HomeMy WebLinkAbout11-30-11 City Administration Committee Meeting AgendaCITY ADMINISTRATION COMMITTEE
November 30, 2011
Start Time Immediately Following the 5:30 p.m. Special CC Meeting
COMMON COUNCIL CHAMBERS
AGENDA
1. Chairperson Greeting & Opening Statement
2. Announcements
3. Agenda Review and Amendments
4. Approval of Minutes
5. Statements from the Public
6. Employee Comments
7. Common Council Response
8. Workforce Diversity Committee
9. Safety Committee
10. Diversity Actions Report
Police – November – To be presented at meeting
11. Planning and Development/IURA
11.1 Loan Subordination and Restructuring to Facilitate INHS Acquisition of MHATC
Housing - Resolution
11.2 Waive & Subordinate City’s Right of First Refusal on MHATC First Street Property to
Facilitate INHS Acquisition of MHATC Housing – Resolution
11.3 Request to Release Funds from Restricted Contingency for Henry St. John Local
Historic District Nomination Grant – Resolution
12. Department of Public Works
12.1 Approval of Sale of Surplus Land – Discussion/Possible Resolution
13. Fire Department
13.1 Request for Roster Change - Resolution
14. Human Resources
14.1 Approval of Retiree Health Insurance Co-Payment – Resolution
14.2 Director’s Report
15. Finance/Controller’s Office
15.1 Request Authorization to Cover Red Accounts – Resolution
15.2 Request to Transfer Funds from Reserved Fund Balance to Cover CSEA
Compensation Plan Salary and Benefit Increases - Resolution
15.3 Resolution Authorizing the Issuance of Bonds
15.4 Controller’s Report
16. Reports
16.1 Mayor’s Report
16.2 Sub-Committee Updates
16.3 Council Members’ Announcements
16.4 Next Month’s Meeting: Monday, December 19, 2011 – NOTE CHANGE IN DATE
11. Planning and Development/IURA
.1 Loan Subordination and Restructuring to Facilitate INHS Acquisition of MHATC
Housing
WHEREAS, on October 20, 2011, Ithaca Neighborhood Housing Services, Inc. (INHS) executed
a Transfer Agreement with Mutual Housing Association of Tompkins County, Inc. (MHATC) to
acquire the MHATC housing project in the Northside neighborhood as part of a plan for
dissolution of MHATC, and
WHEREAS, MHATC owns and manages 28 units of affordable housing located within the block
bounded by Adams Street, First Street, Franklin Street and Alice Miller Way, and
WHEREAS, INHS has developed a plan to assume and refinance MHATC debt on the project,
commit to fund over $200,000 of immediate property upgrades and repairs, and operate the
property as affordable housing without dislocation of any tenants in good standing, and
WHEREAS, MHATC acquired title to the phase 1 MHATC First Street property (tax map #25.-
3-1.1) from the City of Ithaca on April 30, 1992, for a purchase price of $90,000, payable over
24 years and secured by a mortgage lien on the parcel, and
WHEREAS, INHS seeks to secure refinancing debt for the acquisition project with first-
mortgage liens on the project property and requests the City to subordinate its mortgage lien to a
new mortgage lien, and
WHEREAS, INHS proposes to assume MHATC’s loan obligation with respect to the City
provided the loan is restructured, and
WHEREAS, the City-to-MHATC loan established a 12-year period of 3% interest-only
payments ($225/mo.) followed by a 12-year period beginning in 2004 of principal plus interest
payments at 7% interest ($920/mo.) to fully amortize the debt in 2016, and
WHEREAS, MHATC remained current on the loan through 2004 but never made a principal
plus interest payment and still owes the full $90,000 principal balance, and
WHEREAS, INHS proposes to assume a restructured MHATC loan to fully repay the City the
outstanding principal balance of $90,000 over 20 years at 2% ($455/mo.), and
WHEREAS, the Ithaca Urban Renewal Agency reviewed this matter at their October 27, 2011
and recommends that the Common Council approve restructuring the City to MHATC debt as
requested by INHS to allow INHS to invest over $200,000 in immediate facility upgrades and
repairs while maintaining rents at rates affordable to low- and moderate-income families, and
WHEREAS, the City Administration Committee considered this matter at their November 21,
2011, meeting and recommended the following; now, therefore, be it
RESOLVED, That in order to induce INHS to acquire MHATC real estate as part of an
MHATC dissolution plan and operate the existing 28 housing units located on First Street and
Alice Miller Way as affordable housing without dislocating any tenants in good standing, the
Common Council of the City of Ithaca hereby agrees to subordinate its mortgage lien on the
phase 1 MHATC First Street parcel (tax map parcel #25.-2-1.1) to a mortgage lien and/or other
security securing lender/bond purchaser for the INHS acquisition project, on such terms and
conditions as required by any lender or bond purchaser financing the acquisition project and
approved by the City Attorney, and be it further
RESOLVED, That the City agrees to:
1. Authorize assignment of the $90,000 MHATC loan to INHS;
2. Forgive all delinquent payments of principal and interest on the loan;
3. Modify the loan terms to repay the full $90,000 outstanding principal balance over 20
years at a 2% interest rate ($455/mo.), and be it further
RESOLVED, That the Mayor, upon the advice of the City Attorney, is hereby authorized to
execute all necessary and appropriate documents to implement this resolution, including, but not
limited to, a subordination agreement and a loan modification agreement.
