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HomeMy WebLinkAbout2002_10_24 Town Board Minutes MINUTES OF THE SPECIAL MEETING OF THE TOWN BOARD OF THE TOWN OF MAMARONECK HELD ON OCTOBER 24, 2002 AT 5:30 PM IN THE TOWN CENTER, 740 W. BOSTON POST ROAD, MAMARONECK, NEW YORK PRESENT: Supervisor Valerie M. O'Keeffe Councilwoman Phyllis Wittner Councilwoman Judith A. Myers Councilman Ernest C. Odierna Councilwoman Nancy Seligson ALSO PRESENT: Stephen V. Altieri, Town Administrator Carmine DeLuca, Town Comptroller Mary Stanton, Assistant to the Town Administrator CALL TO ORDER The regular meeting of the Town Board was called to order by Supervisor O'Keeffe at 5:30 PM. AFFAIRS OF THE TOWN 1. RESOLUTION - GUARANTEE OF REVENUE BONDS TOWN OF MAMARONECK HOUSING AUTHORITY The Town Administrator reviewed with the Town Board the proposal previously presented to refinance the bonds issued by the Housing Authority in 1994 for the construction of the Hommocks Park Apartments. Current market conditions make it favorable to refinance the bonds at a lower interest rate thus saving the Housing Authority approximately $229,000 in debt expense. At the time the bonds were originally issued, the Town Of Mamaroneck served as guarantor of the bonds. In order to refinance the bond issue, the Town must again consider a resolution to guarantee the new refinancing. The Town Board was presented with a resolution prepared by bonding counsel Wilkie, Farr, and Gallagher. The resolution authorizes the guarantee by the Town of Mamaroneck of the payment of debt on refunded indebtedness of the Town Of Mamaroneck Housing Authority. On motion by Councilman Odierna and seconded by Councilwoman Seligson, the Town Board adopted the following resolution: A RESOLUTION AUTHORIZING THE GUARANTEE BY THE TOWN OF MAMARONECK, WESTCHESTER COUNTY, NEW YORK, OF THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON CERTAIN REFUNDING INDEBTEDNESS OF THE TOWN OF MAMARONECK HOUSING AUTHORITY AND APPROVING THE FORM AND SUBSTANCE OF A GUARANTEE, AND PROVIDING FOR OTHER MATTERS IN CONNECTION THEREWITH RELATING THERETO. WHEREAS, the Town of Mamaroneck Housing Authority (the "Authority") issued, on August 17, 1993, its $4,645,000 Hommocks Park Apartments Revenue Bonds (the "Original Bonds") to finance the cost of the construction by the Authority of a 54-unit garden style housing facility located in the Town of Mamaroneck, (the "Town"), on land leased by the Authority from the Town, which are affordable for rental by persons and families of low and/or moderate income, (the "Housing Project"); and October 24, 2002 WHEREAS, pursuant to Section 95 of the Public Housing Law and a resolution of the Town Board of the Town adopted on July 14, 1993, the Town guaranteed the principal of and interest on the Original Bonds; and WHEREAS, there are now outstanding $3,840,000 of the Original Bonds (the "Refunded Bonds"); and WHEREAS, the Authority has further advised the Town that a refunding of the Refunded Bonds by the issuance of refunding bonds at current interest rates will result in a present value debt service savings for the Authority and decrease the amount of the Town guarantee; and WHEREAS, the Authority has notified the Town that it intends to issue its Hommocks Park Apartments Revenue (Refunding) Bonds, 2002 (the "Refunding Bonds"), the Refunding Bonds to be issued to refund the Refunded Bonds; and WHEREAS, the Town Board is desirous of authorizing the guarantee by the Town of the principal of and interest on the Refunding Bonds of the Authority. NOW THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Mamaroneck, Westchester County, New York, as follows: Section 1. The guarantee by the Town of Mamaroneck, Westchester County, New York, of the principal of and interest on the Town of Mamaroneck Housing Authority, Hommocks Park Apartments Refunding (Revenue) Bonds, 2002, as more fully described in the preambles hereof, is hereby authorized (the "Guarantee"). Section 2. The Guarantee shall be evidenced by the execution and delivery by the Supervisor of a Guarantee substantially in the form presented to this meeting and annexed hereto as Exhibit A. The form and substance of the Guarantee are hereby approved. The Guarantee shall apply whether such indebtedness is issued and sold upon such terms and conditions that interest payable thereon shall be includable or excludable in the computation of gross income of the owners thereof for purposes of Federal income taxation. In the event that the aforesaid indebtedness of the Authority is refunded, the Guarantee may also apply to the payment of the principal of and interest on any refunding obligations of the Authority. Section 3. The Supervisor of the Town is hereby authorized, for and in the name of and on behalf of the Town to execute and deliver the Guarantee, in substantially the form thereof presented to this meeting with such changes, variations, omissions and insertions as the Supervisor shall approve; provided, however, that the Supervisor shall only be so authorized to deliver the Guarantee if the present value of the total payments of both principal and interest to become due on the Refunding Bonds shall be at least three per centum (3%) less than the present value of the total payments of both principal and interest to become due on the Refunded Bonds. The execution thereof by the Supervisor shall constitute conclusive evidence of such approval. Section 4. The Supervisor of the Town, and all other officers, employees and agents of the Town, are hereby authorized and directed, for and in the name and on behalf of the Town, to do all acts and things required or provided for by the provisions of the Guarantee and to execute and deliver all such additional certificates, instruments and documents, pay all such fees, charges and expenses and to do all such further acts and things as may be necessary, or in the opinion of the officer, employee or agent acting, desirable and proper to effect the purposes of the resolution and to cause compliance by the Town with all of the terms, covenants and provisions of the Guarantee binding upon the Town. Section 5. This resolution shall take effect immediately. 2 October 24, 2002 The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Councilwoman Seligson VOTING AYE Councilman Odierna VOTING AYE Councilwoman Myers VOTING AYE Councilwoman Wittner VOTING AYE Supervisor O'Keeffe VOTING AYE The resolution was thereupon declared duly adopted. 2. EXECUTIVE SESSION On notion by Councilwoman Wittner and second by Councilwoman Meyers, the Town Board adjourned into executive session to discuss personnel. 3. DISCUSSION OF THE TENTATIVE 2003 TOWN BUDGET This initial worksession is to review the budget generally. The Town Administrator and Comptroller presented the highlights of the budget to the Town Board. There was discussion regarding a variety of items. Members of the Town Board will prepare any specific questions they may have regarding the budget and submit them to the Town Administrator. The Town Board would like to further consider ways to reduce Police overtime. Prior to the next worksession the Town Administrator will meet with the Police Chief to prepare certain information. ADJOURNMENT The Supervisor said that the next scheduled meetings would be November 8, an all day Work Session, and November 13. On motion of Councilwoman Wittner, seconded by Councilman Odierna the meeting was adjourned at 9:15 PM. Submitted by Patricia A. DiCioccio, Town Clerk 3 October 24, 2002 \\CLERKSERVER\SERVER\Documents\Minutes\2002minw\10-24-02.special.scan.doc 4