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 NO. 15-2019
SUPPLEMENTAL BOND ORDINANCE OF THE CITY OF YONKERS, NEW YORK, AUTHORIZING THE PAYMENT OF VARIOUS TAX CERTIORARI JUDGMENTS, COMPROMISED CLAIMS AND SETTLED CLAIMS APPROVED BY THE CITY COUNCIL DURING FISCAL YEAR 2018-2019, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $16,750,000, APPROPRIATING $1,750,000 IN ADDITION TO THE $15,000,000 HERETOFORE APPROPRIATED FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF BONDS OF SAID CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $1,750,000, IN ADDITION TO THE $15,000,000 BONDS HERETOFORE AUTHORIZED FOR SUCH PURPOSE, TO FINANCE SAID ADDITIONAL APPROPRIATION.
The bonds are authorized to finance various tax certiorari judgments, compromised claims and settled claims against the City.
The period of probable usefulness is a minimum five (5) years and maximum twenty (20) years, dependent on the total amount of tax certiorari claims paid in a single fiscal year.
The amount of obligations to be issued is $1,750,000, in addition to the $15,000,000 bonds authorized pursuant to Special Ordinance No. 23-2018, adopted on June 13, 2018.
A complete copy of the Bond Ordinance summarized above shall be available for public inspection during normal business hours at the office of the Clerk of the City at City Hall, in Yonkers, New York.
Dated: March 5, 2019
Yonkers, New York