11. Planning and Development/IURA
.2 Waive & Subordinate City’s Right of First Refusal on MHATC First Street Property to
Facilitate INHS Acquisition of MHATC Housing
WHEREAS, on October 20, 2011, Ithaca Neighborhood Housing Services, Inc. (INHS) executed
a Transfer Agreement with Mutual Housing Association of Tompkins County, Inc. (MHATC) to
acquire the MHATC housing project in the Northside neighborhood as part of a plan for
dissolution of MHATC, and
WHEREAS, MHATC owns and manages 28 units of affordable housing located within the block
bounded by Adams Street, First Street, Franklin Street and Alice Miller Way, and
WHEREAS, MHATC acquired title to the phase 1 MHATC First Street property (tax map #25.-
3-1.1) from the City of Ithaca on April 30, 1992, for a purchase price of $90,000, payable over
24 years; and
WHEREAS, in conveying said property to MHATC, the City retained a right of first refusal –
i.e., the right to reacquire the property in the event of a future sale or conveyance by MHATC, by
matching a bona fide offer received by MHATC, within 60 days of notification of such offer, and
WHEREAS, MHATC proposes to convey the property to INHS under terms whereby INHS
agrees to assume project debt, commit to fund over $200,000 of immediate property upgrades
and repairs, and operate the property as affordable housing without dislocation of any tenants in
good standing, and
WHEREAS, the MHATC Board plans to dissolve the MHATC organization upon transfer of its
assets, and
WHEREAS, transfer of MHATC real property to INHS will ensure retention of a 28-unit
affordable housing resource, and
WHEREAS, the City Administration Committee considered this matter at their November 21,
2011 meeting and recommended the following; now, therefore be it
RESOLVED, That in order to induce INHS to acquire MHATC real estate as part of an
MHATC dissolution plan and operate the existing 28 housing units located on First Street and
Alice Miller Way as affordable housing without dislocating any tenants in good standing, the
Common Council of the City of Ithaca hereby agrees to waive its right of first refusal over the
phase 1 MHATC First Street parcel (tax map parcel #25.-2-1.1), and be it further
RESOLVED, The Common Council of the City of Ithaca hereby agrees to subordinate its right
of first refusal over the phase 1 MHATC First Street parcel (tax map parcel #25.-2-1.1) to a
mortgage lien and/or other security securing INHS’ lender/bond purchase for the project, on such
terms and conditions as required by any lender or bond purchaser financing the acquisition
project and approved by the City Attorney, and be it further
RESOLVED, That the Mayor, upon the advice of the City Attorney, is hereby authorized to
execute all necessary and appropriate documents to implement this resolution, including, but not
limited to, a subordination agreement.
