Details for VILLAGE OF FORT EDWARD-legals - Ad from 2019-11-12
The resolution published herewith was adopted by the Village Board of the Village of Fort Edward on the 4th day of November, 2019, and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Village of Fort Edward is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the New York State Constitution. Matthew Traver, Mayor Village of Fort Edward BOND RESOLUTION AUTHORIZING THE ISSUANCE OF $200,000.00 AGGREGATE PRINCIPAL AMOUNT OF SERIAL BONDS OR A STATUTORY INSTALLMENT BOND OF THE VILLAGE OF FORT EDWARD TO PAY THE COSTS FOR THE CLAIM OF WASHINGTON COUNTY AND AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION NOTES OF THE VILLAGE OF FORT EDWARD FOR THE AFORESAID PURPOSES AND IN CONNECTION THEREWITH WHEREAS, after due deliberation thereon, the Board of Trustees (the “Board”) of the Village of Fort Edward (the “Village”) desires to undertake a project consisting of settling a claim with Washington County as part of the Stipulation of Stipulation of Settlement, Order and Judgment with WCC, LLC under Article Seven of the Real Property Tax Law proceeding commenced against the Village of Fort Edward and other incidental costs (the “Project”) and WHEREAS, WCC, LLC pursuant to Article 7 of the Real Property Tax Law commended various actions against the Village of Fort Edward contesting their real property tax assessment for the years 2016-2017, inclusive, and as part of the settlement of the proceeding, the Village of Fort Edward was required to repay to the County of Washington; and WHEREAS, in order to finance the costs associated with the Project, the Village desires to issue notes or serial bonds or a statutory installment bond, in lieu of serial bonds, in the aggregate principal amount of Two Hundred Thousand and 00/100 Dollars ($200,000.00); and WHEREAS, no other bond anticipation notes have been previously authorized or issued in anticipation of the issuance of serial bonds authorized by this resolution and the bond anticipation notes authorized by this resolution will not serve to renew any other existing bond anticipation notes. NOW, THEREFORE, BE IT RESOLVED by the Board of the Village as follows: Section 1. The specific object and/or purpose of the Project for which the obligations authorized by this Resolution are to be issued is the settling of a claim with Washington County as part of the Stipulation of Stipulation of Settlement, Order and Judgment under Article Seven of the Real Property Tax Law proceeding with WCC, LLC and other incidental costs, all of which are hereby authorized at a maximum estimated cost Two Hundred Thousand and 00/100 Dollars ($200,000.00). Section 2. The initial financing of the Project shall be undertaken by the Village through the issuance of a bond anticipation note or notes in accordance with and pursuant to the Local Finance Law of the State of New York in an amount not to exceed Two Hundred Thousand and 00/100 Dollars ($200,000.00). The Village hereby authorizes any bonds, including a statutory installment bond, in lieu of serial bonds, to be issues for this Project in an amount not to exceed Two Hundred Thousand and 00/100 Dollars ($200,000.00). In addition, the Village further authorizes any obligations issued hereunder to be secured in connection with any Federal or State issued grant(s) or loan(s). Section 3. The Village hereby authorizes the mayor of the Village (the “Mayor”) to utilize funds held within the Fund and within the Budget for the purpose of payment of services rendered in connection with the Project and further authorizes the Mayor to repay any funds expended from the Fund with funds borrowed in connection with any bond anticipation note or bonds, including statutory installment bonds, issued pursuant to and authorized by and through this bond resolution. Section 4. There are hereby authorized to be issued bond anticipation notes (“Notes”), including the renewal of such Notes, for the aforesaid specific objects or purposes in amounts up to but not exceeding the maximum amount of the Bonds herein authorized. Any such Notes issued shall be approved as to form and executed by the Mayor, and issued in anticipation of the sale of the Bonds herein authorized. Section 5. It is hereby determined that the period of probable usefulness of the aforesaid specific objects or purposes is no less than ten (10) years pursuant to Section 11.00(a) (33-a) of the Local Finance Law. Section 6. The full faith and credit of the Village is hereby irrevocably pledged for the payment of the principal of and interest on any Bonds or Notes issued in connection with this bond resolution, as the same respectively become due and payable. An annual appropriation shall be made in each year sufficient to pay the principal of, and any interest, if