File #: 24-307    Version: 1 Name:
Type: Resolution Status: Passed
File created: 4/19/2024 In control: Audit and Finance Committee
On agenda: Final action: 5/13/2024
Title: OMNIBUS SUPPLEMENTAL BOND RESOLUTION DATED MAY 13, 2024. A RESOLUTION AMENDING CERTAIN TERMS OF MULTIPLE BOND RESOLUTIONS OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED IN CALENDAR YEARS 2020 AND 2022 AUTHORIZING VARIOUS CAPITAL IMPROVEMENTS FOR COUNTY FACILITIES
Sponsors: Audit and Finance Committee
Attachments: 1. TMP 5411 - Comptroller Update 4.24.24, 2. 24-307 AF 19 - TMP-5411 - SUPPLEMENTAL BOND RESOLUTION - OMNIBUS AMENDMENTS TO 2020 & 2022 REGARDING FINANCING PLAN-25070637-v4

RESOLUTION NO. 307

 

OMNIBUS SUPPLEMENTAL BOND RESOLUTION DATED MAY 13, 2024.  A RESOLUTION AMENDING CERTAIN TERMS OF MULTIPLE BOND RESOLUTIONS OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED IN CALENDAR YEARS 2020 AND 2022 AUTHORIZING VARIOUS CAPITAL IMPROVEMENTS FOR COUNTY FACILITIES

 

Introduced: 5/13/24

By Audit and Finance Committee:

 

THE COUNTY LEGISLATURE OF THE COUNTY OF ALBANY, NEW YORK, HEREBY RESOLVES AS FOLLOWS:

 

WHEREAS, during calendar years 2020 and 2022 the County Legislature adopted various bond resolutions for the purposes of financing the undertaking of certain capital projects (collectively, the “Bond Resolutions”), and

 

WHEREAS, the County Legislature desires to amend the Bond Resolutions for the purpose of making certain technical changes to the following provisions of the Bond Resolutions:  (a) the plan of finance provisions contained in Section 1 of such resolutions, and (b) the reimbursement/“official intent” provisions contained in Section 9 of such resolutions, and

 

WHEREAS, the list of Bond Resolutions and the proposed amendments are described on Schedule A attached to this resolution, now, therefore, be it

 

RESOLVED, by the County Legislature of the County of Albany, New York, as follows:

 

SECTION 1.                                          The proposed amendments described on Schedule A to this resolution are hereby accepted and approved.

 

SECTION 2.                                          The adoption by the County of this resolution is a Type II action under the provisions of the State Environmental Quality Review Act (“SEQRA”), and no further action by the County is required under SEQRA.

 

SECTION 3.                                          The Bond Resolutions described on Schedule A attached, as amended by this resolution, shall otherwise remain in full force and effect in accordance with their terms, and such resolutions are hereby ratified and confirmed.

 

SECTION 4.                                          This resolution shall take effect immediately.

 

 

SCHEDULE A

No.

Resolution Title

Resolution Number

Amendment

 

 

 

 

1.

BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED FEBRUARY 10, 2020, AUTHORIZING THE CONSTRUCTION, RECONSTRUCTION, AND IMPROVEMENTS FOR THE REPLACEMENT OF THE HELDERBERG-HUDSON RAIL TRAIL BRIDGE FOR THE DEPARTMENT OF PUBLIC WORKS, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $1,700,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $1,700,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION.

No. 51 of 2020

The plan of finance contained in Section 1 of the Bond Resolution is amended and replaced to read as follows:  The plan of financing is described as follows:  (a) the issuance of an amount not to exceed $1,700,000 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 $1,700,000 to pay the cost of the capital projects, (b) the receipt of various federal and state grants, and/or (c), subject to the discretion of the County, the application of moneys from the County’s General Fund or such other moneys of the County that may be available to pay the costs thereof.  In the event that such grants or other moneys become available, the County will issue obligations in a principal amount less than the $1,700,000 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys.  Section 9 of the Bond Resolution is amended and replaced to read as follows:  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. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, the County then reasonably expects to reimburse such expenditures with the proceeds of such bonds or bond anticipation notes. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, then 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.  The provisions of this section are expressly subject to the plan of finance as determined by the County as described in Section 1 above. 

2.

BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED MARCH 14, 2022, AUTHORIZING VARIOUS CAPITAL IMPROVEMENTS FOR THE DEPARTMENT OF GENERAL SERVICES, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $500,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $500,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION.

No. 96 of 2022

The plan of finance contained in Section 1 of the Bond Resolution is amended and replaced to read as follows:  The plan of financing is described as follows:  (a) the issuance of an amount not to exceed $500,000 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 $500,000 to pay the cost of the capital projects, (b) the receipt of various federal and state grants, and/or (c), subject to the discretion of the County, the application of moneys from the County’s General Fund or such other moneys of the County that may be available to pay the costs thereof.  In the event that such grants or other moneys become available, the County will issue obligations in a principal amount less than the $500,000 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys.  Section 9 of the Bond Resolution is amended and replaced to read as follows:  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. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, the County then reasonably expects to reimburse such expenditures with the proceeds of such bonds or bond anticipation notes. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, then 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.  The provisions of this section are expressly subject to the plan of finance as determined by the County as described in Section 1 above.

3.

BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED MARCH 14, 2022, AUTHORIZING VARIOUS CAPITAL IMPROVEMENTS FOR COUNTY OWNED GARAGES AND PARKING FACILITIES, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $500,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $500,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION.

No. 97 of 2022

The plan of finance contained in Section 1 of the Bond Resolution is amended and replaced to read as follows:  The plan of financing is described as follows:  (a) the issuance of an amount not to exceed $500,000 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 $500,000 to pay the cost of the capital projects, (b) the receipt of various federal and state grants, and/or (c), subject to the discretion of the County, the application of moneys from the County’s General Fund or such other moneys of the County that may be available to pay the costs thereof.  In the event that such grants or other moneys become available, the County will issue obligations in a principal amount less than the $500,000 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys.  Section 9 of the Bond Resolution is amended and replaced to read as follows:  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. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, the County then reasonably expects to reimburse such expenditures with the proceeds of such bonds or bond anticipation notes. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, then 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.  The provisions of this section are expressly subject to the plan of finance as determined by the County as described in Section 1 above.

4.

BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED MARCH 14, 2022, AUTHORIZING THE UNDERTAKING OF VARIOUS CAPITAL PROJECTS FOR THE DEPARTMENT OF GENERAL SERVICES, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $500,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $500,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION.

No. 98 of 2022

The plan of finance contained in Section 1 of the Bond Resolution is amended and replaced to read as follows:  The plan of financing is described as follows:  (a) the issuance of an amount not to exceed $500,000 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 $500,000 to pay the cost of the capital projects, (b) the receipt of various federal and state grants, and/or (c), subject to the discretion of the County, the application of moneys from the County’s General Fund or such other moneys of the County that may be available to pay the costs thereof.  In the event that such grants or other moneys become available, the County will issue obligations in a principal amount less than the $500,000 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys.  Section 9 of the Bond Resolution is amended and replaced to read as follows:  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. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, the County then reasonably expects to reimburse such expenditures with the proceeds of such bonds or bond anticipation notes. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, then 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.  The provisions of this section are expressly subject to the plan of finance as determined by the County as described in Section 1 above.

5.

BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED MARCH 14, 2022, AUTHORIZING VARIOUS CAPITAL IMPROVEMENTS FOR COUNTY FACILITIES, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $500,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $500,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION.

No. 99 of 2022

The plan of finance contained in Section 1 of the Bond Resolution is amended and replaced to read as follows:  The plan of financing is described as follows:  (a) the issuance of an amount not to exceed $500,000 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 $500,000 to pay the cost of the capital projects, (b) the receipt of various federal and state grants, and/or (c), subject to the discretion of the County, the application of moneys from the County’s General Fund or such other moneys of the County that may be available to pay the costs thereof.  In the event that such grants or other moneys become available, the County will issue obligations in a principal amount less than the $500,000 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys.  Section 9 of the Bond Resolution is amended and replaced to read as follows:  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. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, the County then reasonably expects to reimburse such expenditures with the proceeds of such bonds or bond anticipation notes. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, then 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.  The provisions of this section are expressly subject to the plan of finance as determined by the County as described in Section 1 above. 

6.

BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED AUGUST 8, 2022, AUTHORIZING VARIOUS BRIDGE IMPROVEMENT PROJECTS FOR THE DEPARTMENT OF PUBLIC WORKS, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $916,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $916,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION.

No. 299 of 2022

The plan of finance contained in Section 1 of the Bond Resolution is amended and replaced to read as follows:  The plan of financing is described as follows:  (a) the issuance of an amount not to exceed $916,000 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 $916,000 to pay the cost of the capital projects, (b) the receipt of various federal and state grants, and/or (c), subject to the discretion of the County, the application of moneys from the County’s General Fund or such other moneys of the County that may be available to pay the costs thereof.  In the event that such grants or other moneys become available, the County will issue obligations in a principal amount less than the $916,000 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys.  Section 9 of the Bond Resolution is amended and replaced to read as follows:  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. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, the County then reasonably expects to reimburse such expenditures with the proceeds of such bonds or bond anticipation notes. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, then 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.  The provisions of this section are expressly subject to the plan of finance as determined by the County as described in Section 1 above. 

7.

BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, ADOPTED SEPTEMBER 12, 2022, AUTHORIZING A CAPITAL PROJECT FOR THE DEPARTMENT OF PUBLIC WORKS, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $2,755,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $2,755,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION.

No. 328 of 2022

The plan of finance contained in Section 1 of the Bond Resolution is amended and replaced to read as follows:  The plan of financing is described as follows:  (a) the issuance of an amount not to exceed $2,755,000 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 $2,755,000 to pay the cost of the capital projects, (b) the receipt of various federal and state grants, and/or (c), subject to the discretion of the County, the application of moneys from the County’s General Fund or such other moneys of the County that may be available to pay the costs thereof.  In the event that such grants or other moneys become available, the County will issue obligations in a principal amount less than the $2,755,000 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys.  Section 9 of the Bond Resolution is amended and replaced to read as follows:  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. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, the County then reasonably expects to reimburse such expenditures with the proceeds of such bonds or bond anticipation notes. If the County determines to issue bonds or bond anticipation notes to finance the specific objects or purposes authorized by this resolution, then 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.  The provisions of this section are expressly subject to the plan of finance as determined by the County as described in Section 1 above.