RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED OCTOBER 7, 2024, AMENDING THE BOND RESOLUTION ADOPTED ON AUGUST 28, 2019, AND HERETOFORE AMENDED ON NOVEMBER 14, 2022, RELATING TO VARIOUS IMPROVEMENTS TO THE VILLAGE WATER SYSTEM

Resolution #36-2024 — 2024-10-07

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 at the estimated maximum cost of $1,800,000, pursuant to the bond resolution adopted by the Board of Trustees on August 28, 2019
• on November 14, 2022, the Board of Trustees determined that it was appropriate and in the best interests of the Village to amend the description of the project originally stated in the bond resolution adopted on August 28, 2019, to more accurately describe the proposed project and the bond resolution was so amended
• it has now been determined that the estimated maximum cost of such project is $2,000,000, and it is in the public interest to increase said appropriation by $200,000 and to increase the stated amount of bonds authorized in order to achieve technical compliance with the Local Finance Law, although it is expected that the additional cost shall be paid from grants or other funds and additional bonds shall not be issued

RESOLVED

• The bond resolution of the Village of Red Hook duly adopted by the Board of Trustees on August 28, 2019 and amended on November 14, 2022, is hereby amended to state the estimated total cost thereof is $2,000,000, appropriating said amount for such purpose, and authorizing the issuance of bonds in the principal amount of $2,000,000 to finance said appropriation
• The Village of Red Hook, in the County of Dutchess, New York, is hereby authorized to construct various improvements to the Village water system, including PFOA/PFOS removal, water storage upgrades, water system controls upgrades, replacement of certain water mains and lead services, and other related or ancillary work in connection therewith. The estimated maximum cost thereof is $2,000,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of bonds in the principal amount of $2,000,000 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. 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 $2,000,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law to finance said appropriation
• The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued is forty (40) years
• 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 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 the Law and 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
• Subject to the provisions of this resolution and 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 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, a Notice in substantially the form appearing in Exhibit A
• 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, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law