RESOLUTION NO. 302
BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, AUTHORIZING THE CR 157 WATERVLIET SHAKER ROAD PROJECT, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $1,691,070, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $1,691,070 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION
Introduced: 5/13/24
By Audit and Finance Committee:
THE COUNTY LEGISLATURE OF THE COUNTY OF ALBANY, NEW YORK, HEREBY RESOLVES AS FOLLOWS:
Section 1. The County of Albany, New York (the “County”) is hereby authorized to undertake a capital project for the Department of Public Works, which shall include the additional engineering study, design and reconstruction of Watervliet Shaker Road between New Karner Road and Sand Creek Road, together with 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, as further described in the County’s 2025-2029 Capital Program, as amended and supplemented (hereinafter referred to as the “Capital Program”). 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 $1,691,070 and said amount is hereby appropriated therefor. The plan of financing is described as follows: (a) the issuance of an amount not to exceed $1,691,070 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 $1,691,070 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 $1,691,070 amount authorized by this resolution, or pay down such obligations with the amount of such grants and other moneys. The period of probable usefulness of the specific object or purpose herein authorized and for which $1,691,070 of said serial bonds are herein authorized to be issued, within the limitations of Section 11.00a.20(c), (d) or (e) of the New York Local Finance Law (the “Law”), is fifteen (15) 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 $1,691,070 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) 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.
(b) 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. 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.
Section 10. 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:
(1) (a) such obligations are authorized for an object or purpose for which the County is not authorized to expend money, or
(b) 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
(2) such obligations are authorized in violation of the provisions of the constitution.
Section 11. 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 (or a summary as permitted by the Law), together with a notice attached in substantially the form as prescribed in Section 81.00 of the Law, in the official newspaper(s) of the County for such publication.