RESOLUTION NO. 316
AMENDED AND RESTATED BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK AUTHORIZING THE UNDERTAKING OF A CAPITAL PROJECT FOR THE EMERGENCY 911 COMMUNICATIONS CENTER, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $10,000,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $9,000,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION
Introduced: 9/14/20
By Audit and Finance Committee:
WHEREAS, on December 18, 2017, the County Legislature of the County of Albany, New York (the “County”) adopted Bond Resolution No. 527 of 2017 entitled:
BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, AUTHORIZING THE UNDERTAKING OF A CAPITAL PROJECT FOR THE EMERGENCY 911 COMMUNICATIONS CENTER, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $1,750,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $1,750,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION
(“Resolution No. 527”); and
WHEREAS, the County Legislature adopted Resolution No. 527 to authorize the issuance of serial bonds (and bond anticipation notes in anticipation of the issuance of such serial bonds) in the aggregate principal amount not to exceed $1,750,000 to finance the preliminary costs of the capital project, as described in Section 1 herein (the “Project”); and
WHEREAS, on March 11, 2019, the County Legislature adopted Bond Resolution No. 97 of 2019 entitled:
BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, AUTHORIZING THE UNDERTAKING OF A CAPITAL PROJECT FOR THE EMERGENCY 911 COMMUNICATIONS CENTER, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $8,000,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $8,000,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION
(“Resolution No. 97”); and
WHEREAS, the County Legislature adopted Resolution No. 97 to authorize the increase in the estimated maximum cost of the Project and the issuance of serial bonds (and bond anticipation notes in anticipation of the issuance of such serial bonds) in the aggregate principal amount not to exceed $8,000,000 to finance the increased costs of the Project; and
WHEREAS, on November 12, 2019, the County Legislature adopted Bond Resolution No. 513 of 2019 entitled:
AUTHORIZING THE UNDERTAKING OF A CAPITAL PROJECT FOR THE ALBANY COUNTY SHERIFF’S OFFICE PUBLIC SAFETY BUILDING AND THE EMERGENCY 911 COMMUNICATIONS CENTER, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $2,500,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $2,500,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION
(“Resolution No. 513,” and collectively with Resolution No. 527 and Resolution No. 97, the “Bond Resolution”); and
WHEREAS, the County Legislature adopted Resolution No. 513 to authorize the issuance of serial bonds (and bond anticipation notes in anticipation of the issuance of such serial bonds) in the aggregate principal amount not to exceed $1,000,000 to finance the remaining additional costs of the Project; and
WHEREAS, since the date of the Bond Resolution, the County Legislature has received additional information which indicates changes in the description of the Project, the estimated maximum cost of the Project and the plan of finance of the Project; and
WHEREAS, Section 32.00 of the New York Local Finance Law requires, among other things, that any bond resolution adopted by the finance board of a municipality contain a statement of the specific object or purpose or the class of objects or purposes for which the obligations to be authorized by such resolution are to be issued and a description of the estimated maximum cost and plan of finance; and
WHEREAS, the County Legislature desires to amend the Bond Resolution for the purpose of consolidating Resolution No. 527, Resolution No. 97, and Resolution No. 513 relating to the Project and revising the statement of the specific object or purpose for which the serial bonds (and bond anticipation notes in anticipation of the issuance of such serial bonds) are authorized by the Bond Resolution, together with the estimated maximum cost and plan of finance;
NOW, THEREFORE, BE IT RESOLVED, by the County Legislature of the County of Albany, New York, as follows:
Section 1. The County of Albany, New York (the “County”) is hereby authorized to undertake a capital project consisting of the relocation, renovation, and modification to existing space and structure, together with new construction for the County’s Emergency 911 Communications Center. The capital project will include design, demolition, renovation, construction modifications, relocation, and installation of existing communications equipment as well as the purchase of additional communications equipment, including any necessary site work and the acquisition and installation of furnishings, equipment, machinery and apparatus for the foregoing purposes, together with the preparation of planning, engineering and feasibility studies and review. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof (including the costs relating to the issuance of the obligations authorized by this resolution), is an amount not to exceed $10,000,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of an amount not to exceed $9,000,000 of serial bonds (and bond anticipation notes in anticipation of the issuance of such serial bonds) in such series and amounts as may be necessary to pay the cost thereof, but in no event in excess of $9,000,000 to pay the costs of the capital project. The balance of the costs of the capital project in the amount of $1,000,000 will be paid from New York State grant funding for infrastructure secured by the County.
The period of probable usefulness of the specific object or purpose herein authorized and for which $9,000,000 of said serial bonds are herein authorized to be issued, within the limitations of Section 11.00(a)(11) of the New York Local Finance Law (the “Law”), is thirty (30) years.
