Public Works and Capital Projects Dutchess County RESOLUTION NO. 204241 A RESOLUTION AUTHORIZING THE ISSUANCE OF $7,156,000 SERIAL BONDS OF THE COUNTY OF DUTCHESS, NEW YORK, TO PAY THE COST OF RECONSTRUCTION OF A PORTION OF THE FORMER COUNTY INFIRMARY BUIDING FOR VARIOUS COUNTY OFFICE USES IN AND FOR SAID COUNTY. WHEREAS, all conditions precedent to the financing of the captial project hereinafter described, including compliance with the provisions of the State Environmental Quality Review Act, have been performed; and Whereas, it is now desired to authorized the financing of such capital project; NOW THEREFORE BE IT RESOLVED, by the County Legislature of the County of Dutchess, New York as follows: Section 1. For the specific object or purpose of paying the cost of the reconstruction of a portion of the former County infirmary building for various County office uses, in and for said County, including architectural design and incidental expenses in connection therewith, at a maximum estimeate cost of $7,156,000, there are hereby authorized to be issued $7,156,00 serial bonds of the County of Dutchess, New York, pursuant to the provisions of the Local Finance Law. Section 2. It is hereby determined that the maximum estimated cost of the aforesaid specific object or purpose is $7,156,000, and that the plan for financing thereof is by the issuance of the $7,156,000 serial bonds hereby authorized to be issued pursuant to th is bond resolution. Section 3. It is hereby determined that the period of probably usefulness of the aforesaid specific object or purpose is twenty years pursuant to subdivision 12(a)(1) 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 here authorized will exceed five years. Section 4. 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 serial bonds is authorized, including renewals of such notes, is hereby delegated to the Commissioner of Finance, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shal be sold in such manner, as may be prescribed by said Commissioner of Finance, consistent with the p rovisions of the Local Finance Law. Section 5. The faith and credit of said County of Dutchess, 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 County a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable. Section 6. Such bond shall be in fully registered form and shall be signed in the name of the County of Dutchess, New York, by the manual or facsimilie signature of the Commissioner of Finance and a facsimilie of its corporate seall shall be imprinted or impressed thereon and may be attested by the manual or facsimilie signature of the County Clerk. Section 7. The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds, are hereby delegated to the Commissioner of Finance, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as he or she shall deem best for the interests of the County; provided, however, that in the exercise of these delegated powere, he or she 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 Commissioner of Finance shall be full acquittance to the purchaser of such bonds, who shall not be obliged to see to the application of the purchase money. Section 8. All other matters, except as provided herein relating to such bonds including wheter to issue such bonds having substantially level or declining annual debt service and all matters related thereto, prescribing whether manual or facsimilie signatures shall appear on said bonds, prescribing the method for recording ownership of said bonds, appoint the fiscal agent or agents for said bonds, providing for the printing and delivery of said bonds (and if said bonds are to be executed in the name of the County by the facsimilie signature of the Commissioner of Finance, providing for the manual countersignature of a fiscal agent or of a designate official of the County), the date, denominations, maturities, and interest payment dates, place or places of payment, and alos including the consolidation with other issues, shall be determined by the Commissioner of Finance. It is hereby determined that it is to the financial advantage of the County not to impose and collect from registered owners such serial bonds any charges for mailing, shipping and insuring bonds transferred or exchanged by the fiscal agent, and accordingly, pursuant to paragraph c of Section 70.00 of the Local Finance Law, not such charges shall be so collected by the fiscal agent. 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 52.00 of the Local Finance Law, as the Commissioner of Finance shall determine. Section 9. This resolution shall constitute a statement of officail intent for purposes of Treasury Regulations 1.150-2. Other th an as specified in this resolution, no mones 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 descreibed herein. Section 10. The validy 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 County is not authorized to expend mondey, or 2) The provisions of law wh ich 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 with twenty days after the date of such publication, or 3) Such oblications are authorized in violatiton of the provisions of the Constitution. Section 11. This resolution, which takes effect immediately, shall be published in full in the ______________________________ and ___________________________, the offical newspapers of said County, together with notice of the Clerk of the County Legislature in substantially the form provided in Section 81.00 of the Local Finance Law. * * * * * * DPW Eastern Dutchess Gov't Center Resolution Budget Amendments
[Line No. Description Increase Decrease] Appropriations H0341.3000 Renovation Eastern Dutchess Center 7,084,440 [increase] H0341.3900 Bond Issuing Costs 71,560 [increase] Total $7,156,000 [increase] ======= Revenue H0341.5710 Serial Bonds 7,156,000 [increase] ======= * * * * * * Total Principal $7,156,000 Anticipated Interest Rate 5.00 % Term 20 Years Total Anticipated Fees 71,560 Anticipated Annual Cost (Prin & Int. ) 545,645 Total Payback (Annual Cost X Terms) 10,912,900 * * * * * * Confirmation of the 2000 Feasibility Study -November 2003 Prepared by: Liscum McCormack VanVoorhis, 181 Church Street,Poughkeepsie, NY [excerpts] III Preliminary Cost Estimates of Develoment Renovation of North Wing 18,000 square feet x 130.00/sf = $2,340,000 Demoliton/Abatement = 700,000* Soft Costs @ 30% x 1.30 = 912,000** Phase One Construction Cost = $3,952,000 Renovation of West Wing 8000 square feet x 210.00/sf = $1,680,000 4000 square feet x 100.00/sf = 400,000 Phase Two Construction Cost = $2,704,000 Total Renovation Costs = $6.656.000 * This need to be accomplished in any case for reuse of the building ** These costs include the Construction Manager, Architectural, Engineering, Funding, and Owners Association Costs For every 18 months of delay there should be an escalator of 6% added to the noted costs. The noted costs have taken this into consideration from the initial report for the renovation of the North Wing. * * * * * * |