HomeMy WebLinkAboutMN-CC-2002-07-24
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COMMON COUNCIL PROCEEDINGS
CITY OF ITHACA, NEW YORK
Special Meeting 7:00 p.m. July 24, 2002
PRESENT:
Acting Mayor Manos
Alderpersons (6) Pryor, Sams, Whitmore, Vaughan, Cogan,
Hershey
OTHERS PRESENT:
City Controller – Thayer
EXCUSED:
Alderpersons Mack, Peterson, Blumenthal
PLEDGE OF ALLEGIANCE:
Acting Mayor Manos led all present in the Pledge of Allegiance
to the American flag.
SPECIAL ORDER OF BUSINESS:
A RESOLUTION AUTHORIZING THE ISSUANCE OF $1,251,000 SERIAL
BONDS OF THE CITY OF ITHACA, TOMPKINS COUNTY, NEW YORK, TO
PAY THE COST OF VARIOUS OBJECTS OR PURPOSES IN AND FOR SAID
CITY
By Alderperson Vaughan: Seconded by Alderperson Pryor
WHEREAS, all conditions precedent to the financing of the capital
projects hereinafter described, including compliance with the
provisions of the State Environmental Quality Review Act, have
been performed; and
WHEREAS, it is now desired to authorize the financing of such
capital projects; NOW, THEREFORE, BE IT
RESOLVED, by the Common Council of the City of Ithaca, Tompkins
County, New York, as follows:
Section 1. For the specific objects or purposes or classes of
objects or purposes of paying the costs of the following capital
improvements in and for the City of Ithaca, Tompkins County, New
York, there are hereby authorized to be issued $1,251,000 serial
bonds of said City pursuant to the provisions of the Local Finance
Law, apportioned among such improvements in accordance with the
maximum estimated cost of each. Such improvements are as follows:
a) The emergency replacement of a boiler at the City Police
Department, including incidental improvements and expenses in
connection therewith, at a maximum estimated cost of $35,000.
It is hereby determined that the period of probable
usefulness of the aforesaid specific object or purpose is ten
years, pursuant to subdivision 13 of paragraph a of Section
11.00 of the Local Finance Law;
b) The design work for the rehabilitation of the Stewart Avenue
Bridge over Fall Creek, including incidental improvements and
expenses in connection therewith, at a maximum estimated cost
of $211,000. It is hereby determined that the period of
probable usefulness of the aforesaid specific object or
purpose is five years, pursuant to subdivision 62 of
paragraph a of Section 11.00 of the Local Finance Law;
c) To pay additional costs of the reconstruction of the North
Cayuga Street Bridge, including incidental improvements and
expenses in connection therewith, at a revised maximum
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estimated cost of $1,250,000 of this specific object or
purpose (including the $745,000 serial bonds authorized by
bond resolution dated and duly adopted July 7, 1999) and the
amount of serial bonds authorized by this bond resolution is
$505,000) provided, however, that the amount of serial bonds
ultimately to be issued for said specific object or purpose
shall be reduced by any State and/or federal grants-in-aid to
be received by said City. It is hereby determined that the
period of probable usefulness of the aforesaid specific
object or purpose is twenty years, pursuant to subdivision 10
of paragraph a of Section 11.00 of the Local Finance Law; and
d) To pay additional costs of conceptual design and a hydrology
and engineering study for the Cayuga Green Development
Project, including incidental expenses in connection
therewith, at a revised maximum estimated cost of $545,000 of
this specific object or purpose (including the $45,000 serial
bonds authorized by bond resolution dated and duly adopted
December 19, 2001) and the amount of serial bonds authorized
by this bond resolution is $500,000. It is hereby determined
that the period of probable usefulness of the aforesaid
specific object or purpose is five years, pursuant to
subdivision 62 of paragraph a of Section 11.00 of the Local
Finance Law.
