The ordinance, a summary of which is published herewith, has been adopted on June 18, 2019, and approved by the Mayor on June 20, 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 37 -2019
BOND ORDINANCE OF THE CITY OF YONKERS, NEW YORK AUTHORIZING FUNDING FOR VARIOUS CAPITAL PROJECTS INCLUDED IN THE SCHOOLS FACILITIES MANAGEMENT PLAN FOR THE BOARD OF EDUCATION AND THE ACQUISITION OF BOOKS AND EQUIPMENT FOR USE BY THE BOARD OF EDUCATION; STATING THE TOTAL ESTIMATED MAXIMUM COST THEREOF IS $71,600,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF BONDS OF SAID CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $71,600,000 TO FINANCE SAID APPROPRIATION
The bonds are authorized to finance various capital projects included in the School Facilities Management Plan for the Board of Education, as amended, and to acquire books and equipment for use by the Board of Education.
The amount of obligations to be issued is not to exceed $71,600,000.
The period of usefulness associated with (i) the construction of improvements to various school buildings and the sites thereof, is thirty (30) years and (ii) the acquisition of books, software and equipment for use by the Board of Education, is five (5) 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: June 18, 2019
Yonkers, New York