BOND RESOLUTION
Town of Elizabethtown | Jul. 21, 2026
<p><strong>BOND RESOLUTION DATED JULY 21, 2026.</strong></p><p><br><strong>A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING AN ADDITIONAL $22,590,000 SERIAL BONDS OF THE TOWN OF ELIZABETHTOWN, ESSEX COUNTY, NEW YORK, TO PAY A PART OF THE COST OF THE ESTABLISHMENT OF SEWER DISTRICT NO. 1 IN…

BOND RESOLUTION

 

     At a regular meeting of the Town Board of the Town of Elizabethtown, Essex County, New York, held at the Town Hall, in Elizabethtown, New York, in said Town, on July 21, 2026, at 6:00 o’clock P.M., Prevailing time.

The meeting was called to order by Supervisor Cathy Ruesser, and upon roll being called, the following were PRESENT: Councilperson Wright

                           Councilperson Bailey

                           Councilperson Morris

                           Supervisor Reusser

         ABSENT: Councilperson Allott

 

RESOLUTION: 115-26

     The following resolution was offered by Councilperson Bailey who moved its adoption, seconded by Councilperson Morris to-wit.

 

 ROLL CALL:  Councilperson Wright - yes

                           Councilperson Bailey – yes

                           Councilperson Morris – yes

                           Supervisor Reusser – yes

 

BOND RESOLUTION DATED JULY 21, 2026.


A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING AN ADDITIONAL $22,590,000 SERIAL BONDS OF THE TOWN OF ELIZABETHTOWN, ESSEX COUNTY, NEW YORK, TO PAY A PART OF THE COST OF THE ESTABLISHMENT OF SEWER DISTRICT NO. 1 IN SAID TOWN.


WHEREAS, the capital project as hereinafter described has been determined to be a Type I Action pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, the implementation of which as proposed, the Town Board has determined will not result in any significant adverse environmental impact; and


WHEREAS, pursuant to proceedings heretofore had and taken in accordance with the provisions of Article 12-A of the Town Law, the Town Board of the Town of Elizabethtown, Essex County, New York (the “Town”), has established Sewer District No. 1 (the “District”); and


WHEREAS, pursuant to proceedings to be had and taken in accordance with the provisions of Article 12-A of the Town Law, the Town Board of the Town of Elizabethtown, Essex County, New York, has determined to proceed with the establishment of the District at a revised maximum estimated cost of $37,100,000; and


WHEREAS, it is now desired to authorize additional financing of the improvements proposed for such District; NOW, THEREFORE, BE IT


RESOLVED, by the Town Board of the Town of Elizabethtown, Essex County, New York, as follows:


Section 1.    Improvements in connection with the establishment of Sewer District No. 1 in the Town of Elizabethtown, consisting of the construction of a sewer system, including original equipment, machinery, apparatus, appurtenances, land or rights-in-land, and incidental improvements and expenses in connection therewith, as more fully set forth in a revised map, plan and report at a revised maximum estimated cost of $37,100,000 are hereby approved.


Section 2.    It is hereby determined that the plan for the financing of said class of objects or purposes is (a) by the issuance of not exceeding (i) $9,550,000 serial bonds of said Town authorized to be issued by bond resolution dated and duly adopted August 17, 2010 and (ii) $4,960,000 serial bonds of said Town authorized to be issued by bond resolution dated and duly adopted September 19, 2017 (together the “Prior Bond Resolutions”) pursuant to the provisions of the Local Finance Law; and (b) by the issuance of not exceeding $22,590,000 serial bonds of said Town hereby authorized to be issued therefor, PROVIDED, HOWEVER, that to the extent that any grants-in-aid are received for such class of objects or purposes, the amount of bonds to be issued pursuant to this resolution shall be reduced dollar for dollar
 

Section 3.    It is hereby determined that the period of probable usefulness of the aforesaid class of objects or purposes is forty years, pursuant to subdivision 4 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.


Section 4.    The faith and credit of said Town of Elizabethtown, Essex County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such bonds as the same respectively become due and payable.  To the extent not paid from other sources, there shall be annually assessed upon and collected from the several lots and parcels of land within said Sewer District No. 1 in the manner provided by law, an amount sufficient to pay the principal and interest on said bonds as the same become due, but if not paid from such source, all the taxable real property in said Town shall be subject to the levy of ad valorem taxes without limitation as to rate or amount sufficient to pay the principal of and interest on said bonds as the same shall become due.