11. Planning and Development/IURA
.3 Request to Release Funds from Restricted Contingency for Henry St. John Local
Historic District Nomination Grant
WHEREAS, as part of the 2011 Authorized Budget $3,000 was placed in Restricted
Contingency to provide funds for the required cash match for the Reserve New York Grant
Program of the Preservation League of New York State for funds to engage a consultant for
survey and documentation pursuant to the preparation of New York State and National
Registration nominations for the “Henry Saint John Survey Area,” and
WHEREAS, the grant was applied for in April 2011 and recently approved; now, therefore be it
RESOLVED, That Common Council hereby approves the transfer of an amount not to exceed
$3,000 from Account A1990 Restricted Contingency to Account A8020-5435 Planning and
Development Contracts for the purposes of providing the cash match for said Preserve New York
Grant.
13. Fire Department
.1 Request for Roster Change - Resolution
WHEREAS, the Fire Department has a reduction in staffing, thus creating an adjustment of
assignments and responsibilities in the Fire Department, and
WHEREAS, the elimination of a Deputy Fire Chief position has reduced management capacity
within the Fire Department, and
WHEREAS, the areas of responsibility and the workloads of the Fire Chief and remaining
Deputy Fire Chief will need to be adjusted as needed to maintain the function of the Fire
Department, and
WHEREAS, the position of Fire Alarm Superintendent position is not funded in 2012 and the
need for some of those responsibilities relating to fire protection system inspections to be
transferred to persons in the Fire Department, and
WHEREAS, the nature of code enforcement, the need for day-to-day guidance, and quality
assurance are very time intensive, and
WHEREAS, due to the resignation of a person working in a half-time position for Financial
Clerk for the Fire Department, and
WHEREAS, the Fire Department has proposed an adjustment to facilitate staffing changes; now,
therefore be it
RESOLVED, Common Council hereby authorizes the creation of an additional Fire Lieutenant
position to serve as a supervisor in the Fire Prevention Bureau, thus allowing the Fire Chief to
delegate certain responsibilities to that Fire Lieutenant, and be it further
RESOLVED, The vacancy created by the promotion of a Fire Fighter to Lieutenant will be not
be filled, and be it further
RESOLVED, One Fire Fighter position will be eliminated from the Fire Department roster, and
be it further
RESOLVED, The position of half-time Financial Clerk will be eliminated from the roster, and
be it further
RESOLVED, The position of Fire Alarm Superintendent will be eliminated from the Fire
Department roster, and be it further
RESOLVED, That the funding for the new position of Fire Lieutenant will be derived from the
existing authorized Fire Department budget, and be it further
RESOLVED, That this action is contingent on the approval of the Town of Ithaca.
14. Human Resources
.1 Approval of Retiree Health Insurance Co-Payment
WHEREAS, the City currently, 2011, charges a majority of City retirees and those employees on
leave of absence $221.84 per month for individual health insurance coverage, and $507.98 per
month for family coverage, which equates to 33.50% of the 2011 premium equivalent rate, and
WHEREAS, these retiree rates have been adjusted annually per the consumer price index (CPI)
small cities percentage since 2005, and
WHEREAS, the premium equivalent rate has been increasing greater than the CPI for several
years, therefore reducing the annual retiree contribution, and
WHEREAS, in light of the significant increase in past years in the City health insurance rates
and the related hardship these increases would have caused City retirees and persons on leaves of
absence had the City charged full rates, the City has adopted a policy of not charging the full rate
increases to those individuals, and
WHEREAS, the City’s financial status is being heavily pressured by increasing health insurance
costs, and
WHEREAS, the City is now recommending that the retirees co-payment insurance increase at
the same percentage increase or decrease of the premium equivalent rate on an annual basis, for
2012 the increase is 9.5%; now, therefore be it
RESOLVED, That Common Council hereby establishes the 2012 monthly rate of health
insurance coverage for retires and those employees on leaves of absence at a $242.91 for
individual coverage and $556.24 for family coverage, which represents a 9.5% increase over the
current retiree health insurance rate charged, and be it further
RESOLVED, That the 2012 rate shall be effective January 1, 2012, and be it further
RESOLVED, That the future retiree health insurance rates shall be reviewed annually by the
City Controller’s Office and adjusted by the percentage increase/decrease to the City’s premium
equivalent rate with appropriate notification by the Human Resources Department to retirees
regarding future rate changes, and be it further
RESOLVED, That said increase in retiree health insurance rates do not apply to those retires
that currently have a fixed rate of health insurance premium.
