The ordinance, a summary of which is published herewith, has been adopted on March 5, 2019, and approved by the Mayor on March 12, 2019, and the validity of the obligations authorized by such ordinance may be hereafter contested only if such obligations were authorized for an object or purpose for which the CITY OF YONKERS, in the County of Westchester, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution.
Vincent E. Spano
City of Yonkers, New York
SPECIAL ORDINANCE 14-2019
BOND ORDINANCE OF THE CITY OF YONKERS, NEW YORK AUTHORIZING THE ACQUISITION BY PURCHASE OF CERTAIN PARCELS OF LAND CONSISTING OF APPROXIMATELY .9552 ACRES WITH IMPROVEMENTS THEREON, SUCH PARCELS LOCATED AT (A) 121 MCLEAN AVENUE, YONKERS, NEW YORK (SECTION 1, BLOCK 114, LOTS 8, 13 AND 15) (“PARCEL 1”), (B) 470 VAN CORTLANDT PARK AVENUE, YONKERS, NEW YORK (SECTION 1, BLOCK 114, P/O LOT 18) (“PARCEL 2”) AND (C) 469 VAN CORTLANDT PARK AVENUE, YONKERS, NEW YORK (SECTION 1, BLOCK 116, LOT 4) (“PARCEL 3” AND TOGETHER WITH PARCEL 1 AND PARCEL 2, COLLECTIVELY, THE “ST. DENIS PROPERTY”) FOR USE BY THE BOARD OF EDUCATION AND THE CITY; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $4,000,000; APPROPRIATING SAID AMOUNT THEREFOR AND AUTHORIZING THE ISSUANCE OF BONDS OF SAID CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $4,000,000 TO FINANCE SAID APPROPRIATION.
The bonds are authorized to finance the cost of the acquisition by purchase of the St. Denis Property (Parcel 1 consists of a former school and parking lot, Parcel 2 consists of a former rectory and Parcel 3 consists of a former convent) for use by the Board of Education and the City. The estimated maximum of the project, including preliminary costs and costs incidental thereto and the financing thereof, is $4,000,000.
The maximum amount of obligations to be issued is $4,000,000.
The period of probable usefulness associated with the project is thirty (30) years.
Pursuant to the provisions of Section 17 of the Special Local Finance and Budget Act of the City of Yonkers, constituting Chapters 488 and 489 of the Laws of 1976 of the State of New York (herein called the “Act”), the City is authorized and directed to include the pledge and agreement of the State of New York (herein called the “State”) contained in said Section 17 of the Act, in the ordinance, and the Act provides that upon payment for the bonds or notes by the original and all subsequent holders thereof the inclusion of such pledge and agreement shall be deemed conclusive evidence of valuable consideration received by the State and City for such pledge and agreement and of reliance upon such pledge and agreement by any holder and that any action by the State contrary to or inconsistent with the provisions of such pledge and agreement shall be void.
A complete copy of the Bond Ordinance summarized above shall be available for public inspection during normal business hours at the office of the City Clerk, 40 South Broadway, Yonkers, New York 10701.
DATED: March 5, 2019
Yonkers, New York