RESOLUTION NO. 72
BOND RESOLUTION OF THE COUNTY OF ALBANY, NEW YORK, AUTHORIZING VARIOUS CAPITAL IMPROVEMENTS FOR THE ALBANY COUNTY NURSING HOME, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $350,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $350,000 OF SERIAL BONDS OF SAID COUNTY TO FINANCE SAID APPROPRIATION
Introduced: 2/10/20
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 acquire heavy duty trucks and various other equipment, as further described in the 2020 Capital Plan in the County's 2020-2024 Capital Program, as amended and supplemented (hereinafter referred to as the "Capital Program"). The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof (including costs relating to the issuance of the obligations authorized by this resolution), is an amount not to exceed $262,500 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of an amount not to exceed $262,500 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 $262,500 to pay the cost of the capital projects.
The period of probable usefulness of the class of objects or purposes herein authorized and for which $262,500 of said serial bonds are herein authorized to be issued, within the limitations of Section 11.00(a)(28) of the New York Local Finance Law (the "Law"), are described as follows: (a) for equipment having a cost greater than or equal to $30,000, fifteen (15) years; (b) for equipment having a cost in excess of $15,000 but less than $30,000, ten (10) years; and (c) for equipment having a cost of $15,000 or less, five (5...
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