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Tax Levy, Bonds, and Short-Term Borrowing

2025last touched · 19 source resolutions
↑Village/Rules/Policies/Adopted/tax_and_debt_finance
Resolutions authorizing the annual tax levy and warrant, issuing serial or refunding bonds for capital projects, and authorizing short-term lines of credit and related debt instruments.
Synthesis written as-of 2026-05-10. A time-bounded clause in this rule expires on 2026-06-14
In force, by year of last update
2025
Bond Counsel Engagement — Hawkins Delafield & Wood LLP
The Mayor is authorized to sign the Bond Counsel Agreement with Hawkins, Delafield & Wood LLP for the Village's wastewater project and related bond matters. This engagement was most recently reauthorized with a corrected agreement.[2][18][19]
2024
Water System Improvement Bond Authorization
The Village is 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 — at an estimated maximum cost of $2,000,000. Bonds in the principal amount of $2,000,000 are authorized to be issued pursuant to the Local Finance Law, with a period of probable usefulness of 40 years and proposed maturity exceeding 5 years; any grant funds or other appropriated funds shall reduce the principal amount of bonds issued.[9][14][17]
Water System Bond — Faith and Credit Pledge
The bonds authorized for water system improvements and any bond anticipation notes issued in anticipation thereof shall be general obligations of the Village, payable as to both principal and interest by general tax upon all taxable real property within the Village. The faith and credit of the Village are hereby irrevocably pledged to the punctual payment of principal and interest.[9][14][17]
Water System Bond — Delegation to Village Treasurer
The powers and duties of the Board of Trustees relative to authorizing bond anticipation notes, prescribing terms, form, and contents, and the sale and issuance of the water system improvement bonds and any bond anticipation notes are hereby delegated to the Village Treasurer, the chief fiscal officer of the Village.[9][14][17]
2023
Sewer System Refunding Bond Authorization
The Village is authorized to refund all or a portion of its outstanding $3,673,000 Sewer System Improvement Serial Bond-2023, with refunding bonds in a principal amount not to exceed $3,673,000 appropriated for such purpose. The refunding bonds shall be general obligations of the Village, payable by general tax upon all taxable real property, with the faith and credit of the Village irrevocably pledged to punctual payment of principal and interest.[15]
Sewer System Refunding Bond — Delegation to Village Treasurer
The powers and duties of the Board of Trustees relative to determining the amount of bonds to be refunded, prescribing terms, form, and contents, and the sale and issuance of the refunding bonds are delegated to the Village Treasurer, the chief fiscal officer of the Village. The Village Treasurer is also authorized to execute a purchase contract for private sale of the refunding bonds and to execute a tax certificate and Official Statement.[15]
Sewer System Refunding Bond — Escrow Arrangement
Prior to issuance of the refunding bonds, the Village may contract with a bank or trust company located and authorized to do business in New York State to act as Escrow Holder of the proceeds. Moneys held by the Escrow Holder, if invested, shall be invested only in direct obligations of the United States of America.[15]
2021
Sewer System Bond Authorization
The Village is authorized to establish and construct a sewer system — including acquisition of an existing privately-owned wastewater treatment plant, expansion of the wastewater treatment plant, construction of approximately 7,000 linear feet of collection pipes and 7,500 linear feet of lateral pipes, acquisition of easements, and original furnishings, equipment, machinery, or apparatus — at an estimated maximum cost of $8,500,000. Bonds in the principal amount of $8,500,000 are authorized to be issued pursuant to the Local Finance Law, with a period of probable usefulness of 40 years and proposed maturity exceeding 5 years.[12]
Sewer System Bond — Faith and Credit Pledge
The sewer system bonds and any bond anticipation notes issued in anticipation thereof shall be general obligations of the Village, payable as to both principal and interest by general tax upon all taxable real property within the Village. The faith and credit of the Village are irrevocably pledged to punctual payment of principal and interest.[12]
