AMENDED BOND RESOLUTION
At a regular meeting of the Town Board of the Town of Lyme, Jefferson County, New York, held at the Town Offices at 12175 NYS Route 12E, Chaumont, New York 13622 on the 13th day of December, 2023 at 6:30 p.m., prevailing time.
The meeting was called to order by Supervisor Countryman and upon roll being called, the following were present:Terry Countryman, Supervisor
Don Bourquin, Councilmember
Julia Gosier, Councilmember
Tim Farrell, Councilmember
Daniel Villa, Councilmember
ABSENT:
The following Amended Resolution was offered by Councilmember Gosier, who moved its adoption, seconded by Councilmember Farrell, to wit:AN AMENDED BOND RESOLUTION DATED DECEMBER 13, 2023
A RESOLUTION AUTHORIZING THE ISSUE OF SERIAL BONDS OR A STATUTORY INSTALLMENT BOND OF THE TOWN OF LYME IN AN AMOUNT NOT TO EXCEED $5,260,681, THE PROCEEDS OF WHICH ARE TO BE USED FOR SITE PREPARATION AND CONSTRUCTION OF A NEW HIGHWAY GARAGE FOR THE TOWN OF LYME.
BE IT RESOLVED, by the Town Board of the Town of Lyme, Jefferson County, New York as follows:
Section 1. The Town of Lyme, in the interests of the citizens of the Town of Lyme, hereby authorizes the issuance of serial bonds or a statutory installment bond for the site preparation and construction of a New Highway Garage (the “Project”). The estimated cost of the Project shall not exceed $5,260,681.
Section 2. The original Bond Resolution of December 8, 2021 is amended to encompass a new cost estimate by the Town Engineers as reflected on the Revised Rural Development (RD) Project Budget/Cost Certification. The new cost estimate and the amount of this Amended Bond Resolution is $5,260,681.
Section 3. It is hereby determined that the period of probable usefulness of the aforesaid object and purpose is thirty (30) years, pursuant to Section 11.00 (a)(11)(a)(1) of the Local Finance Law. It is further determined that no down payment is required pursuant to Section 107 of the Local Finance Law.
Section 4. The Town Board plans to finance the estimated maximum cost of the Purpose by the issuance of serial bonds in an aggregate amount not to exceed $5,260,681 of the Town, hereby authorized to be issued therefor pursuant to the Local Finance Law, said amount to be offset by any federal, state, county and/or local funds received. Unless paid from other sources or charges, the cost of such improvements is to be paid by the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable.
Section 5. The faith and credit of said Town of Lyme, Jefferson County, 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. There shall annually be levied on all property of said Town, sufficient to pay the principal of and interest of such bonds as the same become due and payable.
Section 6. Subject to the Local Finance Law, the power to authorize the issuance of and to sell bond anticipation notes of the issuance and the sale of a statutory installment bond or serial bonds herein authorized, including renewal of such notes, is hereby delegated to the Town Supervisor, the Chief Fiscal Officer. Such Notes shall be of such terms, form and contents and shall be sold in such a manner as may be prescribed by said Town Supervisor consistent with the provisions of the Local Finance Law.
Section 7. 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 to 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 bond are to be executed in the name of the Town by the facsimile signature of its Town Supervisor), including the consolidation with other issues, shall be determined by the Town Supervisor. It is hereby determined that it is to the financial advantage of the Town not to impose and collect from registered owners of such 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 Town Supervisor shall determine.
Section 8. 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 (20) days after the date of such publication, or
(3) Such obligations are authorized in violation of the provisions of the Constitution.
Section 9. Upon this resolution taking effect, a summary of the same be published in Watertown Daily Times, the official newspaper of said Town for such purpose, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law.
Section 10. This resolution is not subject to permissive referendum, pursuant to Section 35.00 of the Local Finance Law.
Section 11. This resolution shall constitute a statement of official intent for the 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.
A motion to adopt the foregoing resolution was made by Board Member Gosier and seconded by Board Member Farrell and upon a roll call vote of the Board was duly adopted as follows:
VOTING
Yes No
Terry Countryman, Supervisor XXX
Don Bourquin, Councilmember XXX
Julia Gosier, Councilmember XXX
Tim Farrell, Councilmember XXX
Daniel Villa, Councilmember XXX
The resolution was thereupon declared and duly adopted.
The above resolution is a true, complete and accurate copy of a resolution made and seconded at a regular meeting of the Town Board of the Town of Lyme held on December 13, 2023.
/s/ Ariana Henderson
Ariana Henderson, Town Clerk