Section 2. Serial bonds (and bond anticipation notes in anticipation of the issuance of such serial bonds) in the aggregate principal amount not to exceed $9,000,000 to finance said appropriation are hereby authorized to be issued pursuant to the provisions of the Law.
Section 3. The following additional matters are hereby determined and stated:
(a) The facility described above is a class “A” building, as defined in Section 11.00(a)(11) of the Law.
(b) Current funds are not required by the Law to be provided as a down payment prior to the issuance of the serial bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof in accordance with Section 107.00 of the Law.
(c) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years.
Section 4. The serial bonds authorized by this resolution and any notes issued in anticipation of the sale of such bonds shall contain the recital of validity prescribed by Section 52.00 of the Law and said serial bonds and any notes issued in anticipation of said bonds shall be general obligations of the County, payable as to both principal and interest by a general tax upon all the taxable real property within the County without limitation of rate or amount. The faith and credit of the County are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and provision shall be made annually in the budget of the County 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, pursuant to the provisions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes or the renewals of said notes and of Section 21.00, Section 23.00, Section 50.00, Sections 56.00 to 60.00, Section 62.00, Section 63.00 and Section 164.00 of the Law, the powers and duties of the County Legislature pertaining or incidental to the sale and issuance of the obligations herein authorized, including but not limited 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 notes, are hereby delegated to the County Comptroller, the chief fiscal officer of the County.
Section 6. The County Comptroller is further authorized to take such actions and execute such documents as may be necessary to ensure the continued status of the interest on the bonds authorized by this resolution and any notes issued in anticipation thereof, as excludable from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”) and to designate the bonds authorized by this resolution and any notes issued in anticipation thereof, if applicable, as “qualified tax-exempt bonds” in accordance with Section 265(b)(3)(B)(i) of the Code.
Section 7. The County Comptroller is further authorized to enter into a continuing disclosure undertaking with the initial purchaser of the bonds or notes authorized by this resolution, containing provisions which are satisfactory to such purchaser in compliance with the provisions of Rule 15c2-12, promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
Section 8. By separate resolution, the County has complied with the provisions of the State Environmental Quality Review Act (“SEQRA”) with respect to the capital project described in this resolution by issuing a negative declaration determining that the capital project described in this resolution will not have a significant effect on the environment.
Section 9. The County may initially use funds from the General Fund or such other funds that may be available to pay the cost of the specific objects or purposes authorized by this resolution, pursuant to Section 165.10 of the Law. The County then reasonably expects to reimburse such expenditure with the proceeds of the bonds or bond anticipation notes authorized by Section 2 of this resolution. This resolution shall constitute the declaration of the County’s “official intent” to reimburse the expenditures authorized by Section 1 hereof with the proceeds of the bonds and notes authorized herein, as required by United States Treasury Regulation Section 1.150-2.
Section 10. Resolution No. 527, Resolution No. 97, and Resolution No. 513 shall be amended and restated by this resolution and, except as amended by this resolution, such resolutions, including, but not limited to the provisions relating to the capital project for the Albany County Sheriff’s Office Public Safety Building described in Section 1 of Resolution No. 513, shall remain in full force and effect and the terms and conditions thereof are hereby confirmed.
Section 11. The County has issued serial bonds (and bond anticipation notes in anticipation of the issuance of such serial bonds) under this resolution in the aggregate principal amount of $6,500,000. The history of each issuance follows:
(a) $500,000 pursuant to Resolution No. 527 as part of the County’s $140,740,000 Various Purposes Serial Bonds - 2018 issued on April 12, 2018;
(b) $3,000,000 pursuant to Resolution No. 97 as part of the County’s $37,388,690 Public Improvement Bond Anticipation Notes - 2019 Series A issued on June 6, 2019 (renewed under the County’s 2019 Series A Bonds as hereinafter defined); and
(c) $3,000,000 pursuant to Resolution No. 97 as part of the County’s $72,440,000 Various Purposes Serial Bonds - 2019 Series A issued on September 24, 2019 (the “2019 Series A Bonds”).
Section 12. 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) (1) such obligations are authorized for an object or purpose for which the County is not authorized to expend money, or
(2) the provisions of law which should be complied with at the date of the publication of such 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
(b) such obligations are authorized in violation of the provisions of the Constitution of New York.
Section 13. This bond resolution shall take effect immediately and the Clerk of the County Legislature is hereby authorized and directed to publish the foregoing resolution in full, together with a notice attached in substantially the form as prescribed in Section 81.00 of the Law, in the newspaper(s) designated as the official newspaper(s) of the County for such publication.
Referred to Audit and Finance Committee - 9/14/20
Favorable Recommendation Audit and Finance Committee - 3/25/21