Tompkins County
New York

Resolution
2017-209

A Bond Resolution Authorizing the Issuance of Up to $325,000 Serial Bonds and Notes of the County of Tompkins, New York, to Pay a Portion of the Cost of Reconstructing and Resurfacing a Portion of Ellis Hollow Road

Information

Department:Finance DepartmentSponsors:
Category:FiscalFunctions:Bonds

Attachments

  1. Printout

Resolution/Document Body

              WHEREAS, the County of Tompkins, New York (the “County”) is a local agency pursuant to the New York State Environmental Quality Review Act (“SEQRA”), ECL Section 8-0101, et seq., and implementing regulations, 6 NYCRR Part 617 (the “Regulations”), and

 

WHEREAS, the County is considering undertaking a capital improvement project consisting of reconstructing and resurfacing a portion of Ellis Hollow Road between Dodge Road and Game Farm Road, including stabilization, drainage and shoulder reconstruction, but not involving the addition of new travel lanes (the “Project”), and

 

              WHEREAS, the County has reviewed the classifications of actions contained in the Regulations, and

 

              WHEREAS, it is now desired to authorize the undertaking and financing of the Project, now therefore be it

 

RESOLVED, on recommendation of the Facilities and Infrastructure Committee and the Budget, Capital, and Personnel Committee, That the County Legislature of the County of Tompkins, New York, (by favorable vote of not less than two thirds of said County Legislature) determines as follows:

 

Section 1.              That the Project constitutes a Type II Action pursuant to Part 617.5(c)(4) of the Regulations and as such is not subject to review under SEQRA. 

 

Section 2.              That undertaking a capital improvement project consisting of reconstructing and resurfacing a portion of Ellis Hollow Road between Dodge Road and Game Farm Road, including stabilization, drainage and shoulder reconstruction, and all other necessary costs incidental to such work, including related construction, demolition, renovations, site improvements, original furnishings, fixtures, and equipment required for such purposes, architectural and engineering fees, is hereby authorized at a maximum estimated cost of $325,000.  There are hereby authorized to be issued up to $325,000 serial bonds of the County to finance the Project pursuant to the provisions of the Local Finance Law.

 

Section 3.              That the maximum estimated cost of the aforesaid class of objects or purposes is $325,000 and that the plan for the financing thereof is by the issuance of up to $325,000 serial bonds, or such lesser amount as may be necessary, hereby authorized to be issued pursuant to this bond resolution and the levy and collection of taxes on all the taxable real property in the County to pay the principal of said bonds and the interest thereon as the same shall become due and payable, and by the application of state and/or federal assistance available or to any revenues available for such purpose from any other source.

 

Section 4.               That the period of probable usefulness of the aforesaid class of objects or purposes is 15 years under subdivision 20(c) 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 5.               That, 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 County Director of Finance, 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 County Director of Finance, consistent with the provisions of the Local Finance Law.

 

Section 6.              That the faith and credit of said County of Tompkins, New York, are hereby irrevocably pledged for the payment of the principal of and interest on such bonds 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 bonds becoming due and payable in such year. There shall annually be levied on all the taxable real property of said County a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable.

 

Section 7.              That such bonds shall be in fully registered form and shall be signed in the name of the County of Tompkins, New York, by the manual or facsimile signature of the County Director of Finance and a facsimile of its corporate seal shall be imprinted or impressed thereon and may be attested by the manual or facsimile signature of the County Clerk.

 

Section 8.              That the powers and duties of advertising such bonds for sale, conducting the sale, and awarding the bonds, are hereby delegated to the County Director of Finance, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as he or she shall deem best for the interests of the County; provided, however, that in the exercise of these delegated powers, he or she 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 County Director of Finance 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. The County Director of Finance is hereby further authorized to execute and deliver all additional certificates, instruments, and documents and to do all other acts as may be necessary, or in the opinion of the County Director of Finance, desirable or proper to effectuate the purposes of this Bond Resolution.

 

Section 9.              That 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 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 County by the facsimile signature of the County Director of Finance, providing for the manual countersignature of a fiscal agent or of a designated official of the County), 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 County Director of Finance. It is hereby determined that it is to the financial advantage of the County 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 County Director of Finance shall determine.

 

Section 10.              That the temporary use of available funds of the County, not immediately required for the purpose or purposes for which the same were borrowed, raised, or otherwise created, is hereby authorized pursuant to Section 165.10 of the Local Finance Law, for the capital purposes described in this resolution. The reasonably expected source of funds to be used to initially pay for the expenditures authorized by this resolution shall be from the County’s General Fund.  It is intended that the County shall then reimburse expenditures from the General Fund with the proceeds of the bonds and bond anticipation notes authorized by this resolution and that the interest payable on the bonds and any bond anticipation notes issued in anticipation of such bonds shall be excludable from gross income for federal income tax purposes. This resolution is intended to constitute the declaration of the County’s “official intent” within the meaning of Treasury Regulation Section 1.150-2 to reimburse the expenditures authorized by this resolution with the proceeds of the bonds and bond anticipation notes authorized herein. Other than as specified in this resolution, no monies are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the objects or purposes described herein.

 

Section 11.              That 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 County 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.              That this resolution, which takes effect immediately, shall be published in full in The Ithaca Journal, the official newspaper of said County, together with a notice of the Clerk of the County Legislature in substantially the form provided in Section 81.00 of the Local Finance Law.

SEQR ACTION: TYPE II-20

Meeting History

Sep 12, 2017 3:00 PM  Facilities and Infrastructure Committee Regular Meeting

Mr. Snyder stated these resolutions were prepared under the advisement of the Bond Counsel earlier this year and the goal is to move forward with these in a timely manner so that these three projects can show in the County Administrator’s Capital Program for the next five years. Mr. Mareane has included these projects in those plans and part of the operating budget to be adopted later this year.

Mr. Snyder stated this resolution involves $325,000 for the Ellis Hollow Road Phase IV Project. He explained that the other two resolutions are part of the $1.2 million the Legislature has been authorized in the past for road and bridge projects; $200,000 for bridge projects and $1 million for road projects.

Mr. Snyder explained once these are adopted by the Legislature on October 17th they will be included in the budget. He said the bond issuance date is February 21st and these are the only three new authorizations that are being requested this year.

RESULT:RECOMMENDED [UNANIMOUS]
MOVER:Glenn Morey, Vice Chair
SECONDER:Michael Sigler, Member
AYES:David McKenna, Glenn Morey, Michael Sigler, Daniel Klein
EXCUSED:Peter Stein
Oct 3, 2017 4:45 PM  Budget, Capital and Personnel Committee Special Meeting
RESULT:RECOMMENDED [UNANIMOUS]
MOVER:Glenn Morey, Member
SECONDER:Michael Sigler, Vice Chair
AYES:James Dennis, Michael Sigler, Leslyn McBean-Clairborne, Glenn Morey, Daniel Klein
Oct 17, 2017 5:30 PM Media Tompkins County Legislature Regular Meeting

This resolution was adopted by a roll call vote.

RESULT:ADOPTED [UNANIMOUS]
MOVER:David McKenna, Member
SECONDER:Glenn Morey, Member
AYES:Will Burbank, Carol Chock, James Dennis, Rich John, Anna Kelles, Dooley Kiefer, Daniel Klein, Michael Lane, Leslyn McBean-Clairborne, Martha Robertson, David McKenna, Glenn Morey, Michael Sigler