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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 • •