December Special Meeting minutes

 

 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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