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resolution 4 pages

Also attached to this agenda item: Resolution 138-1 Command Car-Fire Resolution 140-3-Farrington Road

On motion of TRUSTEE____________, seconded by TRUSTEE _______, the following resolution was adopted by the Board of Trustees of the Village of Croton-on- Hudson, New York: Resolution # 139-2025 BOND RESOLUTION DATED JUNE 25, 2025 A RESOLUTION AUTHORIZING, SUBJECT TO PERMISSIVE REFERENDUM, THE PURCHASE OF DPW AND GARAGE EQUIPMENT, FOR THE VILLAGE OF CROTON-ON-HUDSON, WESTCHESTER COUNTY, NEW YORK, AT A MAXIMUM ESTIMATED COST OF $115,260 AND AUTHORIZING THE ISSUANCE OF $115,260 SERIAL BONDS OF SAID VILLAGE TO PAY THE COST THEREOF. WHEREAS, the capital project hereinafter described, as proposed, has been determined to be a Type II Action pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, which regulations state that Type II Actions will not have a significant adverse effect on the environment; and WHEREAS, it is now desired to authorize the financing thereof, NOW, THEREFORE, BE IT RESOLVED, by the affirmative vote of not less than two-thirds of the total voting strength of the Board of Trustees of the Village of Croton-on-Hudson, Westchester County, New York (the “Village”), as follows: The purchase of Department of Public Works and garage equipment, for the Village of Croton-on-Hudson, Westchester County, New York, each item of which costs $15,000 or less ($65,260-“Equipment A”) and equipment which costs $30,000 or more ($50,000-“Equipment B”), including incidental equipment and expenses in connection therewith, is hereby authorized at an aggregate maximum estimated cost of $115,260. Section 2. The plan for the financing of the aforesaid maximum estimated cost is by the issuance of $115,260 serial bonds of said Village, hereby authorized to be issued therefor pursuant to the provisions of the Local Finance Law, allocated to such equipment as described in Section 1 hereof. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid Equipment A class of objects or purposes is 5 years, pursuant to subdivision 28 of paragraph a of Section 11.00 of the Local Finance Law and the period of probable usefulness of the aforesaid Equipment B specific object or purpose is 15 years, pursuant to subdivision 28 of paragraph a of Section 11.00 of the Local Finance Law. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will exceed five years as to Equipment B and will not exceed 5 years as to Equipment A. Section 4. The faith and credit of said Village of Croton-on-Hudson, Westchester County, New York, 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 Village, a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable. Section 5. 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 issuance and sale of the serial bonds herein authorized, including renewals of such notes, is hereby delegated to the Village Treasurer, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shall be sold in such manner, as may be prescribed by said Village Treasurer, consistent with the provisions of the Local Finance Law. Section 6. The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds, are hereby delegated to the Village Treasurer, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as the Village Treasurer shall deem best for the interests of said Village, however, that in the exercise of these delegated powers, the Village Treasurer shall comply fully with the provisions of the Local Finance Law and any order or rule of the State Comptroller applicable to the sale of municipal bonds. The receipt of the Village Treasurer shall be a full acquittance to the purchaser of such bonds, who shall not be obliged to see to the application of the purchase money. Section 7. All other matters except as provided herein relating to the serial bonds herein authorized including the date, denominations, maturities and interest payment dates, within the limitations prescribed herein and the manner of execution of the same, including the consolidation with other issues, and also the ability to issue serial bonds with substantially level or declining annual debt service, shall be determined by the Village Treasurer, the chief fiscal officer of such Village. Such bonds shall contain substantially the recital of validity clause provided for in Section 52.00 of the Local Finance Law, and shall otherwise be in such form and contain such recitals, in addition to those required by Section 51.00 of the Local Finance Law, as the Village Treasurer shall determine consistent with the provisions of the Local Finance Law. Section 8. The validity of such bonds and bond anticipation notes may be contested only if: 1) Such obligations are authorized for an object or purpose for which said Village is not authorized to expend money, or 2) 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 3) Such obligations are authorized in violation of the provisions of the Constitution. Section 9. This resolution shall constitute a statement of official intent for purposes of Treasury Regulations Section 1.150-2. Other than as specified in this resolution, no monies are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the object or purpose described herein. Section 10. Upon this resolution taking effect, the same shall be published in summary form in the official newspaper of said Village for such purpose, together with a notice of the Village Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. Section 11. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE REFERENDUM. The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: _________________________________ VOTING ____________ _________________________________ VOTING ____________ _________________________________ VOTING ____________ _________________________________ VOTING ____________ _________________________________ VOTING ____________ The resolution was thereupon declared duly adopted. * * * * * *