NOTICE OF BOND RESOLUTION
The following resolution, a summary of which is published herewith, has been adopted by the Town Board of the Town of Coeymans, Albany County, New York, on the 8th day of March, 2018, and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Coeymans is not authorized to expend money, or the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty (20) days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the Constitution.
Cindy L. Rowzee
Town of Coeymans, New York
SUPPLEMENTAL BOND RESOLUTION DATED MARCH 8, 2018
A RESOLUTION AMENDING AND SUPPLEMENTING BOND RESOLUTION DATED APRIL 28, 2014, AUTHORIZING THE ISSUANCE OF SERIAL BONDS OF THE TOWN OF COEYMANS, ALBANY COUNTY, NEW YORK IN AN ADDITIONAL AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $170,697.36 PURSUANT TO THE LOCAL FINANCE LAW TO FINANCE THE INCREASED COSTS OF IMPROVEMENTS TO THE EXISTING TOWN OF COEYMANS SEWER SYSTEM, AND DELEGATING CERTAIN POWERS IN CONNECTION THEREWITH TO THE TOWN SUPERVISOR
Prior Resolution: The Supplemental Resolution amends and supplements the Bond Resolution of the Town dated April 28, 2014 entitled “BOND RESOLUTION OF THE TOWN BOARD OF THE TOWN OF COEYMANS, ALBANY COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF SERIAL BONDS OF THE TOWN IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,330,000 PURSUANT TO THE LOCAL FINANCE LAW TO FINANCE THE COSTS OF IMPROVEMENTS TO THE EXISTING TOWN OF COEYMANS HAMLET SEWER SYSTEM AND DELEGATING CERTAIN POWERS IN CONNECTION THEREWITH TO THE TOWN SUPERVISOR” (the “2014 Bond Resolution”). The improvements to the existing Town sewer system are required pursuant to a New York State Department Environmental Conservation Order on Consent as described in the supplemental report of the Town’s professional engineers C.T. Male Associates dated March 6, 2018 on file with the Town Clerk.
Objects or purposes: The Resolution authorizes improvements to the facilities of the Town of Coeymans Sewer System, including trunk sewer, Pump Station and wastewater treatment plant improvements, at an increased maximum estimated cost of $3,500,697.36. The aforesaid purpose constitutes a Type II Action as defined under the State Environmental Quality Review Regulations, 6 NYCRR Part 617, which has been determined not to have a significant effect on the environment.
Period of Probable Usefulness: Forty (40) years pursuant to paragraph 4 of subdivision a, of Section 11.00 of the Local Finance Law
Maximum Amount of Obligations to be Issued: Pursuant to the Bond Resolution adopted April 28, 2014, the Town previously authorized the issuance of serial bonds of the Town in an aggregate amount not to exceed $3,330,000 and has issued obligations in the amount of $3,109,166 in the form of a short term note payable to New York State Environmental Facilities Corporation. The Town plans to finance the additional cost of the purpose described herein by the issuance of serial bonds of the Town in an amount not to exceed $170,697.36, for a total authorized amount of $3,500,697.36. Nothing in the supplemental resolution shall be deemed to impair the obligations previously issued pursuant to said bond resolution. The Town expects to redeem a portion of the authorized obligations from the proceeds of a $2,500,000 Water Quality Improvement Grant from New York State Department of Environmental Conservation, and from the proceeds of a $207,500 New York State Water Grant from New York State Environmental Facilities Corporation.
Delegation: The power to authorize bond anticipation notes in anticipation of the issuance of the serial bonds authorized by the bond resolution, as supplemented, to determine the form and terms of said serial bonds, and take certain other actions is delegated to the Town Supervisor, as Chief Fiscal Officer.
A complete copy of the bond resolution and supplemental resolution summarized above is available for public inspection during normal business hours at the office of the Town Clerk, Coeymans Town Hall, 18 Russell Avenue, Ravena, New York.
Dated: March 9, 2018
Ravena, New York