the Corporate Indenture Department of Chase Lincoln First Bank ,
N . A . , in Rochester , New York , ( the "Fiscal Agent " ) , or any
successor Fiscal Agent , for bonds of the same maturity of any
authorized denomination or denominations in the same aggregate
principal amount . The bonds shall mature in the amount of $ 115 , 000
on May 15 in each of the years 1987 and 1988 , $ 125 , 000 on May 15 in
each of the 1989 to 1992 , both inclusive , and $ 150 , 000 on May 15 in
each of the years 1993 to 2006 , both inclusive , and shall bear
interest payable on May 15 , 1987 and semi-annually thereafter on
November 15 and May 15 . Such bonds shall bear interest at such
rate as may be necessary to sell the same , which rate shall be
determined in the manner provided in Section 59 . 00 of the Local
Finance Law . Such bonds shall be in registered form and shall not
be registrable to bearer or convertible into bearer coupon form .
Principal of the bonds will be payable to the registered owners
upon surrender of the bonds at the Corporate Indenture Department
of the Fiscal Agent for the bonds . Interest on the bonds will be
payable by check or draft mailed by the Fiscal Agent to the
• registered owners of the bonds , as shown on the registration books
Of the Town maintained by the Fiscal Agent , as of the close of
business on the last day of the calendar month preceeding the date
of the interest payment . Principal of and interest on the bonds
will be payable in lawful money of the United States of America .
The aforesaid maturities constitute the aggregate of the individual
maturities of each separate issue , which individual maturities are
prescribed in the preceeding sections hereof . Such bonds shall be
executed in the name of said Town by the manual or facsimile
signature of the Supervisor , and a facsimile of its corporate seal
shall be imprinted thereon and attested by the manual or facsimile
Town Board 5 April 17 , 1986
signature of its Town Clerk . The bonds shall be authenticated by
the manual countersignature of an authorized office or employee of
the Fiscal Agent . It is hereby determined that it is to the
financial advantage of the Town not to impose and collect from
registered owners 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 collected by the Fiscal
Agent ,
Section 5 . The Supervisor , as chief fiscal officer of the
Town , is hereby authorized and directed to enter into an agreement
with a bank or trust company located or authorized to do business
• in the State of New York for the purpose of having such bank or
trust company act , in connection with the obligations herein
described , as the Fiscal Agent for said Town to perform the
services described in Section 70 . 00 of the Local Finance Law, and
to execute such agreement on behalf of the Town Board of said Town .
Section 6 . All other matters , except as provided herein
relating to such bonds shall be determined by the Supervisor . Such
bonds shall contain substantially the recital or 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
Supervisor shall determine .
Section 7 . The faith and credit of said Town of Ithaca ,
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 .
Section 8 . 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
shall deem best for the interests of said Town , provided , however ,
that in the exercise of these delegated powers , he 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 Supervisor 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 9 . This resolution shall take effect immediately .
The question of the adoption of the foregoing resolution was duly
put to a vote on roll call , which resulted as follows :
Councilman Bartholf Voting Aye
Councilman Cramer Voting Aye
• Councilman McPeak Voting Aye
Councilwoman Raffensperger Voting Aye
Supervisor Desch Voting Aye
The resolution was thereupon declared duly adopted .
DRAINAGE MASTER PLAN
Town Board 6 April 17 , 1986
Supervisor Desch presented to the Board the following "Drainage
Request for Proposals " :
The Town of Ithaca is in the process of developing a master plan
for the provision of storm water drainage preservation improvements
and management throughout the Town to serve as an element of the
comprehensive plan for the land use development in the Town for the
next 25 years .
The Town seeks the services of a professional engineering firm to
perform the following services :
Utilizing currently available aerial photography , Tax maps , the
• current zoning maps , USGS maps , soil maps of the Town of Ithaca an
adjoining areas .
( 1 ) Evaluate each primary tributory watershed area shown on
the enclosed map and
( a ) Recommend size , type and location of storm
water retention and flow facilities needed to
handle a 200 year design storm at the point of
expected complete development at year 2010 .
(b) Develop design standard specifications for
secondary waterways for adoption by Town of
Ithaca as a requirement for site plan approval .
( 2 ) Recommend methodology for assuring maintenance of
improvements , i . e . , permanent easements , drainage
district .
( 3 ) Recommend maintenance program for each type of drainage
works .
( 4 ) Estimate capital cost for the drainage improvements of an
example primary tributory watershed by section to serve
as a guideline for the Town and developers .
( 5 ) Develop a checklist of questions to be asked on each
development to enable the Planning Board to determine
that the master plan is being met .
Supervisor Desch stated that he felt the Board should consider the
proposal as quickly as possible as he receives more drainage calls
than any other type . He went on to say that the drainage proposal
would be discussed at the May meeting . We need something we can
utilize as a tool .
TOWN BOARD MINUTES
RESOLUTION N0 .
Motion by Councilwoman Raffensperger ; seconded by Councilman
Bartholf ,
RESOLVED , that the Town Board of the Town of Ithaca hereby approve
the minutes of the December 9 , 1985 , December 31 , 1985 , January 13 ,
1986 , January 24 , 1986 , March 10 , 1986 and March 20 , 1986 Town
Board minutes as presented by the Town Clerk .
(Desch , McPeak , Raffensperger , Cramer and Bartholf voting Aye .
Nays - none ) .
Town Board 7 April 17 , 1986
AWOURNMENT
The meeting was duly adjourned at 12 ° 29 P >Me
Clerk
•
•