Finance, Assessment and Taxation Committee

This meeting is being held in accordance to Governor Hochul’s signed legislation allowing municipalities to resume remote meetings until January 15, 2022 and we encourage residents to continue participating. Constituents provide public comment on our new public comment line 518-694-3987, by email commoncouncil@albanyny.gov or the form on our website https://www.albanyny.gov/Government/CityOfficials/CommonCouncil.aspx. These comments will be shared with members and/ or read for the record at the meeting, posted on our website and Facebook. Constituents may also register to speak during the meeting and you to will be provided with the zoom credentials if it is your intent to speak email us at commoncouncil@albanyny.gov COMMON COUNCIL MEETING FINANCE, ASSESSMENT AND TAXATION COMMITTEE DATE/TIME: Wednesday, January 12, 2022 at 6:30 PM or following Caucus LOCATION: Virtual Meeting, Live streamed to Facebook PUBLIC COMMENT PERIOD: YES TOPIC(S) OF DISCUSSION/CONSIDERATION: ORDINANCE 1.11.22 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $500,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $500,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (TRAFFIC ENGINEERING – TRAFFIC SIGNAL IMPROVEMENT – RADIO COMMUNICATIONS UPGRADES) Resolution Number 1.11.22R A RESOLUTION OF THE COMMON COUNCIL CONSENTING TO AN ADJUSTMENT IN SALARY FOR CERTAIN POSITIONS FOR THE 2022 BUDGET Resolution Number 2.11.22R A RESOLUTION OF THE COMMON COUNCIL CONSENTING TO AN ADJUSTMENT IN SALARY FOR CERTAIN POSITIONS FOR THE 2022 BUDGET Council Member Frederick, on behalf of the Finance, Taxation and Assessment Committee, introduced the following ORDINANCE 1.11.22 AN ORDINANCE AUTHORIZING CERTAIN PURCHASES BY THE CITY OF ALBANY, NEW YORK AT A MAXIMUM ESTIMATED COST OF $500,000.00 AND AUTHORIZING THE LEASE FINANCING OR THE ISSUANCE OF $500,000.00 SERIAL BONDS OF SAID CITY TO PAY THE COST THEREOF (TRAFFIC ENGINEERING – TRAFFIC SIGNAL IMPROVEMENT – RADIO COMMUNICATIONS UPGRADES) The City of Albany, in Common Council convened, does hereby ordain and enact: Section 1. The objects or purposes to be authorized and financed pursuant to this ordinance are set forth below, together with estimates of the maximum estimated costs thereof; determinations of the periods of probable usefulness thereof and the subparagraphs of Section 11.00(a) of the New York Local Finance Law pursuant to which it is determined; the maximum amount of the bonds to be issued with respect to such object or purpose and the maximum term of the obligations to be issued with respect to each project or purpose. Object or Purpose: Traffic signal improvements – radio communications upgrades Local Finance Law Section 11 Subparagraph: 72(a) Period of Probable Usefulness: 20 years Maximum Term of Obligations: 20 years Maximum Estimated Cost: $500,000 Maximum Amount of Bonds: $500,000 Treasurer’s Bond Authorization Number(s): B-22 Treasurer’s Project Number(s): GHG312033109202 Section 2. The plan of financing such objects or purposes is the lease financing of or the issuance of $500,000.00 serial bonds hereby authorized to be issued. Section 3. It is hereby ordered and directed that the projects specified above be undertaken and the amounts set forth as the maximum estimated costs are hereby appropriated therefor. The Board of Contract and Supply is hereby authorized to take such necessary and further steps to carry out the provisions of this section. Section 4. Pending the sale of the bonds herein authorized, the temporary use of funds from the City’s general fund, pursuant to the provisions of section 165.10 of the New York Local Finance Law, is hereby authorized. The City reasonably expects to reimburse such temporary expenditures with the proceeds of the bonds or bond anticipation notes authorized by Section 1 of this ordinance. This ordinance shall constitute the City’s “official intent” to reimburse such temporary expenditures in accordance with Untied States Treasury Regulation section 1.150-2. Section 5. The faith and credit of the City of Albany, New York, are hereby irrevocably pledged for the payment of the principal of and interest on such leases or bonds as the same respectively become due and payable. An annual appropriation shall be made in each year sufficient to pay the principal of and interest on such leases or bonds becoming due and payable in such year and such debt service payments may be made in substantially level or declining amounts as may be authorized by law. There shall annually be levied on all taxable