Sewer System Bond — Delegation to Village Treasurer
The powers and duties of the Board of Trustees relative to authorizing bond anticipation notes and prescribing terms, form, and contents, and the sale and issuance of the sewer system bonds are delegated to the Village Treasurer, the chief fiscal officer of the Village.[12]
2020
Salisbury Bank Line of Credit — Amount and Rate
The Village maintains a commercial line of credit from Salisbury Bank in the amount of $200,000 at an interest rate of prime less 0.25% for interim funding of public improvements, vehicle/equipment purchases, and grant reimbursements. The specific purpose and amount utilized in any bridge loan shall be stated in separate, specific resolutions when the need arises.[4][6][7][11]
Salisbury Bank Line of Credit — Execution Authority
The Mayor is authorized to sign the line of credit continuance note and any ancillary documents. The Village Clerk is directed to attest and affix the corporate seal of the Village of Red Hook to such notes.[11]
Salisbury Bank Line of Credit — Faith and Credit Pledge
The faith and credit of the Village of Red Hook are pledged for the payment of the principal of and interest on the Salisbury Bank line of credit note.[11]
2018
Tax Cap Override Authority
The Board of Trustees is authorized, pursuant to subdivision 5 of General Municipal Law §3-c, to adopt a budget requiring a real property tax levy in excess of the tax levy limit defined by General Municipal Law §3-c, upon approval by a vote of 60% of the governing body. This authority was exercised via Resolution 4-2016 / Local Law 1-2016 and again via Local Law adopted January 8, 2018.[5][8]
2010
Village Clerk Re-Levy Authority
The Village Clerk is authorized to re-levy any funds owed to the Village by a Village resident onto the Village Tax bill. Eligible charges include water, snow removal, escrow, and planning and zoning fees.[1]
History · superseded or expired
2024
Tax Levy and Warrant — Fiscal Year 2024–2025
Expired (fiscal year ended May 31, 2025). The tax rate for fiscal year commencing June 1, 2024 was fixed at $5.10744 per $1,000 of assessed valuation, with $1,401,440 levied on taxable property in the Village (total assessed valuation $274,226,476). Penalty schedule: 5% July 2–31; 6% August 1–September 3; 7% September 4–30; 8% October 1–31.[16]
Bond Counsel Engagement Letter — Hawkins Delafield & Wood LLP (2024)
Superseded by the November 24, 2025 Bond Counsel Agreement (footnote 19). The Mayor was authorized to sign the engagement letter with Hawkins Delafield & Wood LLP to serve as the Village's Bond Counsel.[18]
2022
Water System Bond Authorization — $1,800,000 (2022 Amendment)
Superseded by the October 7, 2024 amendment (footnote 17). The bond resolution was amended to update the project description to include PFOA/PFOS removal, construction of a booster pump station at the Town–Village interconnect, water storage upgrades, water system controls upgrades, and replacement of certain water mains and lead services, while maintaining the $1,800,000 financing authorization.[14]
2021
Police Vehicle Serial Bond — 2020 Ford F-150 Responder XL
Expired (5-year bond term from June 14, 2021). The Village authorized the purchase of a 2020 Ford F-150 Responder XL for the Police Department at a maximum estimated cost of $46,900.16, financed by $40,000.00 in serial bonds (maximum maturity 5 years) and $6,900.16 from the Village Reserve Fund.[13]
2020
COVID-19 Installment Tax Payment Plan
Expired (applied only to the 2020–2021 tax year). Village real property taxes were permitted to be paid in two approximately equal installments: the first due by July 1 with no interest, and the second due by September 1, with standard interest and penalties applying to late payments.[10]
2019
Water System Bond Authorization — $1,800,000 (Original 2019)
Superseded by the November 14, 2022 amendment (footnote 14) and further by the October 7, 2024 amendment (footnote 17). The Village was originally authorized to issue bonds in the principal amount of $1,800,000 for installation of a carbon filtration system, reconditioning the elevated water tank on Tower Street, and insertion of a pumping station at the Town/Village inter-connect.[9]
2018
Tax Cap Override — Fiscal Year Commencing June 1, 2017
Expired. The Board of Trustees was authorized to adopt a budget for the fiscal year commencing June 1, 2017 requiring a real property tax levy in excess of the amount prescribed in General Municipal Law §3-c.[8]
