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HomeMy WebLinkAboutMN-CC-2002-07-24 1 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 July 24, 2002 2 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 July 24, 2002 3 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 July 24, 2002 4 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