1 1 IN THE MATTER OF THE VILLAGE OF SAVONA BOARD MEETING 2 3 HELD VIA ZOOM CONFERENCE 4 MAY 14, 2020 5 6 APPEARANCES: 7 Brian Scott, Mayor of the Village of Savona 8 Heather Swarthout, Savona Village Clerk 9 Mary Finch, Deputy Mayor, Trustee 10 Carl Peters, Jr., Trustee 11 Chris McCann, Trustee 12 13 14 15 16 17 18 19 20 21 22 23 DAWN K. SMITH, Transcriber 24 25 2 1 MAYOR SCOTT: I would like to call to order the 2 bond resolution meeting scheduled for May 14th at 5:40 p.m. 3 Trustee McCann? 4 (NO RESPONSE). 5 MAYOR SCOTT: Chris, are you on? 6 TRUSTEE McCANN: Yes, I'm here. 7 MAYOR SCOTT: Thank you. Trustee Finch? 8 TRUSTEE FINCH: Here. 9 MAYOR SCOTT: Trustee Peters? 10 TRUSTEE PETERS: Here. 11 MAYOR SCOTT: Trustee Carson? 12 (NO RESPONSE). 13 MAYOR SCOTT: Tina did send a text that she would 14 be late if she does make it coming home from work. I am 15 going to read the bond resolution and then we will get a 16 motion and just go from there. A resolution of the board of 17 trustees of the Village of Savona authorizing the sixty 18 thousand balance of the repair, reconstruction and 19 improvement of the village roads, having an estimated total 20 cost of three hundred thousand dollars, to be financed by 21 the issuance of sale of a statutory installment bond in the 22 amount not to exceed sixty thousand dollars. Whereas the 23 village board of the Village of Savona, the village, Steuben 24 County, New York, may duly authorize the repair, 25 reconstruction and improvement of village roads at a total 3 1 estimated maximum cost of three hundred thousand dollars by 2 resolution dated January 26, 2012 and whereas the village 3 board authorized the issuance of a statutory installment 4 bond in the amount of three hundred thousand dollars by 5 resolution dated January 26, 2012, then authorized the 6 issuance of bond anticipation notes renewable annually by 7 resolution dated April 19, 2012 and May 17, 2018 and 8 subsequently issued such notes, and whereas all funds from 9 said notes have been utilized to repair, reconstruct and 10 improve certain paved streets and roads in the village and 11 sixty thousand dollars of the initial three hundred thousand 12 dollars remain, and whereas for purpose of SEQR this is an 13 administrative type 2 action under part 617 of the NYCRR for 14 which no additional environmental review is required, and 15 now therefore it be resolved by the board of trustees of the 16 Village of Savona, the village, Steuben County, New York, as 17 follows: A statutory installment bond in the amount of 18 sixty thousand dollars shall be issued by the village to 19 finance the repair, reconstruction and improvement of 20 certain paved streets and roads in the village for use by 21 the village general public and as per resolution dated 22 January 26, 2012 it is hereby authorized for said purpose. 23 The plan for the financing of the aforesaid objects or 24 purpose consist of the issuance and sale of a statutory 25 installment bond of said village in a principal amount up to 4 1 sixty thousand dollars which bond is hereby authorized for 2 such object and purpose thereby providing such sums towards 3 the initial three hundred thousand dollars maximum estimated 4 cost of such object and purpose. Such bond shall be dated 5 and issued in 2020 and shall mature at thirty thousand 6 dollars in each of the two years following 2020 plus 7 interest and shall otherwise be of such terms, form and 8 content of the village treasurer or mail shall prescribe. 9 It is hereby determined that the period of usefulness of the 10 aforesaid project or purpose is fifteen years, pursuant to 11 subdivision 20-C of paragraph of a section 11.00 of local 12 finance law. It is determined that the maximum maturity of 13 the statutory installment bond authorized hereby shall not 14 exceed two years which is ten years after the first note 15 issued pursuant to the January 26, 2012 and April 19, 2012 16 resolutions. The faith and credit of said village is hereby 17 irrevocably pledged to the payment of the principal of the 18 interest on such bonds as the same respectively become due 19 and payable. An annual appropriation shall be made in each 20 year sufficient to pay the principal of the interest on such 21 bond becoming due and payable in such year. There shall 22 annually be levied on taxed real property in the said 23 village a tax sufficient to pay the principal of interest on 24 such bond as the same becomes due and payable. The bond 25 shall be designated a qualified tax exempt obligation 5 1 pursuant to Section 902-B-3-B of the tax reform act of 1986 2 as provided by the conference report on HR3838 on September 3 18, 1986. The Village of Savona is and was of April 19, 4 2012 a political subdivision of the State of New York and it 5 is reasonably assumed that the amount of qualified tax 6 exempt obligation with the meaning of section 902-B-3-B of 7 HR3838 which will be issued by the village during 2020 does 8 not exceed ten thousand -- the sum of the principal amount 9 of the bond and the principal amount of any other obligatory 10 therefore designated by the village during 2020 for the 11 purpose of section B-3-B does not exceed -- I'm sorry, ten 12 million. The bond designated herein is not a private 13 activity bond as defined in section 14. The mayor may sell 14 the bond at private sale and the purchaser may not convert 15 the same into a registered bond. So a motion having been 16 duly seconded it was adopted -- okay. Can I have a motion 17 to accept the bond resolution, please? 18 TRUSTEE PETERS: So moved. 19 TRUSTEE McCANN: I'll second it. 20 MAYOR SCOTT: Thank you. Any questions or comments 21 regarding the bond for the road repair? 22 TRUSTEE FINCH: Could you read that all over again? 23 MAYOR SCOTT: Yes, in two minutes. I do have to do 24 an individual roll call with this vote, so we'll do it 25 quickly. Trustee McCann? 6 1 TRUSTEE McCANN: Yes. 2 MAYOR SCOTT: Trustee Peters? 3 TRUSTEE PETERS: Yes. 4 MAYOR SCOTT: Trustee Carson is absent. Trustee 5 Finch? 6 TRUSTEE FINCH: Yes. 7 MAYOR SCOTT: And I am also a yes. May I have a 8 motion to adjourn the bond resolution meeting? 9 TRUSTEE FINCH: I'll make the motion. 10 TRUSTEE PETERS: I'll second it. 11 MAYOR SCOTT: Thank you everyone for your time this 12 evening. We'll see you Thursday night. We'll talk to you 13 next Thursday night. 14 TRUSTEE FINCH: Thank you, Brian. 15 16 17 18 19 20 21 22 23 24 25 7 1 CERTIFICATION 2 I, Dawn K. Smith, certify that the foregoing transcript of 3 the Savona Village Board Meeting was prepared using the required 4 transcription equipment and is a true and accurate record of the 5 proceedings. 6 7 8 9 ______________________________ 10 Dawn K. Smith 11 DS Transcription Services 12 6985 Wilbur Road 13 Bath, NY 14810 14 607-742-6106 15 16 17 18 19 20 21 22 23 24 25