real property of said City, a tax sufficient to pay the principal of and interest on such leases or bonds as the same become due and payable. Section 6. Subject to the provisions of the New York 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 in the City Treasurer, as chief fiscal officer of the City of Albany. Such notes shall be of such terms, form and contents, and shall be sold in such manner, as may be prescribed by said City Treasurer, consistent with the provisions of Local Finance Law. Section 7. The City Treasurer is further authorized to take such actions and execute such documents as may be necessary to ensure the continued status of the interest on the leases or bonds authorized by this resolution and any notes issued in anticipation thereof, as excludable from federal income taxation pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”) and to designate the bonds authorized by this resolution, and any notes issued in anticipation thereof as “qualified tax-exempt bonds” in accordance with Section 265(b)(3)(B)(i) of the Code. Section 8. The City Treasurer is further authorized to enter into a continuing disclosure agreement with the initial issuer of the leases or the purchaser of the bonds or notes authorized by this resolution, containing provisions which are satisfactory to such purchaser in compliance with the provisions of Rule 15c12-12, promulgated by the Securities and Exchange Commission, pursuant to the Securities and Exchange Act of 1934. Section 9. The validity of such leases or bonds and bond anticipation notes may be contested only if: (a) Such obligations are authorized for an object or purpose for which said City is not authorized to expend money, or (b) The provisions of law which should be complied with at the date of publication of this ordinance pursuant to Section 8 hereof 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 (c) Such obligations are authorized in violation of the provisions of the Constitution. Section 10. Upon this ordinance taking effect, the Clerk of the Common Council is hereby authorized and directed to publish the same together with a notice in substantially the form set forth in section 81.00 of the New York Local Finance Law.  Section 11. It is hereby determined that except as hereinafter specified, the authority and funding of the projects aforesaid constitute either unlisted or Type II actions under the New York State Environmental Quality Review Act and the regulations promulgated thereunder having no adverse effect upon the environment. Section 12. This ordinance shall be dated December 29, 2021, and shall take effect upon its approval by the Board of Estimate and Apportionment of the City of Albany. APPROVED AS TO FORM THIS 29TH DAY OF DECEMBER, 2021 _______________________________ Corporation Counsel Council Member Frederick on behalf of the Committee on Finance, Assessment, and Taxation introduced the following: Resolution Number 1.11.22R A RESOLUTION OF THE COMMON COUNCIL CONSENTING TO AN ADJUSTMENT IN SALARY FOR CERTAIN POSITIONS FOR THE 2022 BUDGET WHEREAS, Section 604(D)(b) of the Charter of the City of Albany dictates that any transfer of budgeted funds that affects a salary total that occurs outside of those described in the duly adopted budget must be consented to by the Common Council; and WHEREAS, the Acting Budget Director has requested amendments to the 2022 adopted budget as detailed in “Attachment A” which is incorporated and attached to this resolution; NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Albany consents to the transfer of funds affecting the salary totals for various positions as detailed in “Attachment A” for the 2022 budget year. Council Member Frederick on behalf of the Committee on Finance, Assessment, and Taxation introduced the following: Resolution Number 2.11.22R A RESOLUTION OF THE COMMON COUNCIL CONSENTING TO AN ADJUSTMENT IN SALARY FOR CERTAIN POSITIONS FOR THE 2022 BUDGET WHEREAS, Section 604(D)(b) of the Charter of the City of Albany dictates that any transfer of budgeted funds that affects a salary total that occurs outside of those described in the duly adopted budget must be consented to by the Common Council; and WHEREAS, the Acting Budget Director has requested amendments to the 2022 adopted budget as detailed in “Attachment A” which is incorporated and attached to this resolution; NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Albany consents to the transfer of funds affecting the salary totals for various positions as detailed in “Attachment A” for the 2022 budget year.