The Record, LEGAL NOTICE The resolution published herewith has been adopted on the 23rd day of July, 2015, 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 JULY 23, 2015 OF THE COUNCIL OF THE CITY OF WATERVLIET AUTHORIZING NOT TO EXCEED $586,000 AGGREGATE PRINCIPAL AMOUNT OF SERIAL GENERAL OBLIGATION BONDS TO FINANCE THE RECONSTRUCTION OF VARIOUS MUNICIPAL BUILDINGS, INCLUDING NECESSARY SITE WORK, AT AN ESTIMATED MAXIMUM COST OF $586,000, LEVY OF TAX IN ANNUAL INSTALLMENTS IN PAYMENT THEREOF, THE EXPENDITURE OF SUCH SUM FOR SUCH PURPOSE, AND DETERMINING OTHER MATTERS IN CONNECTION THEREWITH. WHEREAS, pursuant to Article 8 of the Environmental Conservation Law, Chapter 43-B of the Consolidated Laws of New York, as amended (the “SEQR Act”) and the regulations (the “Regulations”) adopted pursuant thereto by the Department of Environmental Conservation of the State of New York (collectively with the SEQR Act, “SEQRA”), the Council (the “Council”) of the City of Watervliet (the “City”) must determine the potential environmental significance of undertaking the Purpose (as defined herein); NOW THEREFOR BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERVLIET AS FOLLOWS: Section 1. Pursuant to SEQRA, the Council hereby finds and determines that: (A) Pursuant to Section 617.5(c)(23) of the Regulations, the Purpose is a “Type II action” (as said quoted term is defined in the Regulations); and (B) Therefore, the Council hereby determines that no environmental impact statement or any other determination or procedure is required under the Regulations with respect to the Purpose. Section 2. The City is hereby authorized to (a) reconstruct various municipal buildings, including necessary site work, and acquire original furnishings, equipment, machinery or apparatus or appurtenances required for the purpose for which such buildings are to be used; and (b) issue its serial general obligation bonds (the “Bonds”) in the aggregate principal amount of not to exceed $586,000 pursuant to the Local Finance Law of New York, in order to finance the class of objects or purposes described herein. Section 3. The class of objects or purposes to be financed pursuant to this Resolution is the reconstruction of various municipal buildings, including necessary site work, and acquisition of original furnishings, equipment, machinery or apparatus or appurtenances required for the purpose for which such buildings are to be used (the “Purpose”). Section 4. It is hereby determined and declared that (a) the maximum cost of the Purpose, as estimated by the Council, is $586,000, (b) no money has heretofore been authorized to be applied to the payment of the cost of the Purpose, and (c) the City plans to finance the cost of the Purpose from funds raised by the issuance of the Bonds and bond anticipation notes hereinafter referred to. Section 5. It is hereby determined that the Purpose is one of the class of objects or purposes described in subparagraph 12(a)(1) of Section 11.00(a) of the Local Finance Law, and that the period of probable usefulness of the Purpose is twenty-five (25) years. Section 6. Subject to the provisions of the Local Finance Law, the power to authorize the issuance of and to sell bond anticipation notes in anticipation of the sale of the Bonds, including renewals of such notes, is hereby delegated to the Director of Finance, the chief fiscal officer. A copy of the Council’s designation of the Director of Finance as the chief fiscal officer has been duly filed with the State Comptroller. Section 7. The power to further authorize the issuance of the Bonds and bond anticipation notes and to prescribe the terms, form and contents of the Bonds and bond anticipation notes, including the consolidation with other issues and the use of substantially level debt service, subject to the provisions of this Resolution and the Local Finance Law, and to sell and deliver the Bonds and bond anticipation notes, is hereby delegated to the Director of Finance. 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 8. The faith and credit of the City are hereby irrevocably pledged for the payment of the principal of and interest on such Bonds and bond anticipation notes 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 obligations becoming due and payable in such year. There shall be levied annually on all taxable real property of the City, a tax sufficient to pay the principal of and interest on such obligations as the same become due and payable. Section 9. 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, (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 10. This Resolution shall be published in full by the City Clerk together with a notice in substantially the form prescribed by Section 81.00 of the Local Finance Law, and such publication shall be in each official newspaper of the City. The validity of the Bonds or of any bond anticipation notes issued in anticipation of the sale of the Bonds may be contested only if such obligations are authorized for an object or purpose for which the City is not authorized to expend money, or 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 if said obligations are authorized in violation of the provisions of the Constitution. Section 11. This Resolution shall take effect immediately upon its adoption. 705479 8/6
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