Section 2. The aggregate maximum estimated cost of the
aforesaid specific objects or purposes and classes of objects or
purposes is $1,251,000, and the plan for the financing thereof is
by the issuance of the serial bonds authorized by Section 1
hereof, allocated to each specific object or purpose or class of
objects or purposes in accordance with the maximum estimated cost
of each set forth in Section 1 hereof.
Section 3. 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 City Controller, 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
City Controller, consistent with the provisions of the Local
Finance Law.
Section 4. The faith and credit of said City of Ithaca,
Tompkins County, New York, are hereby irrevocably pledged for the
payment of the principal of and interest on such obligations 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 obligations becoming due and
payable in such year. There shall annually be levied on all the
taxable real property in said City a tax sufficient to pay the
principal of and interest on such obligations as the same become
due and payable, except to the extent otherwise provided for
through the collection of benefit assessments.
Section 5. The bonds authorized pursuant to this bond
resolution shall be in fully registered form and shall be signed
in the name of the City of Ithaca, Tompkins County, New York, by
the manual or facsimile signature of the City Controller and a
facsimile of its corporate seal shall be imprinted or impressed
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and may be attested by the manual or facsimile signature of the
City Clerk.
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 the City, including, but
not limited to, the power to sell said serial bonds to the New
York State Environmental Facilities Corporation, 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.
Section 7. The power to issue and sell notes to the New York
State Environmental Facilities Corporation pursuant to Section
169.00 of the Local Finance Law is hereby delegated to the City
Controller. Such notes shall be of such terms, form and contents
as may be prescribed by said City Controller consistent with the
provisions of the Local Finance Law.
Section 8. The City Controller is hereby further authorized,
at his sole discretion, to execute a project financing and loan
agreement, and any other agreements with the New York State
Department of Environmental Conservation and/or 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 specific object or purpose described in
Section 1 hereof, or a portion thereof, by a serial bond, and, or
note issue of said City in the event of the sale of same to the
New York State Environmental Facilities Corporation.
Section 9. The intent of this resolution is to give the
City Controller sufficient authority to execute those
applications, agreements, instruments or to do any similar acts
necessary to effect the issuance of the aforesaid serial bonds
and, or notes without resorting to further action of this Common
Council.
Section 10. All other matters, except as provided herein
relating to such bonds, including determining whether to issue
such bonds having substantially level or declining annual debt
service, including prescribing whether manual or facsimile
signatures shall appear on said bonds, prescribing the method for
the recording of ownership of said bonds, appointing the fiscal
agent or agents for said bonds, providing for the printing and
delivery of said bonds (and if said bonds are to be executed in
the name of the City by the facsimile signature of its City
Controller, providing for the manual countersignature of a fiscal
agent or of a designated official of the City), the date,
denominations, maturities and interest payment dates, place or
places of payment, and also including the consolidation with other
issues, shall be determined by the City Controller. It is hereby
determined that it is to the financial advantage of the City not
to impose and collect from registered owners of such serial bonds
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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 so collected by the fiscal agent. 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 52.00 of the Local Finance Law, as the
City Controller shall determine.
Section 11. 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 City is not authorized to expend money,
or
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 12. This resolution shall constitute a statement of
official intent for purposes of Treasury Regulations Section
1.150-1. Other than as specified in this resolution, no monies
are, or are reasonably expected to be, reserved, allocated on
long-term basis, or otherwise set aside with respect to the
permanent funding of the object or purpose described herein.
Section 13. This resolution, which takes effect immediately,
shall be published in full in the Ithaca Journal, the official
newspaper, together with a notice of the City Clerk in
substantially the form provided in Section 81.00 of the Local
Finance Law.
A roll call vote resulted as follows:
Alderperson Manos - Aye Alderperson Pryor - Aye
Alderperson Whitmore- Aye Alderperson Sams - Aye
Alderperson Vaughan - Aye Alderperson Cogan - Aye
Alderperson Hershey - Aye
Carried Unanimously
ADJOURNMENT:
On a motion the meeting was adjourned at 7:05 p.m.
________________________ _______________________
Steven P. Thayer Paulette Manos,
City Controller Acting Mayor