Town of Ithaca

   NOTICE OF PUBLIC HEARINGS

The Town Board will hold a public hearing at their meeting held on July 13, 2020, beginning at 5:30 p.m., local time.  Due to COVID 19 restrictions, the meeting is held via ZOOM by NYS Executive Order; ZOOM ID 980 2887 8010.  A link is located on the Town Calendar via www.town.ithaca.ny.us; The Public Hearing is regarding a proposed local law to override the tax levy limit established in General Municipal Law §3-c, for the fiscal year beginning January 1, 2021 and ending December 31, 2021.

 At such time and place all interested parties shall be heard regarding the proposed local law.

 Paulette Rosa

Town Clerk

June 29, 2020

LEGAL NOTICE OF ESTOPPEL

 

NOTICE IS HEREBY GIVEN that TB Resolution 2020-092, a summary of which is published herewith, has been adopted by the Town Board of the Town of Ithaca, Tompkins County,      New York, on June 22, 2020, and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which said Town is not authorized to expend money, or if the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the Constitution.

Dated: June 22, 2020 Ithaca, New York Paulette Rosa Town Clerk

Publication Date June 29, 2020

 Summary of Refunding Bond Resolution, TB 2020-092, Dated June 22, 2020.

 SUMMARY OF TB RESOLUTION 2020-092, AUTHORIZING THE ISSUANCE PURSUANT TO SECTION 90.00 AND/OR SECTION 90.10 OF THE LOCAL FINANCE LAW OF REFUNDING BONDS OF THE TOWN OF ITHACA, TOMPKINS COUNTY, NEW YORK, TO BE DESIGNATED SUBSTANTIALLY “PUBLIC IMPROVEMENT REFUNDING (SERIAL) BONDS”, AND PROVIDING FOR OTHER MATTERS IN RELATION THERETO.

WHEREAS, the Town of Ithaca, Tompkins County, New York (hereinafter, the “Town”) heretofore issued an aggregate principal amount of $1,125,000 Public Improvement (Serial) Bonds, 2009 (the “2009 Bonds”), and $2,650,000 Public Improvement (Serial) Bonds, 2011 (the “2011 Bonds”); and

WHEREAS, it would be in the public interest to refund all, or one or more, or a portion of one or more, of the outstanding $430,000 principal balance of the 2009 Bonds maturing in 2020 and thereafter (the “2009 Refunded Bonds”), and the outstanding $1,365,000 principal balance of the 2011 Refunded Bonds maturing in 2021 and thereafter (the “2011 Refunded Bonds”; together with the 2009 Refunded Bonds, the “Refunded Bonds”), each by the issuance of refunding bonds pursuant to Section 90.00 or Section 90.10 of the Local Finance Law;

NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Ithaca, Tompkins County, New York, as follows:

Section 1.        For   the   object   or   purpose   of   refunding   the   outstanding aggregate

$1,795,000 principal balance of the Refunded Bonds, including providing moneys which, together with the interest earned from the investment of certain of the proceeds of the refunding bonds herein authorized, shall be sufficient to pay (i) the principal amount of the Refunded Bonds, (ii) the aggregate amount of unmatured interest payable on the Refunded Bonds to and including the date on which the Refunded Bonds which are callable are to be called prior to their respective maturities in accordance with the refunding financial plan, as hereinafter defined, (iii) the costs and expenses incidental to the issuance of the refunding bonds herein authorized, (iv) the redemption premium to be paid on the Refunded Bonds which are to be called prior to their respective maturities, and (v) the premium or premiums for a policy or policies of municipal bond insurance or cost or costs of other credit enhancement facility or facilities, for the refunding bonds herein authorized, or any portion thereof, there are hereby authorized to be issued not exceeding $2,000,000 refunding bonds of the Town pursuant to the provisions of Section 90.00 and/or Section 90.10 of the Local Finance Law (the “Public Improvement Refunding Bonds” or the “Refunding Bonds”), it being anticipated that the amount of Refunding Bonds actually to be issued will be approximately $1,610,000, as provided in Section 4 hereof.

Section 2.        The Refunding Bonds may be subject to redemption prior to maturity upon such terms as the Supervisor shall prescribe, which terms shall be in compliance with the requirements of Section 53.00 (b) of the Local Finance Law.

Section 3.        It is hereby determined that:

(a)    the maximum amount of the Refunding Bonds authorized to be issued pursuant to this resolution does not exceed the limitation imposed by subdivision 1 of paragraph b of Section 90.10 of the Local Finance Law;

(b)    the maximum period of probable usefulness permitted by law at the time of the issuance of the respective Refunded Bonds, for the objects or purposes for which such respective Refunded Bonds were issued is as provided in Exhibit A attached to the complete resolution which is not published as part of this summary (the “Complete Resolution”);

(c)    the last installment of the Refunding Bonds will mature not later than the expiration of the period of probable usefulness of the objects or purposes for which said respective Refunded  Bonds  were  issued  in  accordance  with  the  provisions  of Section 90.00 or Section 90.10 of the Local Finance Law, as applicable;

(d)    the estimated aggregate present value of the total debt service savings anticipated as a result of the issuance of the Refunding Bonds, if any, computed in accordance with the provisions of subdivision 2 of paragraph b of Section 90.10 of the Local Finance Law, with regard to the Refunded Bonds, is $164,930.77 as shown in the Refunding Financial Plan described in Section 4 hereof.

Section 4.        The financial plan for the aggregate of the refundings authorized by this resolution (collectively, the “Refunding Financial Plan”), showing the sources and amounts of all moneys required to accomplish such refundings are set forth in Exhibit B to the Complete Resolution which Exhibit B is not published as part of this summary. The Refunding Financial Plan has been prepared based upon the assumption that the Refunding Bonds will be issued in one series to refund all of the Refunded Bonds in the principal amount of $1,610,000, and that the Refunding Bonds will mature, be of such terms, and bear interest  as set  forth on said  Exhibit B.

Section 5. The Supervisor is hereby authorized and directed to enter into an escrow

 

contract or contracts (collectively the “Escrow Contract”) with a bank or trust company, or with banks or trust companies, located and authorized to do business in this State as said President shall designate (collectively the “Escrow Holder”) for the purpose of having the Escrow Holder act, in connection with the Refunding Bonds, as the escrow holder to perform the services described in Section 90.10 of the Local Finance Law.

Section 6. The faith and credit of said Town of Ithaca, Tompkins County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on the Refunding 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 be annually levied on all the taxable real property in said Town a tax sufficient to pay the principal of and interest on such Refunding Bonds as the same become due and payable.

Section 7.        All of the proceeds from the sale of the Refunding Bonds, including the premium, if any, but excluding accrued interest thereon, shall immediately upon receipt thereof be placed in escrow with the Escrow Holder for the Refunded Bonds.

Section 8.        The Supervisor is delegated authority to sell said Refunding Bonds at public competitive sale or at private sale to Robert W. Baird & Co., Inc.

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A COPY OF THE COMPLETE TEXT OF THIS RESOLUTION TOGETHER WITH ALL EXHIBITS INCLUDING BOND TRANSCRIPTS FOR THE REFUNDED BONDS ARE ON FILE IN THE OFFICE OF THE TOWN CLERK WHERE THEY ARE AVAILABLE FOR PUBLIC INSPECTION DURING NORMAL BUSINESS HOURS.

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