15. Finance/Controller’s Office
.1 Request Authorization to Cover Red Accounts
RESOLVED, That the City Controller be empowered to make transfers within the 2011 Budget
appropriations, as needed, for the remainder of the 2011 Fiscal Year.
15. Finance/Controller’s Office
.2 Request to Transfer Funds from Reserved Fund Balance to Cover CSEA Compensation
Plan Salary and Benefit Increases
WHEREAS, as part of the authorized City budgets for 2006, 2007, 2008 and 2009 a total of
$325,000 was set aside to help fund the initial phase of the CSEA Compensation Plan, and
WHEREAS, the CSEA Compensation Plan was implemented in 2011 with Phase I costs for
salaries and benefits expended throughout the year; now, therefore be it
RESOLVED, That Common Council hereby directs the City Controller to make all necessary
transfers to various accounts to help cover the costs of salary and benefits for the first phase of
the CSEA Compensation Plan in an amount not to exceed $325,000 from the City’s Reserved
Fund Balance for the CSEA Compensation Plan, and be it further
RESOLVED, That future funding of Phase II –V of the CSEA Compensation Study will be
made part of future City Budgets 2012-2015 as appropriate.
BOND RESOLUTION
(Various Capital Projects)
At a regular meeting of the Common Council of the City of Ithaca, Tompkins County,
New York, held at the Common Council Chambers, City Hall, in Ithaca, New York, in said City,
on the 7th day of December, 2011, at ________ o'clock P.M., Prevailing Time.
The meeting was called to order by _______________________________________, and
upon roll being called, the following were
PRESENT:
ABSENT:
The following resolution was offered by Councilman ________________________, who
moved its adoption, seconded by Councilman ____________________________, to-wit:
BOND RESOLUTION DATED DECEMBER 7, 2011.
A RESOLUTION AUTHORIZING THE ISSUANCE OF $4,566,000 BONDS OF THE
CITY OF ITHACA, TOMPKINS COUNTY, NEW YORK, TO PAY THE COST OF
CERTAIN CAPITAL IMPROVEMENTS IN AND FOR SAID CITY.
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 affirmative vote of not less than two-thirds of the total
voting strength of the Common Council of the City of Ithaca, Tompkins County, New York, as
follows:
Section 1. For the object or purpose of paying the cost of certain capital
improvements in and for the City of Ithaca, Tompkins County, New York, there are hereby
authorized to be issued $4,566,000 bonds of said City pursuant to the provisions of the Local
Finance Law, apportioned among such capital improvements in accordance with the maximum
estimated cost of each. The capital improvements to be financed pursuant to this bond
resolution, the maximum estimated cost of each, the amount of serial bonds to be authorized
therefore, the period of probable usefulness of each, and whether said capital improvements are
each a specific object or purpose or a class of objects or purposes, including in each case
incidental improvements and/or expenses in connection therewith, is as follows:
a) Citywide retaining wall evaluation, in and for said City, including incidental expenses in
connection therewith, at a maximum estimated cost of $150,000. It is hereby determined
that the plan for the financing of such specific object or purpose shall consist of the
issuance of $150,000 bonds of the $4,566,000 bonds of said City authorized to be issued
pursuant to this bond resolution. It is hereby determined that the period of probable
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usefulness of the aforesaid specific object or purpose is 5 years, pursuant to subdivision
62nd(2nd) of paragraph a of Section 11.00 of the Local Finance Law;
b) Youth Bureau Building roof replacement, including incidental expenses in connection
therewith, in and for said City, at a maximum estimated cost of $197,000. It is hereby
determined that the plan for the financing of such specific object or purpose shall consist
of the issuance of $197,000 bonds of the $4,566,000 bonds of said City authorized to be
issued pursuant to this bond resolution. It is hereby determined that the period of
probable usefulness of the aforesaid specific object or purpose is 25 years, pursuant to
subdivision 12(a)(1) of paragraph a of Section 11.00 of the Local Finance Law;
c) Purchase of a fire rescue vehicle, for said City, including incidental equipment and
expenses in connection therewith, at a maximum estimated cost of $870,000. It is hereby
determined that the plan for the financing of such specific object or purpose shall consist
of the issuance of $870,000 bonds of the $4,566,000 bonds of said City authorized to be
issued pursuant to this bond resolution. It is hereby determined that the period of
probable usefulness of the aforesaid specific object or purpose is 20 years, pursuant to
subdivision 27 of paragraph a of Section 11.00 of the Local Finance Law; and
d) Reconstruction of and construction of improvements to the Seneca Street parking garage,
in and for said City, including original furnishings, equipment, apparatus, appurtenances,
and incidental expenses in connection therewith, at a maximum estimated cost of
$1,000,000. It is hereby determined that the plan for the financing of such specific object
or purpose shall consist of the issuance of $1,000,000 bonds of the $4,566,000 bonds of
said City authorized to be issued pursuant to this bond resolution. It is hereby determined
that the period of probable usefulness of the aforesaid specific object or purpose is 25
years, pursuant to subdivision 12(a)(1) of paragraph a of Section 11.00 of the Local
Finance Law;
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e) Data network replacement, in and for said City, including hardware, software and
incidental expenses in connection therewith, at a maximum estimated cost of $195,000.
