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Resolution of the Village of Red Hook, New York, Adopted November 14, 2022, Amending the Bond Resolution Adopted on August 28, 2019, Relating to Various Improvements to the Village Water System

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Inline resolution2022-11-14#29-2022
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RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED NOVEMBER 14, 2022, AMENDING THE BOND RESOLUTION ADOPTED ON AUGUST 28, 2019, RELATING TO VARIOUS IMPROVEMENTS TO THE VILLAGE WATER SYSTEM

Resolution #29-2022 — 2022-11-14

WHEREAS

  • the Board of Trustees of the Village of Red Hook, in the County of Dutchess, New York, has heretofore duly authorized the construction of various improvements to the Village water system, including the installation/construction of a carbon filtration system at the water plant, reconditioning the interior of the elevated water tank on Tower Street and insertion of a pumping station at the Town/Village inter–connect, at the estimated maximum cost of $1,800,000 pursuant to the bond resolution adopted by the Board of Trustees on August 28, 2019
  • after further consideration of the scope of work to be done, the Board of Trustees has determined that it is appropriate and in the best interests of the Village to amend the description of the project to more accurately describe the proposed project

RESOLVED

  • The Village of Red Hook, in the County of Dutchess, New York (herein called the "Village"), is hereby authorized to construct various improvements to the Village water system, including PFOA/PFOS removal, construction of a booster pump station at the Town–Village interconnect, water storage upgrades, water system controls upgrades, replacement of certain water mains and lead services, and other related or ancillary work in connection therewith, as described in the report prepared for the Village by Delaware Engineering, D.P.C., dated August 2019 and revised November 2021. The estimated total cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $1,800,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of bonds in the principal amount of $1,800,000 to finance said appropriation, and the collection of water rates and/or taxes on all the taxable real property in the Village to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Any grant funds received or any other funds appropriated by the Village for the project are authorized to be applied to the cost of said project and the principal amount of bonds or notes issued shall be reduced by the amount of such other funds so appropriated and expended.
  • Bonds of the Village in the principal amount of $1,800,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33–a of the Consolidated Laws of the State of New York (herein called the "Law"), to finance said appropriation.
  • The following additional matters are hereby determined and declared: (a) The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 1 of the Law, is forty (40) years. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Village for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150–2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years.
  • Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Village, payable as to both principal and interest by general tax upon all the taxable real property within the Village. The faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Village 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.
  • Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 of the Law relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Board of Trustees relative 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 bond anticipation notes, and as to the execution of agreements for credit enhancements, are hereby delegated to the Village Treasurer, the chief fiscal officer of the Village.
  • 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: (a) such obligations are authorized for an object or purpose for which the Village 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 (c) such obligations are authorized in violation of the provisions of the constitution.
  • This bond resolution is subject to a permissive referendum and the Village Clerk is hereby authorized and directed, within ten (10) days after the adoption of this resolution, to publish or cause to be published, in full, in the official newspaper of the Village, having a general circulation within said Village, and posted in at least six (6) public places and in each polling place in the Village, a Notice in substantially the form appearing in Exhibit A hereto.
  • The Village Clerk is hereby authorized and directed, after said bond resolution shall take effect, to cause said bond resolution to be published, in summary, in the official newspaper of the Village, having a general circulation within said Village, together with a Notice in substantially the form as provided by Section 81.00 of the Law.
  • The amendment of the bond resolution as set forth in Section (A) of this resolution shall in no way affect the validity of any liabilities incurred, obligations issued, or action taken pursuant to said bond resolution prior to amendment, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as amended.
  • Said bond resolution, as amended, is subject to a permissive referendum as therein provided. In the event that a valid petition protesting against said bond resolution and requesting that it be submitted to the electors of said Village for their approval or disapproval is filed and the Proposition submitted therefor is defeated, the validity of the bond resolution adopted on August 28, 2019, shall not be in any way affected and shall remain in full force and effect.