MINUTES
December 6, 2021
Meeting opened at 9:00 AM by Mayor Guido. In attendance were
Mayor Louis A. Guido, Trustee Ian Feulner, Trustee Edward Harvey, Amy Herr,
Clerk-Treasurer and Taylor Miles, DPW Superintendent.
ABANDONED
PROPERTY LAW
Motion made by Trustee Feulner,
seconded by Trustee Harvey, unanimously carried,
RESOLVED that the annual
registration fee for vacant properties as defined in the Abandoned Property Law
is set at $300.00 and the semi-annual registration fee for homes that are in foreclosure
is set at $250.00.
TRACTOR
BOND
RESOLUTION OF THE VILLAGE BOARD FOR THE
VILLAGE OF CHERRY VALLEY
In the Matter of the financing of a
Certain Tractor
Borrower: Village of Cherry Valley
Type of Financing: Statutory Installment Bond
Principal Amount To Be Financed: $19,910.71
Interest Rate: 1.60 percent
WHEREAS, the above Borrower is a
political subdivision of the State of New York (the “State”) and is duly
organized and existing pursuant to the Constitution and laws of the State.
WHEREAS, pursuant to applicable
law, the governing body of the Borrower (“Governing Body”) is authorized to
acquire, dispose of and encumber real and personal property, including, without
limitation, rights and interests in property, leases and easements necessary to
the functions or operations of the Village.
WHEREAS, the Governing Body
hereby finds and determines the execution of a Statutory Installment Bond (“Note”)
in the principal amount not exceeding the amount stated above (“Principal Amount”)
for the purpose of acquiring the property generally described below
(“Property”) is appropriate and necessary to the functions and operations of
the Village.
Brief Description of Property:
Tractor
WHEREAS, NBT BANK, N.A. (“Bank”)
is expected to issue a note for the purchase of the Tractor.
WHEREAS, the U.S. Treasury
Department regulations do not allow the proceeds of a tax-exempt borrowing to
be spent on working capital and the Village shall hereby declare its official
intent to be reimbursed for any capital expenditures for Property from the Note
Proceeds.
NOW, THEREFORE, Be It Resolved by
the Governing Body of the Borrower:
Section 1. The Village hereby determines that it has
critically evaluated the financing alternatives available to it pursuant to 2
NYCRR Section 39.2 and that entering into the Note and financing the
acquisition of the Property thereby is in the best interests of the Village. Such evaluation shall be available as a
public record.
The specific reason for such
determination is that entering into such Note results in a lower overall cost
to the Village. Execution of the Note
will not cause the Village to be in violation of the limits contained in
paragraph c of subdivision 6 of Section 109-b of the General Municipal Law.
Section 2. The Village is hereby authorized to acquire
and install the Property (the “Project”) and is hereby authorized to finance
the Project by entering into the Note.
Any action taken by the Village in connection therewith is hereby ratified
and confirmed.
Section 3. The Village Mayor (“Authorized
Representative”) acting on behalf of the Village is hereby authorized to
negotiate, enter into, execute, and deliver the Note in substantially the form
set forth in the document presently before the Governing Body, which document
is available for public inspection at the office of the Village. All other
related contracts and agreements necessary and incidental to the Note are
hereby authorized.
Section 4. By a written instrument signed by the Authorized
Representative, said Authorized Representative may designate specifically
identified officers or employees of the Village to execute and deliver
agreements and documents relating to the Note on behalf of the Village.
Section 5. The aggregate original principal amount of
the Note shall not exceed the Principal Amount and shall bear interest as set
forth in the Note.
Section 6. It is hereby determined that the purpose of the Project is
an object or purpose described in subdivision 28 of paragraph (a) of Section
11.00 of the Local Finance Law, and that the period of probable usefulness of
said purpose is ten (10) years.
Section 7. It is hereby
determined the term of the Note authorized by this resolution will not be in
excess of two (2) years.
Section 8. The Governing Body has
determined that the Project 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 9. The Governing Body of the Village anticipates
that the Village may pay certain capital expenditures in connection with the
Property prior to the receipt of the Note Proceeds for the Property. The Governing
Body of the Village hereby declares the Village’s official intent to use the Note
Proceeds to reimburse itself for Property expenditures. This section of the
Resolution is adopted by the Governing Body of the Village for the purpose of
establishing compliance with the requirements of Section 1.150-2 of Treasury
Regulations. This section of the Resolution does not bind the Village to make
any expenditure, incur any indebtedness, or proceed with the purchase of the
Property.
Section 10. BANK QUALIFIED:
VILLAGE CERTIFIES THAT IT HAS DESIGNATED THIS NOTE AS A QUALIFIED TAX-EXEMPT
OBLIGATION IN ACCORDANCE WITH SECTION 265(b)(3) OF THE CODE, THAT IT HAS NOT
DESIGNATED MORE THAN $10,000,000 OF ITS OBLIGATIONS AS QUALIFIED TAX-EXEMPT
OBLIGATIONS IN ACCORDANCE WITH SUCH SECTION FOR THE CURRENT CALENDAR YEAR AND
THAT IT REASONABLY ANTICIPATES THAT THE TOTAL AMOUNT OF TAX-EXEMPT OBLIGATIONS
TO BE ISSUED BY VILLAGE DURING THE CURRENT CALENDAR YEAR WILL NOT EXCEED $10,000,000.
Section 11. This resolution is not subject to permissive
referendum pursuant to the Local Finance Law Section 36.00(a)(1).
Section 12. This Resolution shall take effect immediately.
Trustee Harvey so moved; Trustee Feulner
seconded, and the Village Board voted as follows:
MEMBERS PRESENT MEMBERS ABSENT VOTE
Mayor Louis Guido Yes
Trustee Ian Feulner Yes
Trustee Edward Harvey Yes
ADOPTED AND APPROVED by a vote of
3 in favor 0 opposed, on this 6th day of December 2021.
OTHER
BUSINESS
Applications are being accepted for
the position of Deputy Clerk-Treasurer Trainee.
Interviews will be held on Monday, December 13, 2021 beginning at 9 AM.
ADJOURNMENT
The meeting adjourned at 9:22 PM upon motion of Trustee Feulner,
seconded by Trustee Harvey, unanimously carried.
Respectfully Submitted,
Amy Herr, Clerk-Treasurer
December 6, 2021
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