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HomeMy WebLinkAboutTB 2022-177 Bond Reso Forest Home pumpMEETING OF THE ITHACA TOWN BOARD November 28, 2022 TB Resolution 2022 - 177: Resolution Authorizing the Issuance of $1,017,444 Serial Bonds of the Town of Ithaca, Tompkins County, New York, to Pay the Cost of Certain Sewer Improvements to Serve Forest Home Pump Station Sewer Improvement Area in the Town of Ithaca, Tompkins County, New York. Moved: Rod HoweSeconded: Pamela Bleiwas Whereas, pursuant to the proceedings heretofore duly had and taken in accordance with the provisions of Article 12C of the Town Law, and more particularly a resolution dated March 14, 2022, said Town Board has determined it to be in the public interest to establish Forest Home Pump Station Sewer Improvement Area at a maximum estimated cost of $1,017,444; and Whereas, the capital project therefore, as hereinafter described has been determined to be a Type II Action pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, the implementation of which as such will not result in a significant environmental effect; and Whereas, it is now desired to provide funding for such project; now, therefore, be it Resolved, by the Town Board of the Town of Ithaca, Tompkins County, New York, as follows:Section 1.For the specific object or purpose of paying the cost of the sewer improvements for the establishment of Forest Home Pump Station Sewer Improvement Area, consist of the cost of the reconstruction of and improvements to the Forest Home Pump Station and reconstruction of related force main and original equipment, machinery, apparatus, appurtenances, as well as other incidental improvements and expenses in connection therewith, at a maximum estimated cost of $1,017,444, which specific object or purpose is hereby authorized at said maximum estimated cost, there are hereby authorized to be issued $1,017,444 serial bonds of said Town pursuant to the provisions of the Local Finance Law; provided however, the amount of serial bonds ultimately to be issued shall be reduced by any grants-in-aid received therefore. Section 2.It is hereby determined that the plan for the financing of the improvements for the establishment of Forest Home Pump Station Sewer Improvement Area is by the issuance of the $1,017,444 serial bonds of said Town authorized to be issued pursuant to the provisions of this bond resolution. Section 3.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. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will exceed five years. 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 serial bonds herein authorized, including renewals of such notes, is hereby delegated to the Supervisor, 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 Supervisor, consistent with the provisions of the Local Finance Law. Section 5.The faith and credit of said Town of Ithaca, Tompkins County, New York, are hereby irrevocably pledged to 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 be annually levied upon all the taxable real property deemed to be especially benefitted thereby, in said Forest Home Pump Station Sewer Improvement Area, an amount sufficient therefor, but to the extent not paid thereby, all the taxable real property within said Town shall be subject to the levy of an ad volorem tax, without limitation as to rate or amount sufficient to pay principal of and interest on such obligations. Section 6.The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds, are hereby delegated to the Supervisor, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as the Supervisor shall deem best for the interests of said Town, including, but not limited to, the power to sell said bonds to the New York State Environmental Facilities Corporation; provided, however, that in the exercise of these delegated powers, the Supervisor 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 Supervisor 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.All other matters, except as provided herein relating to such bonds, including determining whether to issue such bonds, authorized herein, in one or more series having substantially level or declining annual debt service and all matters related thereto, and the manner of execution of the same, including the consolidation with other issues, and also the ability to issue serial bonds with substantially level or declining annual debt service and all matters relating thereto, shall be determined by the Supervisor, the chief fiscal officer of such Town. 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 additions to those required by Section 51.00 of the Local Finance Law, as the Supervisor shall determine consistent with the provisions of the Local Finance Law. Section 8.The Supervisor is hereby further authorized, at the Supervisor’s sole discretion, to execute a project finance and/or loan agreement, and any other agreements with the New York State Department of Environmental Corporation 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 bond, and/or note issue of said Town in the event of the sale of same to the New York State Environmental Facilities Corporation. Section 9.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 Supervisor. Such notes shall be of such terms, form and contents as may be prescribed by said Supervisor consistent with the provisions of the Local Finance Law. Section 10.The intent of this resolution is to give the Supervisor 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 Town Board. 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 Town 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, which takes effect immediately, shall be published in summary form in the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 8l.00 of the Local Finance Law. The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Rod Howe, aye; Rich DePaolo, aye; Pamela Bleiwas, aye; Eric Levine, aye; Bill Goodman, aye; Rob Rosen, aye; and Margaret Johnson, aye. The resolution was thereupon declared duly adopted.