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 Supervisor, 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 Supervisor, 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 Supervisor, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as the Supervisor shall deem best for the interests of said Town, including, but not limited to, the power to sell said bonds to the New York State Environmental Facilities Corporation; provided, however, that in the exercise of these delegated powers, the Supervisor 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 Supervisor 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 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 bonds with substantially level or declining annual debt service, shall be determined by the Supervisor, the chief fiscal officer of such Town.  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 Supervisor shall determine consistent with the provisions of the Local Finance Law. 


Section 8.    The Supervisor is hereby further authorized, at the Supervisor’s sole discretion, to execute a project finance and/or loan agreement, and any other agreements with the New York State Department of Environmental Conservation and/or the New York State Environmental Facilities Corporation, including amendments thereto, and including any instruments (or amendments thereto) in the effectuation thereof, in order to effect the financing or refinancing of the class of objects or purposes described in Section 1 hereof, or a portion thereof, by a bond, and/or note issue of said Town in the event of the sale of same to the New York State Environmental Facilities Corporation.


Section 9.    The power to issue and sell notes to the New York State Environmental Facilities Corporation pursuant to Section 169.00 of the Local Finance Law is hereby delegated to the Supervisor.  Such notes shall be of such terms, form and contents as may be prescribed by said Supervisor consistent with the provisions of the Local Finance Law.


Section 10.    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 11.    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 Town 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 12.    This resolution, which takes effect immediately, shall be published in summary form in the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law; provided, however, that no bond anticipation note or bonds shall be issued pursuant to this bond resolution prior to the completion of the proceedings for the establishment of Sewer District No. 1 in the Town at the revised maximum estimated cost and the subsequent ratification and confirmation by re-adoption thereafter by the Town Board.  The Prior Bond Resolutions are not superseded hereby and remain in full force and effect.

 


The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows:


Councilperson Wright  VOTING  Yes
Councilperson Bailey  VOTING  Yes
Councilperson Morris  VOTING  Yes
Supervisor Reusser  VOTING  Yes
___________________________________  VOTING  ___________
The resolution was thereupon declared duly adopted.
*      *       *       *       *      *


CERTIFICATION FORM
STATE OF NEW YORK    )
                                          ) ss.:
COUNTY OF ESSEX        )
I, the undersigned Clerk of the Town of Elizabethtown, Essex County, New York (the "Issuer"), DO HEREBY CERTIFY:
That a meeting of the Issuer was duly called, held and conducted on the July 21, 2026.
1.    That such meeting was a regular meeting.
2.    That attached hereto is a proceeding of the Issuer which was duly adopted at such meeting by the Board of the Issuer.
3.    That such attachment constitutes a true and correct copy of the entirety of such proceeding as so adopted by said Board.
4.    That all members of the Board of the Issuer had due notice of said meeting.
5.    That said meeting was open to the general public in accordance with Section 103 of the Public Officers Law, commonly referred to as the "Open Meetings Law".
6.    That notice of said meeting (the meeting at which the proceeding was adopted) was caused to be given PRIOR THERETO in the following manner:
PUBLICATION   Press Republican, January 20, 2026


POSTING (here insert place(s) and date(s) of posting- should be a date or dates falling prior to the date set forth above in item 1)
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Issuer this July 21, 2026.


__Patti L Doyle___________
Town Clerk
(CORPORATE SEAL)

 

 

LEGAL NOTICE OF ESTOPPEL
The bond resolution, summary of which is published herewith, has been adopted on July 21, 2026 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 the Town of Elizabethtown, Essex County, New York, 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.
A complete copy of the resolution summarized herewith is available for public inspection during regular business hours at the Office of the Town Clerk for a period of twenty days from the date of publication of this Notice.


Dated:    Elizabethtown, New York,
July 21, 2026.
                                           
Patti L Doyle

Town Clerk
BOND RESOLUTION DATED JULY 21, 2026.
A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING AN ADDITIONAL $22,590,000 SERIAL BONDS OF THE TOWN OF ELIZABETHTOWN, ESSEX COUNTY, NEW YORK, TO PAY A PART OF THE COST OF THE ESTABLISHMENT OF SEWER DISTRICT NO. 1 IN SAID TOWN.


Class of objects or purposes:    Improvements for the Establishment of Sewer District No. 1.
 

Maximum estimated cost:    $37,100,000
 

Period of probable usefulness:     Forty years
 

Amount of obligations previously authorized to be issued:    $14,500,000 bonds; to be reduced by any grants-in-aid received therefor
 

Amount of additional obligations authorized:    $22,590,000; to be reduced by any grants-in-aid received therefor
 

SEQRA status:    Type I Action, negative declaration.  SEQRA compliance materials on file in the office of the Town Clerk where they may be inspected during regular business hours by appointment.