LEGAL NOTICE PURSUANT TO LOCAL FINANCE LAW 81.00 TOWN OF CLAYTON BOND RESOLUTION
A RESOLUTION AUTHORIZING THE ISSUANCE OF SERIAL BONDS OR A
STATUTORY INSTALLMENT BOND IN AN AMOUNT NOT TO EXCEED $3,500,000,
THE PROCEEDS OF WHICH ARE TO BE USED FOR THE CONSTRUCTION OF A
NEW SEWAGE COLLECTION SYSTEM TO SERVICE THE NYS ROUTE 12 SEWER WEST DISTRICT
At a regular meeting of the Town Board of Clayton, Jefferson County, New York held at Dodge Hall, Grindstone Island, in said Town of Clayton on the 24th day of July, 2024 at 5:00 pm, prevailing time.
The meeting was called to order by Supervisor Doney and upon roll being called, the following were:
PRESENT: Timothy Doney, Supervisor
James Kenney, Councilman
Donna Patchen, Councilwoman
Kenneth Knapp, Councilman
ABSENT: Kathleen LaClair, Councilwoman
The following resolution was offered by Councilman Knapp who moved its adoption, seconded by Councilman Kenney to wit:
BOND RESOLUTION DATED JULY 24TH, 2024
A RESOLUTION AUTHORIZING THE ISSUANCE OF SERIAL BONDS OR A STATUTORY INSTALLMENT BOND IN AN AMOUNT NOT TO EXCEED $3,500,000, THE PROCEEDS OF WHICH ARE TO BE USED FOR THE CONSTRUCTION OF A NEW SEWAGE COLLECTION SYSTEM TO SERVICE THE NYS ROUTE 12 SEWER WEST DISTRICT.
BE IT RESOLVED, by the Town Board of Clayton, Jefferson County, New York, as follows:
Section 1. The Town Board of Clayton the interest of the citizens of the Town of Clayton finds that it is necessary for the construction of a new sewage collection system to be known as NYS Route 12 Sewer West District including, but not limited to new sewer mains, laterals, pump stations, and sewage plant upgrades. The estimated cost of such project as determined by St. Lawrence Engineering, DPC, the engineers hired by the Town of Clayton is $3,500,000.
Section 2. It is hereby determined that the period of probable usefulness of the aforesaid construction is forty (40) years, pursuant to subdivision 1 of paragraph (a) of section 11.00 of the Local Finance Law. It is further determined that no down payment is required pursuant to Section 107(d)(3)(a) of the Local Finance Law.
Section 3. The Town Supervisor, is further authorized to sell all or a portion of the Bonds to the New York State Environmental Facilities Corporation (“EFC”) and/or the United States Department of Agriculture, Rural Development (“Rural Development”) in the form prescribed in one or more financing, grant, or similar agreements (the “Financing Agreements”) between the Town and the EFC and/or Rural Development; to execute and deliver on behalf of the Town one or more Financing Agreements with EFC and/or Rural Development and to execute such other documents, and take such other actions, as are necessary or appropriate to obtain financing from the EFC and/or Rural Development for all Town’s obligations under its Bond delivered to EFC and/or rural Development and the Financing Agreements. The Supervisor is further authorized to seek grant funding from such New York State or federal grant programs deemed appropriate and to deliver on behalf of the Town one or more Financing Agreements with the appropriate entities/agencies and to execute such documents, and take such other actions, as necessary or appropriate to obtain financing for all or a portion of the costs of the expenditures authorized by this Bond Resolution.
Section 4. The faith and credit of said Town of Clayton, Jefferson County, New York are hereby irrevocably pledged for the payment of the principal of and interest on such bonds as the same respectively become due and payable. An annual appropriation shall become due and payable. Annual tax revenue shall be made in each year sufficient to pay the principal of, and interest on, such bonds becoming due and payable in such year.
Section 5. All other matters, except as provided herein relating to such bonds, including determining whether to issue such bonds having substantially level or declining annual debt service and all other matters related thereto, prescribing whether to manual or facsimile signatures shall appear on said bonds, prescribing the method for the recording of ownership of said bonds, appointing the fiscal agent or agents for said bonds, providing for the printing and delivery of said bonds (and if said bond are to be executed in the name of the Town by the facsimile signature of its Town Supervisor), including the consolidation with other issues shall be determined by the Town Supervisor. It is hereby determined that it is to the financial advantage of the Town not to impose and collect from registered owners of such bonds any charges for mailing, shipping and insuring bonds transferred or exchanged by the fiscal agent, and accordingly, pursuant to paragraph c of Section 70.00 of the Local Finance Law, no such charges shall be collected by the fiscal agent. Such bonds shall contain substantially the recital of validity clause provided for in Section 52.00 of the Local Finance Law and shall otherwise be in such form and contain such recitals in addition to those required by Section 52.00 of the Local Finance Law, as the Town Supervisor shall determine.
Section 6. The validity of such bonds and bond anticipation notes may be contested only if:
(1) Such obligations are authorized for an object or purpose for which said Town is not authorized to expend money, or
(2) The provisions of law which should be complied with at the date of publication of this resolution are not substantially complied with, and an action, suit, or proceeding contesting such validity is commenced within twenty (20) days after the date of such publication, or
(3) Such obligations are authorized in violation of the provisions of the Constitution.
Section 7. Upon this resolution taking effect, the same be published in full in the Thousand Islands Sun, the official newspaper of said Town for such purpose, together with a notice of the Clerk in substantially the form provided in Section 81.00 of the Local Finance Law.
Section 8. This Resolution is subject to permissive referendum, pursuant to Section 35 of the Local Finance Law.
Section 9. This resolution shall constitute a statement of official intent for the purposes of Treasury Regulations Section 1.150-2. Other than as specified in this resolution, no monies are or are reasonably expected to be reserved, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the object or purpose described herein.
The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows:
Timothy Doney, Supervisor Yes X No___ Absent___
James Kenney, Councilman Yes X No___ Absent___
Donna Patchen, Councilwoman Yes X No___ Absent___
Kenneth Knapp, Councilman Yes X No___ Absent___
Kathleen LaClair, Councilwoman Yes ___ No___ Absent X
Yes 4 No 0 Abstain 0 Absent 1 Dated: July 24, 2024
The Resolution was thereupon declared duly adopted.
Certification:
I, Megan Badour, Town Clerk of the Town of Clayton, do hereby certify that the above resolution was adopted at a regular meeting of the Town Board of the Town of Clayton held on July 24, 2024 and it is on file and of record, and that said resolution has not been altered, amended or revoked and it’s in full force and effect.
Megan Badour, Town Clerk
