MEETING OF THE BOARD OF EDUCATION OF THE WEBSTER CENTRAL SCHOOL DISTRICT IN THE COUNTIES OF MONROE AND WAYNE, NEW YORK NOVEMBER 14, 2023 A regular meeting of the Board of Education of the Webster Central School District (the “School District”) in the Counties of Monroe and Wayne, New York was held at the Webster Central School District, on the 2nd floor of the Spry Professional Development Center, 119 South Avenue, Webster, New York, at 6:00 o’clock p.m. (Prevailing Time). There were present:
There were absent:
Others Also Present:
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BOND RESOLUTION OF THE WEBSTER CENTRAL SCHOOL DISTRICT, COUNTIES OF MONROE AND WAYNE, NEW YORK, ADOPTED NOVEMBER 14, 2023, AUTHORIZING A CAPITAL IMPROVEMENT PROJECT AT A COST NOT TO EXCEED $85,000,000, TO EXPEND $10,000,000 FROM THE DISTRICT’S CAPITAL RESERVE FUND AND FOR THE BALANCE, THE ISSUANCE AND SALE OF SERIAL BONDS AND NOTES IN AN AMOUNT NOT TO EXCEED $75,000,000 RECITAL WHEREAS, the qualified voters of the Webster Central School District, Counties of Monroe and Wayne, New York (the “District”), at a special District meeting duly called and held on October 11, 2023, did vote and adopt a proposition authorizing a capital improvement project consisting of the reconstruction and renovation of, and the construction of improvements, additions and upgrades to various District buildings and facilities and the sites thereof, the purchase of original furnishings, equipment, machinery and apparatus required in connection with the purposes for which such buildings, facilities and sites are used, all to include site, access, parking, athletic field and playfield improvements, demolition, utility, mechanical, plumbing and electrical improvements as well as payment of professional fees and all other necessary costs incidental to such work (collectively, the “Project”), and to expend therefore a total sum not to exceed $85,000,000 and to pay for the Project by (i) spending $10,000,000 on deposit in the District’s existing Capital Reserve Fund approved by the voters on May 17, 2016 and (ii) by the levy of a tax which is hereby voted in the amount of $75,000,000, subject to available State aid or to any other revenues available for such purpose, which tax shall be levied and collected in annual installments in such years and in such amounts as may be determined by the Board of Education and in anticipation of the collection of such tax, bonds and notes of the District are hereby authorized to be issued at one time, or from time to time, in the principal amount not to exceed $75,000,000, and a tax is hereby voted to pay the principal and interest on said obligations when due; and WHEREAS, the District is a local agency pursuant to the New York State Environmental Quality Review Act (“SEQRA”), ECL Section 8-0101, et seq., and implementing regulations, 6 NYCRR Part 617 (the “Regulations”); and WHEREAS, the District determined that the Project is a Type I Action within the meaning of SEQRA and the Regulations; and WHEREAS, notice was transmitted to all involved agencies of the District’s desire to act as lead agency with respect to the environmental review of the Project and the period of time elapsed for the involved agencies to object to the District’s desire to act as lead agency; and WHEREAS, after carefully considering the nature and scope of the Project, by resolution previously adopted on October 11, 2022, the District (1) declared itself lead agency with respect to the environmental review of the Project, (2) concluded that the Project will not result in any significant adverse impacts to the environment, (3) issued a Negative Declaration with respect to
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the Project and (4) authorized the filing of a Negative Declaration with the appropriate parties and agencies and the publication of the Negative Declaration in conformance with the Regulations; and WHEREAS, the District now desires to authorize the Project and financing of the cost thereof; and NOW, THEREFORE BE IT RESOLVED, ON NOVEMBER 14, 2023, BY THE BOARD OF EDUCATION OF THE DISTRICT, (by favorable vote of not less than two thirds of all members of said Board of Education) AS FOLLOWS: Section 1. Subject to the provisions of Section 3 hereof, the District is hereby authorized to accomplish the Project and purchase such furnishings, fixtures, equipment, machinery and apparatus as may be required for the purposes for which the Project is to be used and to expend therefor an amount, including preliminary costs and costs incidental thereto and to financing thereof, not to exceed the estimated maximum cost of $85,000,000; and the said amount is hereby appropriated therefor. The estimated total cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $85,000,000, and the plan of finance includes (i) spending $10,000,000 from the Capital Reserve approved by the District’s voters on May 17, 2016 together with any unexpended amounts on deposit in such reserve and thereafter terminate such reserve fund, and (ii) the issuance of serial bonds in the aggregate principal amount not to exceed $75,000,000 and the levy and collection of taxes on all the taxable real property in the District to pay the principal of said bonds and the interest thereon as the same shall become due and payable, subject to applicable amounts of state assistance available or to any revenues available for such purpose from any other source. It is hereby further determined that the requirements of SEQRA have been met. Section 2. Bonds and bond anticipation notes, including renewals thereof, of the District are hereby authorized to be issued pursuant to the provisions of the Local Finance Law of the State of New York (the “Local Finance Law”), in a principal amount not to exceed $75,000,000 to finance said appropriation for the Project. Section 3. The following additional matters are hereby determined and declared: (a) Under the Local Finance Law, the period of probable usefulness of the Project is thirty (30) years pursuant to Section 11 of the Local Finance Law; (b) Current funds are not required by the Local Finance Law to be provided prior to the issuance of the bonds and any notes issued in anticipation thereof authorized by this resolution; and (c) exceed five (5) years.