It is hereby determined that the plan for the financing of such specific object or purpose
shall consist of the issuance of $195,000 bonds of the $4,566,000 bonds of said City
authorized to be issued pursuant to this bond resolution. It is hereby determined that the
period of probable usefulness of the aforesaid specific object or purpose is 5 years,
pursuant to subdivision 32 of paragraph a of Section 11.00 of the Local Finance Law;
f) Reconstruction of and construction of improvements to East State Street, MLK Jr. Street
and Mitchell Street intersection, in and for said City, including resurfacing, sidewalks,
curbs, gutters, drainage, landscaping, grading, and incidental equipment and expenses in
connection therewith, at a maximum estimated cost of $450,000. It is hereby determined
that the plan for the financing of such specific object or purpose shall consist of the
issuance of $450,000 bonds of the $4,566,000 bonds of said City authorized to be issued
pursuant to this bond resolution. It is hereby determined that the period of probable
usefulness of the aforesaid specific object or purpose is 15 years, pursuant to subdivision
20(c) of paragraph a of Section 11.00 of the Local Finance Law;
g) Traffic signal upgrades at multiple city locations (Phase II), in and for said City,
including incidental equipment and expenses in connection therewith, at a maximum
estimated cost of $764,000. It is hereby determined that the plan for the financing of
such class of objects or purposes shall consist of the issuance of $764,000 bonds of the
$4,566,000 bonds of said City authorized to be issued pursuant to this bond resolution. It
is hereby determined that the period of probable usefulness of the aforesaid class of
objects or purposes is 20 years, pursuant to subdivision 72 of paragraph a of Section
11.00 of the Local Finance Law;
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h) Purchase of police vehicles to replace those in service for at least one year, in and for said
City, including incidental equipment and expenses in connection therewith, at a
maximum estimated cost of $155,000. It is hereby determined that the plan for the
financing of such class of objects or purposes shall consist of the issuance of $155,000
bonds of the $4,566,000 bonds of said City authorized to be issued pursuant to this bond
resolution. It is hereby determined that the period of probable usefulness of the aforesaid
class of objects or purposes is 3 years, pursuant to subdivision 77(1st) of paragraph a of
Section 11.00 of the Local Finance Law;
i) Purchase and installation of parking pay stations, in and for said City, including
incidental expenses in connection therewith, at a maximum estimated cost of $50,000. It
is hereby determined that the plan for the financing of such class of objects or purposes
shall consist of the issuance of $50,000 bonds of the $4,566,000 bonds of said City
authorized to be issued pursuant to this bond resolution. It is hereby determined that the
period of probable usefulness of the aforesaid class of objects or purposes is 5 years,
pursuant to subdivision 50 of paragraph a of Section 11.00 of the Local Finance Law;
j) Reconstruction of and improvements to various water mains and pumps, in and for said
City, including incidental expenses in connection therewith, at a maximum estimated cost
of $60,000. It is hereby determined that the plan for the financing of such class of objects
or purposes shall consist of the issuance of $60,000 bonds of the $4,566,000 bonds of
said City authorized to be issued pursuant to this bond resolution. It is hereby determined
that the period of probable usefulness of the aforesaid class of objects or purposes is 40
years, pursuant to subdivision 1 of paragraph a of Section 11.00 of the Local Finance
Law;
k) Reconstruction of and improvements to various sewer mains and pumps, in and for said
City, including incidental expenses in connection therewith, at a maximum estimated cost
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of $120,000. It is hereby determined that the plan for the financing of such class of
objects or purposes shall consist of the issuance of $120,000 bonds of the $4,566,000
bonds of said City authorized to be issued pursuant to this bond resolution. It is hereby
determined that the period of probable usefulness of the aforesaid class of objects or
purposes is 40 years, pursuant to subdivision 4 of paragraph a of Section 11.00 of the
Local Finance Law;
l) To pay the additional costs of the construction of a multi-use trail between Floral Avenue
and the Flood Control Channel in said City, in and for said City, at a revised maximum
estimated cost of $416,000. It is hereby determined that the plan for the financing of
such specific object or purpose shall consist of the issuance of $324,000 bonds of the
$4,566,000 bonds of said City authorized to be issued pursuant to this bond resolution in
