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Resolution No. _______, 2012 

            Council Member ____________________ presented the following Resolution and moved its adoption. 

BOND RESOLUTION OF THE CITY OF JOHNSTOWN, FULTON COUNTY, NEW YORK, ADOPTED FEBRUARY 21, 2012, AUTHORIZING THE RECONSTRUCTION OF THE NORTH PERRY STREET BRIDGE, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $2,408,500, APPROPRIATING SAID AMOUNT THEREFOR, AUTHORIZING THE ISSUANCE OF $2,408,500 BONDS OF SAID CITY TO FINANCE SAID APPROPRIATION, AND FURTHER AUTHORIZING ANY FUNDS TO BE RECEIVED FROM THE UNITED STATES OF AMERICA, THE STATE OF NEW YORK OR ANY OTHER SOURCES TO BE EXPENDED TOWARDS THE COST OF SAID PROJECT OR REDEMPTION OF THE CITY’S BONDS OR NOTES ISSUED THEREFOR, OR TO BE BUDGETED AS AN OFFSET TO THE TAXES TO BE COLLECTED FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS OR NOTES

THE COMMON COUNCIL OF THE CITY OF JOHNSTOWN, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Common Council) AS FOLLOWS: 

Section 1.  The City of Johnstown, in Fulton County, New York (herein called the “City”), is hereby authorized to reconstruct the North Perry Street Bridge, including all necessary site work and ancillary work required in connection therewith (the “Project”).  The estimated maximum cost of the Project is $2,408,500, including preliminary costs and costs incidental thereto and the financing thereof, and said amount is hereby appropriated therefor.  The plan of financing includes the issuance of $2,408,500 bonds of the City to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the City to pay the principal of said bonds and the interest thereon as the same shall become due and payable.  Any grant funds received from the United States of America, the State of New York or from any other source in connection with the Project are authorized to be applied towards the cost of said project or redemption of the City’s bonds or notes issued therefor, or to be budgeted as an offset to the amounts to be collected for the payment of the principal of and interest on said bonds or notes.

Section 2.  Serial Bonds of the City in the principal amount of not to exceed $2,408,500 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the “Law”), to finance said appropriation.

Section 3.  (a)  The period of probable usefulness applicable to the bonds herein authorized, within the limitations of Sections 11.00 a. 10  of the Law, is twenty (20) years. (b)  The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the City for expenditures made after the effective date of this resolution for the purpose or purposes for which said bonds are authorized.  The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c)  The proposed maturity of the bonds authorized by this resolution will exceed five (5) years.

Section 4.  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 Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the City, payable as to both principal and interest by general tax upon all the taxable real property within the City.  The faith and credit of the City are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the City by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year.

Section 5.  Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Common Council 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 executing agreements for credit enhancements, are hereby delegated to the City Treasurer, the chief fiscal officer of the City.

Section 6.  The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if:

(a)          such obligations are authorized for an object or purpose for which the City is not authorized to expend money, or          

(b)         the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, 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

(c)          such obligations are authorized in violation of the provisions of the constitution.

Section 7.  This bond resolution shall take effect immediately, and the City Clerk is hereby authorized and directed to publish the foregoing resolution, in summary, together with a Notice attached in substantially the form prescribed by §81.00 of the Law in the “LEADER-HERALD,” a newspaper having a general circulation in the City and hereby designated the official newspaper of said City for such publication.  

The adoption of the foregoing resolution was seconded by ____________________________ and duly put to a vote on roll call, which resulted as follows:

AYES:
NOES:
The resolution was declared adopted.
Approved by the Mayor on __________, 2012.