applicable, on the Bonds or Notes becoming due and payable in such years. Section 7. The maximum maturity of the Bonds shall not exceed the periods of probable usefulness set forth above and shall mature on or before the date of the expiration of the aforesaid periods of probable usefulness as measured from the date of the Bonds or from the date of the first bond anticipation note issued in anticipation of the sale of such bonds, whichever date is earlier. If deemed necessary by the Mayor, the Bonds or Notes to be issued hereunder may be issued in two or more separate series. The maturity of the Bonds issued in connection with this bond resolution will NOT exceed five (5) years. Section 8. Any Notes or Bonds issued hereunder shall be payable from the proceeds derived from the issuance and or sale of the Bonds authorized herein or otherwise redeemed in the manner provided by Section 23.00 or Section 62.10 of the Local Finance Law. Section 9. There are no bond anticipation notes or Bonds outstanding which have been previously issued in anticipation of the sale of the Bonds authorized herein. Section 10. Subject to the provisions of the Local Finance Law, the power to issue and sell the Bonds and/or Notes, including all powers and duties pertaining or incidental thereto, is hereby delegated to the Mayor of the Village, except as herein provided. The Bonds and/or Notes shall be of such terms, form and content, and shall be sold in such manner, whether by public or private sale, as may be determined by the Mayor, pursuant to Local Finance Law, this resolution and any further resolution which the Board may hereafter adopt. The Mayor is authorized to execute and deliver any documents and to take such other action as may be necessary and proper to carry out the intent of the provisions of this resolution, including any resolutions, contracts or authorizations necessary to secure any Federal or State issued grant(s) or loan(s). Section 11. The exact date of issue of the Bonds and/or Notes and the exact date upon which the same shall become due and payable shall be fixed and determined by the Mayor, provided however, that the maturity of said Notes or renewals thereof shall not exceed one year from the Note’s or renewal’s date of issue except as permitted by the Local Finance Law. Section 12. The Mayor shall prepare, or cause to be prepared, such Bonds and/or Notes and sell the same in accordance with the applicable provisions of the Local Finance Law, and at such sale shall determine the interest rate to be borne by such Bonds and/or Notes, whether fixed or variable. Section 13. The proceeds of the sale of the Bonds and/or Notes shall be deposited and/or invested as required by Section 165.00 of the Local Finance Law, and the power to invest the proceeds of sale is hereby delegated to the Mayor and the power to invest in any instruments described in the said Section 165.00 is expressly granted. Section 14. To the extent that it is permitted to do so under the Internal Revenue Code of 1986, as amended (the “Code”), the Issuer hereby designates the Bonds and/ or Notes as “qualified tax-exempt obligations” under Section 265(b) (3) of the Code. The Issuer hereby covenants that it will (i) take all actions on its part necessary to cause interest on the Bonds and/ or Notes be excluded from gross income for purposes of Federal income taxes and (ii) refrain from taking any action which would cause interest on the Bonds and/ or Notes to be included in gross income for purposes of Federal income taxes. Section 15. Pursuant to Section 36.00(a)(1) of the Local Finance Law, this resolution is not subject to permissive referendum. Section 16. The validity of such Bonds and/or Notes (collectively “Obligations”) may be contested only if: (1) Such Obligations are authorized for an object or purpose for which the Village 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 with twenty (20) days after the date of such publication, or (3) Such Obligations are authorized in violation of the provisions of the constitution. Section 17. This resolution, or a summary hereof, shall be published in full in the Post Star, which has been designated as the official newspaper of the Village for such purpose, together with a notice of the Clerk of the Village in substantially the form provided in Section 81.00 of the Local Finance Law. Section 18. The adoption of this Resolution is considered an action under the New York State Environmental Quality Review Act (SEQRA). The Village hereby declares that this action is a Type II action pursuant to 6 NYCRR 617.5(27), and hereby declares that the action does not have a significant impact on the environment and the action is hereby precluded from further environmental review. Section 19. This resolution shall take effect immediately.