County of Albany - File #: 20-372

• File #: 20-372
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 8/21/2020
• In control: Audit and Finance Committee
• Final action: 10/13/2020
• Title: A TAX ANTICIPATION NOTE RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK (THE “COUNTY”) DATED OCTOBER 13, 2020, A RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $16,800,000 AGGREGATE PRINCIPAL AMOUNT OF TAX ANTICIPATION NOTES, PURSUANT TO THE LOCAL FINANCE LAW, IN ANTICIPATION OF THE COLLECTION OF REAL ESTATE TAXES LEVIED IN AND FOR THE COUNTY IN ITS 2020 FISCAL YEAR
• Sponsors: Audit and Finance Committee

Date	Ver.	Action By	Action	Result
10/13/2020	1	County Legislature
10/1/2020	1	Audit and Finance Committee

RESOLUTION NO. 372

A TAX ANTICIPATION NOTE RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK (THE "COUNTY") DATED OCTOBER 13, 2020, A RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $16,800,000 AGGREGATE PRINCIPAL AMOUNT OF TAX ANTICIPATION NOTES, PURSUANT TO THE LOCAL FINANCE LAW, IN ANTICIPATION OF THE COLLECTION OF REAL ESTATE TAXES LEVIED IN AND FOR THE COUNTY IN ITS 2020 FISCAL YEAR

Introduced: 10/13/20
By Audit and Finance Committee:

WHEREAS, The County of Albany (the "County"), located in the State of New York (the "State"), desires to issue tax anticipation notes in anticipation of the collection of real estate taxes levied in and for the County in its 2020 fiscal year; and

WHEREAS, Real estate taxes for such fiscal year have been levied and a portion of such taxes for such fiscal year as of the date hereof remain uncollected; and

WHEREAS, No tax anticipation notes have heretofore been authorized to be issued in anticipation of the collection of such uncollected real estate taxes in the County in its 2020 fiscal year;

NOW, THEREFORE, BE IT RESOLVED BY THE COUNTY LEGISLATURE OF THE COUNTY OF ALBANY, AS FOLLOWS:

SECTION 1. There are hereby authorized to be issued tax anticipation notes of the County of Albany in the aggregate principal amount of up to $16,800,000 pursuant to the Local Finance Law, in anticipation of the collection of real estate taxes that have been levied in and for the County in its 2020 fiscal year and that remain uncollected. Such notes shall be designated "County of Albany Tax Anticipation Notes, 2020" (or such other designation as the County Comptroller may determine, in accordance with the powers delegated to the County Comptroller by this resolution) (the "Notes").

SECTION 2. The Notes shall be dated, shall mature, shall be in such denominations and shall bear interest at the rate or rates of interest per annum, as may be determined at the time of the sale of the N...