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Home My WebLink About08-20-2007AUGUST 20, 2007 5:00 P.M. 193 1 1 SPECIAL TOWN BOARD MEETING The Special Town Board Meeting of the Town Board of the Town of Cortlandville was held at the Raymond G. Thorpe Municipal Building, 3577 Terrace Road, Cortland, New York, with Supervisor Tupper presiding. Members present: Absent: Supervisor, Richard C. Tupper Councilman, Theodore V. Testa Councilman, Edwin O'Donnell Councilman, John C. Proud Town Clerk, Karen Q. Snyder Councilman, Ronal L. Rocco Others present were: Town Attorney, John Folmer. Supervisor Tupper called the Special Meeting to order. Supervisor Tupper explained the purpose of the Special Meeting was to adopt a Bond Resolution authorizing the issuance of $200,000 serial bonds to finance the additional costs of the Expansion/Renovation of the Raymond G. Thorpe Municipal Building. The Bond Resolution would supplement the previous Bond Resolution adopted on May 3, 2006. The Board determined that the estimated maximum cost of the project was $1,900,000, and that it was in the best interest of the Town and the public to appropriate the amount of $200,000 in addition to the $1,700,000 already appropriated for the project. Attorney Folmer explained that over a five-year period the Town would pay $40,000 per year, as well as the interest due. The Town's engineering firm, Clough Harbour & Associates was paid in full prior to construction of the Raymond G. Thorpe Municipal Building. The payments made to Clough Harbour were paid out of the appropriated $1,700,000. For audit purposes the accounting of the Expansion/Renovation of the Raymond G. Thorpe Municipal Building should show all expenses paid out. RESOLUTION #177 BOND RESOLUTION OF THE TOWN OF CORTLANDVILLE, NEW YORK, ADOPTED AUGUST 20, 2007, SUPPLEMENTING THE BOND RESOLUTION HERETOFORE ADOPTED ON MAY 3, 2006, INCREASING THE ESTIMATED MAXIMUM COST OF THE RECONSTRUCTION AND EXTENSION OF TOWN HALL FROM $1,700,000 TO $1,900,000; APPROPRIATING $200,000 IN ADDITION TO THE $1,700,000 HERETOFORE APPROPRIATED FOR SAID PURPOSE; AND AUTHORIZING THE ISSUANCE OF $200,000 ADDITIONAL BONDS TO FINANCE SAID ADDITIONAL APPROPRIATION Motion by Councilman Testa Seconded by Councilman O'Donnell VOTES: ALL AYE ADOPTED WHEREAS, on May 3, 2006, the Town Board of the Town of Cortlandville, in the County of Cortland, New York (hereinafter called the "Town"), adopted the bond resolution authorizing the reconstruction and extension of Town Hall (hereinafter sometimes called the "Project"), in the Town, at the estimated maximum cost of $1,700,000 appropriating said amount therefore, including the expenditure of $500,000 Town funds currently available to pay a part of said appropriation, and authorizing the issuance of $1,200,000 serial bonds of the Town to finance the balance of said appropriation; and WHEREAS, the Town Board has now determined that the estimated maximum cost of the Project is $1,900,000, and it is in the best interest of the Town and in the public interest to appropriate the amount of $200,000 in addition to the $1,700,000 heretofore appropriated pursuant to the bond resolution adopted on May 3, 2006 and to authorize the issuance of $200,000 serial bonds to finance said additional appropriation; Now, therefore, 194 AUGUST 20, 2007 SPECIAL TOWN BOARD MEETING PAGE 2 THE TOWN BOARD OF THE TOWN OF CORTLANDVILLE, IN THE COUNTY OF CORTLAND, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Cortlandville, in the County of Cortland, New York (herein called the "Town"), having heretofore authorized the reconstruction and extension of Town Hall (the "Project"), hereby appropriates the amount of $200,000 in addition to the $1,700,000 heretofore appropriated for the Project pursuant to the bond resolution of the Town Board adopted on May 3, 2006. The estimated maximum cost of said specific object or purpose, including said additional appropriation and preliminary costs and costs incidental thereto and the financing thereof, is $1,900,000. The plan of financing includes the issuance of not to exceed $200,000 serial bonds of the Town to finance said additional appropriation, in addition to the $1,200,000 bonds heretofore authorized to be issued therefore and the expenditure of $500,000 Town funds currently available to pay a part of said appropriation, and the levy and collection of taxes upon all the taxable real property within the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds in the principal amount of $200,000 are hereby authorized to be issued, in addition to the $1,200,000 serial bonds of the Town heretofore authorized, pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law"), to finance said additional appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the object or purpose for which said serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12.(a)(1) of the Law, is twenty-five (25) years; however, the bonds authorized pursuant to this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized, or for such expenditures made on or before such effective date if the Town Board has made a prior declaration of intent to issue indebtedness therfor. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will exceed five years. Section 4. Each of the bonds authorized by this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation as to rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and relative to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. AUGUST 20, 2007 SPECIAL TOWN BOARD MEETING PAGE 3 195 Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, 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 (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately and the Town Clerk is hereby authorized and directed to publish this bond resolution, in summary, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in the "THE CORTLAND STANDARD," a newspaper having a general circulation within said Town and hereby designated as the official newspaper of the Town for such publication. Section 8. The adoption of this bond resolution shall in no way affect the validity of the liabilities incurred, obligations issued, or action taken pursuant to the bond resolution adopted by the Town Board on May 3, 2006, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said resolution. No further comments or discussion were heard. Councilman Testa made a motion, seconded by Councilman Proud, to adjourn the Special Meeting. All voting aye, the motion was carried. The meeting was adjourned at 5:35 p.m. Respectfully submitted, Karen Q. Snyder, RMC Town Clerk Town of Cortlandville *Note: The draft version of this meeting was submitted to the Town Board for their review on September 5, 2007. 1