2017
Salisbury Bank Line of Credit — 1.88% / Up to 2% Rate (2017 Renewal)
Superseded by the 2020 renewal (footnote 11). The $200,000 Salisbury Bank line of credit was continued at 1.88% or up to 2% interest.[7]
2016
Salisbury Bank Line of Credit — 1.88% Rate (2016 Amendment)
Superseded by the 2017 renewal (footnote 7) and subsequently by the 2020 renewal (footnote 11). The interest rate on the $200,000 Salisbury Bank line of credit was set at 1.88% for a two-year term.[6]
2014
Well #15 CDBG Bridge Loan — $200,000 at 1.35%
Superseded by subsequent Salisbury Bank line of credit renewals (footnotes 6, 7, 11). The Village issued a $200,000 commercial line of credit from Salisbury Bank and Trust Company at 1.35% interest as interim funding for the Water Improvement Project (Well #15), bridging gaps between Village payments to contractors and CDBG reimbursement from Dutchess County Department of Planning (reimbursable up to $150,000).[4]
2012
USDA-RD Water Improvement Bond — $1,242,000
Superseded by the amended water system bond resolutions (footnotes 9, 14, 17). The Village was originally authorized to issue bonds in the principal amount of $1,242,000 for acquiring, constructing, enlarging, improving, and/or extending its water facility, in connection with a USDA-RD preliminary funding approval of $1.27 million at 2.25% interest for 38 years.[2][3]
Source resolutions
  1. [1]2010-03-08Authorization for Village Clerk to Re-levy Funds Owed to the Village
  2. [2]2011-11-17Bond Council
  3. [3]2012-05-17Loan Resolution for Water Facility Improvements
  4. [4]2014-08-11Salisbury Bank and Trust Company – Line of Credit Note for Red Hook Village Water Improvement Project (Well #15)
  5. [5]2016-03-14Tax Cap Override Authorization
  6. [6]2016-10-17Salisbury Bank Line of Credit Renewal - Amended
  7. [7]2017-11-13Salisbury Line of Credit renewal Resolution
  8. [8]2018-01-08A local law authorizing a property tax levy in excess of the limit established in General Municipal Law §3-c
  9. [9]2019-08-28BOND RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED AUGUST 28, 2019, AUTHORIZING VARIOUS IMPROVEMENTS TO THE VILLAGE WATER SYSTEM, STATING THE ESTIMATED TOTAL COST THEREOF IS $1,800,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF BONDS IN THE PRINCIPAL AMOUNT OF $1,800,000 TO FINANCE SAID APPROPRIATION
  10. [10]2020-05-11Resolution Setting the Collection of Village Taxes
  11. [11]2020-10-13SALISBURY BANK LINE OF CREDIT RENEWAL – VILLAGE OF RED HOOK
  12. [12]2021-04-01BOND RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED JUNE 13, 2016 AND AMENDED APRIL 1, 2021, AUTHORIZING THE ESTABLISHMENT AND CONSTRUCTION OF A SEWER SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $8,500,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF BONDS IN THE PRINCIPAL AMOUNT OF $8,500,000 TO FINANCE SAID APPROPRIATION
  13. [13]2021-06-14BOND RESOLUTION DATED JUNE 14, 2021 — A RESOLUTION AUTHORIZING THE PURCHASE OF A 2020 FORD F-150 RESPONDER XL FOR THE VILLAGE OF RED HOOK, DUTCHESS COUNTY, NEW YORK, TO BE USED IN THE OPERATION OF ITS POLICE DEPARTMENT AT A MAXIMUM ESTIMATED COST OF $46,900.16, AND AUTHORIZING THE ISSUANCE OF $40,000.00, SERIAL BONDS OF SAID VILLAGE TO PAY A PORTION OF THE COST THEREOF
  14. [14]2022-11-14RESOLUTION 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
  15. [15]2023-11-02REFUNDING BOND RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED NOVEMBER 2, 2023, AUTHORIZING THE REFUNDING OF CERTAIN OUTSTANDING BONDS OF SAID VILLAGE, STATING THE PLAN OF REFUNDING, APPROPRIATING AN AMOUNT NOT TO EXCEED $3,673,000 FOR SUCH PURPOSE, AUTHORIZING THE ISSUANCE OF REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $3,673,000 TO FINANCE SAID APPROPRIATION, AND MAKING CERTAIN OTHER DETERMINATIONS RELATIVE THERETO
  16. [16]2024-05-13Resolution Authorizing the Tax Levy and Warrant for Fiscal Year 2024-2025
  17. [17]2024-10-07RESOLUTION 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
  18. [18]2024-11-21Authorize Hawkins Delafield & Wood LLP engagement letter signature
  19. [19]2025-11-24Bond Counsel Agreement with Hawkins, Delafield, & Wood LLP

Synthesized from the chronological history of these resolutions. Each clause shows the year it was last established or amended. The text is a reading aid — for legal force, consult the source resolutions and the Village Code.