addition to the $92,000 previously authorized by a bond resolution dated and duly
adopted on July 6, 2011, PROVIDED, HOWEVER, that to the extent that any Federal
or State grants-in-aid are received for such specific object or purpose, the amount of
bonds to be issued pursuant to this resolution shall be reduced dollar for dollar. It is
hereby determined that the period of probable usefulness of the aforesaid specific object
or purpose is 15 years, pursuant to subdivision 19(c) of paragraph a of Section 11.00 of
the Local Finance Law and that the period of probable usefulness for the planning and
design costs specified in said bond resolution dated and duly adopted on July 6, 2011 is
now determined to be 15 years, calculated from August 5, 2011, the date of the first
obligations issued for said specific object or purpose; and
m) To pay the additional costs of the construction of bulb-outs extensions of curbs and
sidewalks at the intersections of West Green and West Seneca Streets in said City, in and
for said City, at a revised maximum estimated cost of $267,000. It is hereby determined
that the plan for the financing of such specific object or purpose shall consist of the
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issuance of $231,000 bonds of the $4,566,000 bonds of said City authorized to be issued
pursuant to this bond resolution in addition to the $36,000 previously authorized by a
bond resolution dated and duly adopted on July 6, 2011, PROVIDED, HOWEVER, that
to the extent that any Federal or State grants-in-aid are received for such specific object
or purpose, the amount of bonds to be issued pursuant to this resolution shall be reduced
dollar for dollar. It is hereby determined that the period of probable usefulness of the
aforesaid specific object or purpose is 10 years, pursuant to subdivision 24 of paragraph a
of Section 11.00 of the Local Finance Law and that the period of probable usefulness for
the planning and design costs specified in said bond resolution dated and duly adopted
July 6, 2011 is now determined to be 10 years, calculated from August 5, 2011, the date
of the first obligations issued for said specific object or purpse.
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Section 2. The aggregate maximum estimated cost of the aforesaid objects or
purposes is $4,566,000, and the plan for the financing thereof is by the issuance of the
$4,566,000 serial bonds authorized by Section 1 hereof, allocated to each of the objects or
purposes in accordance Section 1 hereof.
Section 3. 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 of
said City, a tax sufficient to pay the principal of and interest on such obligations as the same
become due and payable.
Section 4. 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
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 5. All other matters, except as provided herein relating to such bonds,
including determining whether to issue such bonds having substantially level or declining debt
service and all matters related thereto, 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 the 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,
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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 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 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; 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 Treasurer 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 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
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3) Such obligations are authorized in violation of the provisions of the Constitution.
Section 8. This resolution shall constitute a statement of official intent for purposes
of Treasury Regulations Section 1.150-2. Other than as specified in this resolution, no monies
are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set
aside with respect to the permanent funding of the object or purpose described herein.
Section 9. This resolution, which takes effect immediately, shall be published in
summary form 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.
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The question of the adoption of the foregoing resolution was duly put to a vote on roll
call, which resulted as follows:
__________________________________ VOTING ___________
__________________________________ VOTING ___________
__________________________________ VOTING ___________
__________________________________ VOTING ___________
__________________________________ VOTING ___________
__________________________________ VOTING ___________
__________________________________ VOTING ___________
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__________________________________ VOTING ___________
__________________________________ VOTING ___________
The resolution was thereupon declared duly adopted.
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