A RESOLUTION AUTHORIZING THE ISSUANCE OF $828,200 SERIAL BONDS OF THE COUNTY OF DUTCHESS, NEW YORK, AND THE EXPENDITURE OF $3,280,000 GRANT-IN-AID MONIES TO PAY THE COST OF ROAD RECONSTRUCTION, IN AND FOR SAID COUNTY

PUBLIC WORKS & CAPITAL PROJECTS DISCUSSION ONLY 2/6/2025 RESOLUTION NO. 2025024 BOND RESOLUTION DATED MARCH 10, 2025 A RESOLUTION AUTHORIZING THE ISSUANCE OF $828,200 SERIAL BONDS OF THE COUNTY OF DUTCHESS, NEW YORK, AND THE EXPENDITURE OF $3,280,000 GRANT-IN-AID MONIES TO PAY THE COST OF ROAD RECONSTRUCTION, IN AND FOR SAID COUNTY WHEREAS, the environmental impact of the capital project hereinafter described, as proposed, will be determined pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act during the final design stage and prior to the financing thereof; and WHEREAS, it is now desired to authorize the financing of such capital project; NOW, THEREFORE BE IT RESOLVED, by the County Legislature of the County of Dutchess, New York, as follows: Section 1. Road reconstruction throughout and in and for the County of Dutchess, New York, including incidental improvements and expenses in connection therewith, is hereby authorized at a maximum estimated cost of $4,108,200. Section 2 It is hereby determined that the plan for the financing of the aforesaid class of objects or purposes is (a) by the issuance of $828,200 serial bonds of said County hereby authorized to be issued therefor pursuant to the provisions of the Local Finance Law, and (b) by the expenditure of $3,280,000 grants-in-aid monies hereby appropriated therefor. 4141-5201-5448.1 Section 3. It is hereby determined that the period of probable usefulness of the aforesaid class of objects or purposes is 15 years, pursuant to subdivision 20(c) of paragraph a of Section 11.00 of the Local Finance Law. Section 4. Subject to the provisions of the 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 to the Commissioner of Finance, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shall be sold in such manner, as may be prescribed by said Commissioner of Finance, consistent with the provisions of the Local Finance Law. Section 5. The faith and credit of said County of Dutchess, New York, are hereby irrevocably pledged for the payment of the principal of and interest on such 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 bonds becoming due and payable in such year. There shall annually be levied on all the taxable real property of said County a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable. Section 6. Such bonds shall be in fully registered form and shall be signed in the name of the County of Dutchess, New York, by the manual or facsimile signature of the Commissioner of Finance and a facsimile of its corporate seal shall be imprinted or impressed thereon and may be attested by the manual or facsimile signature of the County Clerk. Section 7. The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds, are hereby delegated to the Commissioner of Finance, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as she shall deem best for the interests of the County; provided, however, that in the exercise of these delegated powers, she -2- 4141-5201-5448.1 shall comply fully with the provisions of the Local Finance Law and any order or rule of the State Comptroller applicable to the sale of municipal bonds. The receipt of the Commissioner of Finance shall be a full acquittance to the purchaser of such bonds, who shall not be obliged to see to the application of the purchase money. Section 8. All other matters, except as provided herein relating to such bonds including determining whether to issue such bonds having substantially level or declining annual debt service and all matters related thereto, prescribing whether manual or facsimile signatures shall appear on said bonds, prescribing the method for the recording of ownership of said bonds, appointing the fiscal agent or agents for said bonds, providing for the printing and delivery of said bonds and if said bonds are to be executed in the name of the County by the facsimile signature of the Commissioner of Finance, providing for the manual countersignature of a fiscal agent or of a designated official of the County), the date, denominations, maturities and interest payment dates, place or places of payment, and also including the consolidation with other issues, shall be determined by the Commissioner of Finance. It is hereby determined that it is to the financial advantage of the County not to impose and collect from registered owners of such serial bonds any charges for mailing, shipping and insuring bonds transferred or exchanged by the fiscal agent, and, accordingly, pursuant to paragraph c of Section 70.00 of the Local Finance Law, no such charges shall be so collected by the fiscal agent. Such bonds shall contain substantially the recital of validity clause provided for in section 52.00 of the Local Finance Law and shall otherwise be in such form and contain such recitals in addition to