Building Expansion Bond Details

The Town Board of the Town of Onondaga met at a special meeting at 4:30 p.m. on Wednesday, January 23, 2008 at Town Hall, 5020 Ball Road, Syracuse, New York.

Present:
Supervisor Thomas P. Andino, Jr.
Councilman Charles Petrie
Councilman Donald Hamilton
Councilwoman Suzanne Belle
Town Clerk Lisa M. Goodwin
Town Attorney Kevin M. Gilligan
Excused: Councilwoman Mary K. Ryan

Mr. Gilligan explained to the Town Board how the bond with the Onondaga Free Library will work and what the roll of the Town of Onondaga will be in this bond. In summary, the Town of Onondaga will have no responsibility for the bond and cannot be held accountable. The Town of Onondaga will be collecting the monies from the taxes and will be paying M&T Bank directly for the bond in the name of the Onondaga Free Library. Mr. Paul Mullin, Onondaga Free Library Board of Trustees, was present. He thanked the Town Board for pulling the special meeting together to discuss the bond for the library expansion.

The following resolution was offered by Councilwoman Belle, who moved its adoption, seconded by Councilman Hamilton, to wit:

WHEREAS, at the request of the Onondaga Free Library (the “Library”), the Onondaga County Industrial Development Agency (the “Agency”) intends to issue its Civic Facility Revenue Bonds (Onondaga Free Library Project), Series 2008 (the “Bonds”) in an aggregate principal amount not to exceed $3,000,000 to finance the acquisition, renovation, construction and installation of a Library facility; and

WHEREAS, the Library will pay debt service on the Bonds with proceeds of the annual tax levied by the Town of Onondaga (the “Town”) on behalf of the Library (the “Library Tax”); and

WHEREAS, the Library has requested the Town to pay the Library Tax directly to Manufacturers and Traders Trust Company, the company appointed as fiscal agent for the Bonds (the “Fiscal Agent”), who will retain the amount necessary to pay debt service on the Bonds and pay the remaining Library Tax proceeds to the Library; and

WHEREAS, The Town Board now desires to authorize the Supervisor, as chief fiscal officer of the Town, to execute on behalf of the Town a Fiscal Agency Agreement among the Town, the Library, the Agency and the Fiscal Agent pursuant to which, among other things, the Town will agree to pay the Library Tax proceeds to the Fiscal Agent.

NOW, THEREFORE, it is

BE IT RESOLVED, by the Town Board that the Supervisor is hereby authorized to execute and deliver the Fiscal Agency Agreement on behalf of the Town, to execute, deliver and/or approve any other documents necessary or appropriate to carry out the transactions contemplated by the Fiscal Agency Agreement, provided, however, the Town shall in no event be liable for payment of the Bonds.

The question of the foregoing Resolution was duly put to a vote and, upon roll call, the vote was as follows:
Councilman Petrie Voted Yes
Councilman Hamilton Voted Yes
Councilwoman Belle Voted Yes
Supervisor Andino Voted Yes

The foregoing Resolution was thereupon declared duly adopted.

Mr. Gilligan explained that all documents are being executed and are being held in escrow until the Town and counsel receives confirmation from Mr. Mullin of their final status at which time, Costello, Cooney & Fearon will release the escrow.

A motion was made by Councilwoman Belle, seconded by Councilman Hamilton, that the Board audits the following accounts and that they be approved and ordered paid:
All General Fund Accounts on Abstract No. 2, numbers 45 through 110 inclusive; all Trust and Agency Accounts on Abstract No. 1, numbers 1 through 7 inclusive; all Parks Accounts on Abstract No. 2, Accounts on Abstract No. 2, numbers 12 through 40 inclusive; and all Fire Protection Districts Accounts on Abstract No. 1, numbers 1 through 8 inclusive.

The vote was as follows:
Councilman Petrie Voted Yes
Councilman Hamilton Voted Yes
Councilwoman Belle Voted Yes
Supervisor Andino Voted Yes
Motion was carried.

A motion was made by Councilwoman Belle, seconded by Councilman Petrie, that there being
no further business to come before the Town Board, the meeting be adjourned.

The vote was as follows:
Councilman Petrie Voted Yes
Councilman Hamilton Voted Yes
Councilwoman Belle Voted Yes
Supervisor Andino Voted Yes

Motion was carried.

Meeting adjourned at 5:08 p.m.
Lisa M. Goodwin, Town Clerk