The proposed maturity of the bonds authorized by this resolution will
Section 4. The temporary use of available funds of the District, not immediately required for the purpose or purposes for which the same were raised or otherwise created, is hereby authorized pursuant to Section 165.10 of the Local Finance Law, for the capital purposes
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described in Section 1 of this resolution. The reasonably expected source of funds to be used to initially pay for the expenditures authorized by Section 1 of this resolution shall be from the District’s General Fund. It is intended that the District shall then reimburse expenditures from the General Fund with the proceeds of the bonds and bond anticipation notes authorized by this resolution and that the interest payable on the bonds and any bond anticipation notes issued in anticipation of such bonds shall be excludable from gross income for federal income tax purposes. This resolution is intended to constitute the declaration of the District’s “official intent” within the meaning of Treasury Regulation Section 1.150-2 to reimburse the expenditures authorized by this resolution with the proceeds of the bonds and bond anticipation notes authorized herein. Other than as specified in this resolution, no monies are reasonably expected to be, received, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the objects or purposes described herein. Section 5. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation thereof shall contain the recital of validity as prescribed by Section 52.00 of the Local Finance Law and said bonds and any notes issued in anticipation of said bonds shall be general obligations of the District, payable as to both principal and interest by general tax upon all the taxable real property within the District without limitation of rate or amount. The bonds may be issued such that annual principal and interest payments will be substantially similar or declining as provided by law. The full faith and credit of the District are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the District of appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 6. The validity of the bonds authorized by this resolution and of any notes issued in anticipation of the sale of said bonds may be contested only if: (a) (b)
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such obligations are authorized for an object or purpose for which the District is not authorized to expend money, or the provisions of law which should be complied with at the date of the publication of such 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 such obligations are authorized in violation of the provisions of the constitution.
Section 7. The power to issue and sell the bonds and any notes issued in anticipation thereof (including any renewal notes), including all powers or duties pertaining or incidental thereto, is hereby delegated to the President of the Board of Education, as Chief Fiscal Officer, except as herein provided. The obligations shall be of such terms, form and contents as may be determined by the Chief Fiscal Officer, pursuant to the Local Finance Law. The Chief Fiscal Officer is authorized to execute and deliver any documents, including a financing agreement with the Dormitory Authority of the State of New York, if applicable, and to take such other action as may be necessary and proper to carry out the intent and provisions hereof.
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Section 8. Trespasz & Marquardt, LLP is appointed bond counsel to the District for the Project. Section 9. This resolution shall take effect immediately. The District Clerk is hereby authorized and directed to publish a summary of the foregoing resolution, together with a Notice in substantially the form prescribed by Section 81.00 of the Local Finance Law in the newspapers having general circulation in the District and designated the official newspapers of District for such publication. The adoption of the foregoing resolution was moved by Member _______ and seconded by Member ________ and duly put to a vote on roll call, which resulted as follows: [Board Member] [Board Member] [Board Member] [Board Member] [Board Member] [Board Member] [Board Member] [Board Member] [Board Member]
Voting Voting Voting Voting Voting Voting Voting Voting Voting
The resolution was declared adopted.
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[Yes/No] [Yes/No] [Yes/No] [Yes/No] [Yes/No] [Yes/No] [Yes/No] [Yes/No] [Yes/No]
State of New York County of Monroe
: :ss. :
I, the undersigned District Clerk of the Webster Central School District, in the Counties of Monroe and Wayne, State of New York, HEREBY CERTIFY: That I have compared the annexed extract from the minutes of a meeting of the Board of Education of said School District, including the resolution contained therein, held on November 14, 2023, with the original thereof on file in my office, and that the same is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relates to the subject matters therein referred to. I FURTHER CERTIFY that all members of said Board had due notice of said meeting. I FURTHER CERTIFY that, pursuant to Section 103 of the Public Officers Law (Open Meetings Law) said meeting was open to the general public. I FURTHER CERTIFY that, prior, to the time of said meeting, I duly caused a public notice of the time and place of said meeting to be given to the following newspapers and/or other news media as follows: Newspaper and/or Other News Media
Date Given
Webster Herald
June 9, 2023
I FURTHER CERTIFY that prior to the time of said meeting, I duly caused public notice of the time and place of said meeting to be conspicuously posted in the following designated public location(s) on the following dates: Designated Location(s) of Posted Notice
Date of Posting
District Website
June 9, 2023
District Bulletin Board
June 9, 2023
IN WITNESS WHEREOF, I have hereunto set my hand and seal and affixed the corporate seal of the Webster Central School District, Counties of Monroe and Wayne, New York, this __ day of November 2023. ____________________________ Heather Murphy, District Clerk [SEAL]
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