those required by section 52.00 of the Local Finance Law, as the Commissioner of Finance shall determine. Section 9. This resolution shall constitute a statement of official intent for purposes of Treasury Regulations Section 1.150 - 2. Other than as specified in this resolution, no monies are, or -3- 4141-5201-5448.1 are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the object or purpose described herein. Section 10. The validity of such bonds and bond anticipation notes may be contested only if: Such obligations are authorized for an object or purpose for which said County is not authorized to expend money, or The provisions of law which should be complied with at the date of publication of this 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 11. This resolution, which takes effect immediately, shall be published in summary form in The Poughkeepsie Journal and the Southern Dutchess News, the official newspapers of said County, together with a notice of the Clerk of the County Legislature in substantially the form provided in Section 81.00 of the Local Finance Law. CA-016-25 CEB/rjw G-0145-B Rev'd 1/24/25 Fiscal Impact: See Attached. 4141-5201-5448.1 -4- CERTIFICATION FORM STATE OF NEW YORK ) SS.: COUNTY OF DUTCHESS I, the undersigned Clerk of the County Legislature of the County of Dutchess, New York (the "Issuer"), DO HEREBY CERTIFY: That I have compared the annexed extract of the minutes of the meeting of the County Legislature of said County, including the resolution contained therein, held on March 10, 2025, with the original thereof on file in my office, and that the same is a true and correct transcript therefrom and of the whole of said original so far as the same relates to the subject matters therein referred to. I FURTHER CERTIFY that said County Legislature consists of 25 members; that the vote on the foregoing resolution was 23 ayes and 0 noes, with 2 members being absent or abstaining from voting. I FURTHER CERTIFY that the foregoing resolution as adopted by said County Legislature was duly approved by the County Executive of said County on March 17, 2025, in accordance with the provisions of Section 3.02 of the Dutchess County Charter. I FURTHER certify that all members of said Legislature had due notice of said meeting, and that, pursuant to Section 103 of the Public Officers Law (Open Meetings Law), said meeting was open to the general public, and that 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: 4141-5201-5448.1 Newspaper and/or other news media Date given Southern Dutchess News Poughkeepsie Journal March 7, 2025 March 7, 2025 and that I further 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 22 Market Street, 6' Floor, County Office Building Poughkeepsie, NY 12601 March 7, 2025 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the County Legislature this 11 day of March, 2025. Laura Phillips AURA PHILLIP Deputy Clerk, County Legislature APPROVED Susan Serio SUSAN J. SERINO COUNTY EXECUTIVE Do 3/17/2025 4141-5201-5448.1 -2- Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 PRIN O/S $828,200 772,987 717,773 662,560 607,347 552,133 496,920 441,707 386,493 331,280 276,067 220,853 165,640 110,427 55,213 2024 DPW CR 114 and N/S Grand Ave PRIN PAYMENT INTEREST $55,213 $34,039 55,213 31,770 55,213 29,500 55,213 27,231 55,213 24,962 55,213 22,693 55,213 20,423 55,213 18,154 55,213 15,885 55,213 13,616 55,213 11,346 55,213 9,077 55,213 6,808 55,213 4,539 55,213 2,269 $828,200 $55,213 $272,312 $18,154 TOTAL AVG. PER YEAR FISCAL IMPACT STATEMENT TOTAL PRINCIPAL $828,200 ANTICIPATED INTEREST RATE (1) TERM 15 YEARS ANTICIPATED FEES: ANTICIPATED ANNUAL COST (PRIN + INT): TOTAL PAYBACK (ANNUAL COST × TERMS): PREPARED BY HEIDI SEELBACH "Rate is subject to change based upon a) maket conditions at time of debl issuance and b) term of financing which is dependent upon the structuring of all debt issued when this project is ultimately financed. TOTAL $89,252 86,983 84,714 82,445 80,175 77,906 75,637 73,367 71,098 68,829 66,560 64,290 62,021 59,752 57,483 $1,100,512 $73,367 4.11% $8,200 $73,367 $1,100,512 APPROPRIATIONS Increase H0652 - 2025 Safety Improvements at CR 114 and N/S Grand Ave H0652.5110.3250.214 H0652.5110.3900 Road Reconstruction Federal Bond Issuing costs $4,100,000 $8,200 $4,108,200 REVENUES Increase H0652.5110.57100 H0652.5110.45970.00 Serial Bonds Transp Capital Projects Highway $828,200 $3,280,000 $4,108,200 SUE SERINO COUNTY EXECUTIVE ROBERT H. BALKIND, P.E. COMMISSIONER DAVID C. WHALEN DEPUTY COMMISSIONER DUTCHESS COUNTY GOVERNMENT DEPARTMENT OF PUBLIC WORKS MEMORANDUM To: From: Date: Re: Rachal Kahimer bapuby county Execut Robert H. Balkind, P.E., Commissioner January 15, 2025 RESOLUTION REQUEST - TO AUTHORIZE THE COUNTY EXECUTIVE TO EXECUTE GRANT AGREEMENTS TO RECEIVE FEDERAL FUNDS FOR A SAFETY IMPROVEMENT PROJECT AT THE COUNTY ROUTE 114 (MAIN STREET)/NORTH GRAND AVENUE/SOUTH GRANT AVENUE, IN THE TOWN OF POUGHKEEPSIE, DUTCHESS COUNTY NY, AND TO REQUEST AUTHORIZATION FOR