HomeMy WebLinkAboutMN-CC-1986-04-153f 5
COMMON COUNCIL PROCEEDINGS
CITY OF ITHACA, NEW YORK
Special Meeting
5:15 P.M. April 15, 1986
PRESENT:
Mayor - Gutenberger
Alderpersons (9) - Booth, Cummings, Dennis, Haine, Hoffman, Killeen,
Lytel, Peterson, Romanowski
ABSENT:
Alderperson (1) - Schlather (excused)
OTHERS PRESENT:
Dep. Controller - Cafferillo
Personnel Administrator - Best Shaw
City Clerk - Paolangeli
City Attorney - Nash
Fire Chief - Olmstead
PLEDGE OF ALLEGIANCE:
Mayor Guten erger led all present in the Pledge of Allegiance to
CD the American flag.
00 Bu TO OR DELETIONS FROM THE AGENDA:
Budget an t
d Adminisration Committee
(� Alderperson Dennis requested t e addition of an item concerning the
C.S.E.A. Administrative Unit Contract.
No Council person objected.
SPECIAL ORDER OF BUSINESS:
Permanent financin serial bond resolution to fund the local share
of design and construction of the Ithaca Area Wastewater Treatment
Facilit and related components
By Alderperson Dennis: Secon ed by Alderperson Romanowski
RESOLUTION DATED APRIL 1S, 1986.
A RESOLUTION PROVIDING FOR THE DETAILS AND AUTHORIZING THE SALE 01:
$2,800,000 PUBLIC IMPROVEMENT (SERIAL) BONDS, 1986) OF THE CITY OF
ITI -IaCA, TOIviPKINS COUNTY, NEW PAYING
SHARE OF THE COST OF THE ITHACA AREA
PROJECT.
WHEREAS, by bond resolution dated July 7, 1982, duly adopted by the
Common Council of the City of Ithaca, Tompkins County, New York, on
said date, the Common Council of said City authorized the issuance
of $20,680,200 serial bonds of said City to pay the City's share of
the cost of the Ithaca Area Waste Water Treatment Plant Project; and
WHEREAS, it is now desired to provide for the details and authorize
the sale of $2,800,000 of said bonds, and to provide for other
matters in connection therewith; NOW, THEREFORE, BE IT
RESOLVED, by the Common Council of the City of Ithaca, Tompkins
County, New York, as follows:
Section I. The serial bonds described in the preambles hereof
shall eac e designated substantially PUBLIC IMPROVEMENT (SERIAL)
BOND, 1986, shall be dated May 1S, 1986, shall be of the denomina-
tion of $5,000 each or any integral multiple thereof 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 a gregate principal amount. The bonds
shall mature in the amount of 125,000 on May 15 in each of the years
1987 to 1998, both inclusive, $150,000 on May 15 in each of the years
1999 to 2002, both inclusive, and $175,000 on May 15 in each of the
years 2003 to 2006, both inclusive, and shall bear interest payable
on May 15, 1987 and semi - annually thereafter on November 15 and May
1S. Such bonds shall bear interest at such rate as may be necessary
to sell the same, which rate shall be determined in the manner pro-
vided in Section 59.00 of the Local Finance Law. Such bonds shall be
3 661 -2- April 15, 1986
in registered form and shall not be registrable to bearer or convert-
ible 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, or any
successor Fiscal Agent. 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 City maintained
by the Fiscal Agent, as of the close of business on the last day of
the calendar month preceding the date of each interest payment date.
Principal of and interest on the bonds will be payable in lawful money
of the United States of America. Such bonds shall be executed in the
name of said City by the manual or facsimile signatures of its City
Controller, and a facsimile of its corporate seal shall be imprinted
thereon and attested by the manual or facsimile signature of its City
Clerk. The bonds shall be authenticated by the manual countersignature
of an authorized officer or employee of the Fiscal Agent. It is hereby
determined that it is to the financial advantage of the City 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 Lace, no such charges shall be so collected by the Fiscal Agent.
Section 2. The City Controller, as chief fiscal officer of the
City, is -}iereGy 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 wlt}1 the obligations herein described, as the Fiscal
Agent for said City to perform the services described in Section 70.00
of the Local Finance Law, and to execute such agreement on behalf of
the Common Council of said City.
Section 3. All other matters, except as provided herein relating
to such onds, shall be determined by the City Controller. Such bonds
shall contain 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 City Controller shal
determine. 1J
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 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 therefor. It is hereby further determined that
the sum of $1,436,125, from a source other than the proceeds of bonds
or bond anticipation notes, was used on May 30, 1985 to reduce out-
standing bond anticipation notes of said City 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
$2,944,500, 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 City for such
purpose, such amount constituting the second installment of the
principal amount of such indebtedness.
Section 5. The faith and credit of the said City 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 6. The powers and duties of advertising such bonds for
sale, conducting the sale and awarding the bonds, are hereby delegated
to the City Controller, 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 City, 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 City Controller 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.
-3-
April 15, 1W
Section 7. This resolution shall take effect immediately.
Discussion followed on the floor. Dep. Controller Cafferillo gave
reasons for the Special meeting being called and answered questions
from the Council.
The question of the adoption of the foregoing resolution was duly put
to a vote on roll call, which resulted as follows:
Hoffman Voting AYE Killeen Voting AYE
Lytel Voting AYE Cummings Voting AYE
Haine Voting AYE Peterson Voting AYE
Booth Voting AYE Dennis Voting AYE
Romanowski Voting AYE Schlather - Absent
Carried
The resolution was thereupon declared duly adopted.
BUDGET AND ADMINISTRATION COMMITTEE:
C.S.E.A. ILd Ili inistrative Unit Contract
�� By Aiderperson Dennis: Seconded y Alderperson Hoffman
RESOLVED, That the Agreement between the City of Ithaca and the
C-0 Ithaca Unit of the Civil Service Employees Association, Inc.
Administrative Unit, for a new two year contract, commencing on
January 1, 1986 and expiring on December 31, 1987, be approved and
that the ?Mayor and City Clerk be authorized and directed to sign
CO and execute the contract on behalf of the City under its corporate
seal.
Alderperson Dennis explained the changes in the contract from the
previous year and the basis for the recommendations of the mediator
who had met with the Budget and Administration Committee and the
union negotiators. He answered questions from the Council.
A vote on the resolution resulted as follows:`
(480e Ayes (9) - Booth, Cummings, Dennis, Haine, Hoffman, Killeen,
Lytel, Peterson, Romanowski
Absent (1) - Schlather
Carried
ADJOURNMENT:
On a motion the meeting adjourned at S:4S p.m.
C Z!Ze"
Callista F. Paolangeli, C ty Clerk �o n C. Guten erger, Mayo