The Record, LEGAL NOTICE The resolution published herewith has been adopted on the 14th day of February, 2013, 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 City of Watervliet is not authorized to expend money or if 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. City Clerk BOND RESOLUTION DATED FEBRUARY 14, 2013 A RESOLUTION OF THE COUNCIL OF THE CITY OF WATERVLIET, DATED FEBRUARY 14, 2013, AUTHORIZING THE PAYMENT OF CERTAIN JUDGMENTS OR COMPROMISED OR SETTLED CLAIMS AGAINST THE CITY (AND COSTS INCIDENTAL THERETO AND THE FINANCING THEREOF), IN AN AMOUNT NOT TO EXCEED $400,000, AND AUTHORIZING THE ISSUANCE OF SERIAL BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $400,000 PURSUANT TO THE LOCAL FINANCE LAW TO FINANCE SAID PURPOSE, AND DELEGATING THE POWER TO ISSUE BOND ANTICIPATION NOTES IN ANTICIPATION OF THE SALE OF SUCH SERIAL BONDS TO THE DIRECTOR OF FINANCE. BE IT RESOLVED, by the Council of the City of Watervliet, Albany County, New York (the “City”) (by the favorable vote of not less than two-thirds of all the members of the Council) as follows: SECTION 1. The specific purpose (hereinafter referred to as “Purpose”) to be financed pursuant to this resolution is the payment of certain judgments or compromised or settled workers compensation claims brought by a City employee against the City (and costs incidental thereto and the financing thereof). The maximum cost of said Purpose will not exceed $400,000. SECTION 2. The City Council plans to finance the maximum estimated cost of said Purpose by the issuance of serial bonds in an amount not to exceed $400,000 of said City, hereby authorized to be issued therefor pursuant to the Local Finance Law. SECTION 3. It is hereby determined and declared that (a) the maximum cost of the Purpose, as estimated by the Council, is $400,000, and (b) the City plans to finance the cost of the Purpose entirely from funds raised by the issuance of the Bonds and bond anticipation notes hereinafter referred to. SECTION 4. It is hereby determined that said Purpose is an object or purpose described in subdivision 33 of paragraph (a) of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of said Purpose is 5 years. SECTION 5. Current funds are not required to be provided prior to the issuance of the bonds authorized by this resolution or any notes issued in anticipation of the sale of said bonds. SECTION 6. It is hereby determined that the proposed maturity of the obligations authorized by this resolution will not be in excess of five years. SECTION 7. The faith and credit of said City 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 be made in each year sufficient to pay the principal of and interest on such bonds becoming due and payable in such year. There shall annually be levied on all the taxable real property of said City a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable. SECTION 8. Subject to the provisions of this resolution and of the Local Finance Law, pursuant to the provisions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes or the renewals of said notes and of Section 21.00, Section 50.00, Sections 56.00 to 60.00, Section 62.00 and Section 63.00 of the Local Finance Law, the powers and duties of the City Council pertaining or incidental to the sale and issuance of the obligations herein authorized, including but not limited 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 notes, are hereby delegated to the Director of Finance, the chief fiscal officer of the City. SECTION 9. The Director of Finance is further authorized to take such actions and execute such documents as may be necessary to ensure the continued status of the interest on the bonds authorized by this resolution, and any notes issued in anticipation thereof, as excludable from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”) and to designate the bonds authorized by this resolution, and any notes issued in anticipation thereof as “qualified tax-exempt bonds” in accordance with Section 265(b)(3)(B)(i) of the Code. SECTION 10. The Director of Finance is further authorized to enter into a continuing disclosure agreement with the initial purchaser of the bonds or notes authorized by this resolution, containing provisions which are satisfactory to such purchaser in compliance with the provisions of Rule 15c12-12, promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. SECTION 11. This Resolution shall constitute the declaration of the City’s “official intent” to reimburse expenditures authorized by Section 1 with proceeds of the bonds and notes, as required by United States Treasury Regulation Section 1.150-2. Except as otherwise permitted by United States Treasury Regulation Section 1.150-2, the City will not use proceeds of the Bonds or notes to reimburse itself for prior expenditures for the Purpose unless: (1) the original expenditure was made not more than 60 days prior to the adoption of the Resolution, and (2) the reimbursement will be made within three years after the later of the date the original expenditure was paid or the date the Purpose is placed in service or abandoned. SECTION 12. The City hereby determines that the payment of certain judgments or compromised or settled workers compensation claims brought by a City employee against the City is a Type II action that will not have a significant effect on the environment and, therefore, no other determination or procedures under the State Environmental Quality Review Act (“SEQR”) is required. SECTION 13. The validity of said serial bonds or of any bond anticipation notes issued in anticipation of the sale of said serial bonds may be contested only if: (1) (a) Such obligations are authorized for an object or purpose for which said City is not authorized to expend money, or (b) 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 days after the date of such publication; or (2) Said obligations are authorized in violation of the provisions of the Constitution of New York. SECTION 14. The Director of Finance is hereby authorized to sign and the City Clerk is hereby authorized to attest any Bonds and bond anticipation notes issued pursuant to this Resolution, and the City Clerk is hereby authorized to affix to such Bonds and bond anticipation notes the corporate seal of the City. SECTION 15. The City Clerk is hereby authorized and directed to publish this resolution, or a summary thereof, together with a notice in substantially the form provided by Section 81.00 of said Local Finance Law, in the official newspaper or newspapers of the City. SECTION 16. This resolution shall take effect immediately. 705493 8/6
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