CONSTRUCTION PHASE FUNDING The Department of Public Works is submitting an application for Federal funding to the Dutchess County Transportation Council (DCT) for construction phase costs for a Safety Improvement Project at the County Route 114 (Main Street)/North Grand Avenue/South Grand Avenue Intersection, in the Town of Poughkeepsie. In April 2022 the Legislature authorized $275,000 for design and right-of-way expenses for this improvement project and created capital project H0584. Preliminary engineering design is complete, and the preferred alternative has been identified. The estimate for construction phase, including both construction services and construction inspection services is $4,100,000. The Department is seeking authorization from the Legislature to allow the County Executive to execute all documents necessary to receive federal funding. In addition, the Department is seeking funding authorization of $4.1M to pay for the cost of construction ($3,500,000) and construction inspection expenses ($600,000.) Federal funding will contribute 80% of construction phase costs, with the County assuming the remaining 20% share of expenses. If the Department's application to the DCTC is not awarded the federal grant, the Department will not proceed with construction phase work. This request is a necessary step in the Department's application process, as the application must demonstrate that the County supports the project, and that the County's share of project costs are authorized if the Department receives the grant award. Please let me know if you have any questions. C: Mary Aldrich, MA, CPFO, Director of Budget and Finance, DPW attch. 626 Dutchess Turnpike, Poughkeepsie, New York 12603 | (845) 486-2085 dutchessny.gov The foregoing Resolution No. 2025024, A RESOLUTION AUTHORIZING THE ISSUANCE OF $828,200 SERIAL BONDS OF THE COUNTY OF DUTCHESS, NEW YORK, AND THE EXPENDITURE OF $3,280,000 GRANT-IN-AID MONIES TO PAY THE COST OF ROAD RECONSTRUCTION, IN AND FOR SAID COUNTY, was offered for discussion only at the February 6, 2025, Government Services & Administration Committee meeting, and considered at the March 10, 2025, Board Meeting. Roll call vote at that time resulted as follows: AYES: 23 Atkins, Brendli, Caswell, D'Aquanni, Drago, Faust, Garito, Gorman, House, Johnson, Kaul, Kearney, Lawler, McHoul, Metzger, Munn, Page, Polasek, Rolison, Travelpiece, Truitt, Valdés Smith, and Versaci NAYS: 2 Houston and Paoloni ABSENT: Resolution adopted. Public Works and Capital Projects Roll Call District Name District 7 - Hyde Park and Pleasant Valley Truitt* District 25 - Amenia, Washington, Pleasant Valley & Millbrook Houston* District 3 - LaGrange Polasek* District 16 - Fishkill and Beacon Valdés Smith* District 9 - City of Poughkeepsie Atkins* District 1 - Town of Poughkeepsie Gorman District 10 - City of Poughkeepsie Johnson (VC) District 12 - East Fishkill Metzger (C) District 13 - East Fishkill and Wappinger Paoloni District 15 - Wappinger Faust District 20 - Red Hook, Tivoli, and Rhinebeck Munn District 23 - Pawling, Beekman and East Fishkill Rolison Present: Absent: Resolution: Motion: Total: Abstentions: Vacant: Yes No absent Yes No 2025024 A RESOLUTION AUTHORIZING THE ISSUANCE OF $828,200 SERIAL BONDS OF THE COUNTY OF DUTCHESS, NEW YORK, AND THE EXPENDITURE OF $3,280,000 GRANT-IN-AID MONIES TO PAY THE COST OF ROAD RECONSTRUCTION, IN AND FOR SAID COUNTY MARCH 6, 2025 Roll Call Sheets District Last Name YES NO District 7 - Hyde Park and Pleasant Valley District 25 - Amenia, Washington, Pleasant Valley & Millbrook District 3 - LaGrange District 16 - Fishkill and Beacon District 9 - City of Poughkeepsie District 1 - Town of Poughkeepsie District 2 - LaGrange, Pleasant Valley & Town of Poughkeepsie District 4 - Hyde Park and Town of Poughkeepsie District 5 - Town of Poughkeepsie District 6 - Town of Poughkeepsie District 8 - City and Town of Poughkeepsie District 10 - City of Poughkeepsie District 11 - Clinton, Pleasant Valley, and Rhinebeck District 12 - East Fishkill District 13 - East Fishkill and Wappinger District 14 - Wappinger and Town of Poughkeepsie District 15 - Wappinger District 17 - Town and Village of Fishkill District 18 - City of Beacon and Fishkill District 19 - North East, Stanford, Pine Plains, Milan & Red Hook District 20 - Red Hook, Tivoli, and Rhinebeck District 21 - East Fishkill District 22 - Beekman and Union Vale District 23 - Pawling, Beekman and East Fishkill District 24 - Dover and Pawling Present: Absent: Vacant: 23 Resolution: _ Motion: Truitt Houston abseNt Polasek Valdés Smith Atkins Gorman Travelpiece Lawler D'Aquanni Kaul Brendli Johnson Kearney Metzger Paoloni abseNt Versaci Faust McHoul Page Drago Munn Caswell Garito Rolison House Total : 23 Yes Abstentions: 2- No 2025024 A RESOLUTION AUTHORIZING THE ISSUANCE OF $828,200 SERIAL BONDS OF THE COUNTY OF DUTCHESS, NEW YORK, AND THE EXPENDITURE OF $3,280,000 GRANT-IN-AID MONIES TO PAY THE COST OF ROAD RECONSTRUCTION, IN AND FOR SAID COUNTY MARCH 10, 2025