Board of Estimate & Contract:
RESOLVED, that an ordinance adopted by the City Council on March 26, 2025, and signed by the Mayor on March 27, 2025, authorizing the Amendment of Ordinance No. 3 adopted on December 11, 2024, to Authorize the Issuance of Serial Bonds of the City of Mount Vernon to Finance the Costs of Certain Equipment for the Department of Public Works- (the Comptroller of the City is hereby authorized to issue serial bonds of the City in the aggregate principal amount of $3,195,326.00 to finance the costs of the following equipment for the Department of Public Works:
• $600,317.00 for a Truck Mounted Jetter and a Bucket Truck
• $647,712.00 for two (2) Sweeper Trucks
• $617,803.00 for two (2) Garbage Trucks and a Pickup Truck
• $703,675.00 for a Grapple Truck, a 624 Loader, and an LT40 Bucket Truck
• $625,819.00 for two (2) Garbage Trucks and a Chipper
; be, and the same is hereby approved.
City Council:
AN ORDINANCE AMENDING ORDINANCE
NO. 3 ADOPTED ON DECEMBER 11, 2024, TO
AUTHORIZE THE ISSUANCE OF SERIAL BONDS
OF THE CITY OF MOUNT VERNON TO FINANCE
THE COSTS OF CERTAIN EQUIPMENT FOR
THE DEPARTMENT OF PUBLIC WORKS
Whereas, in a letter dated March 21, 2025, the Comptroller has requested legislation authorizing the amendment of Ordinance No. 3, adopted on December 11, 2024, which provided for the financing of equipment and to allow for the issuance of serial bonds according to the Local Finance Law; and
Whereas, the Department of Public Works of the City of Mount Vernon (the “City”) has identified a critical need for the replacement of various pieces of equipment necessary for municipal operations; and
Whereas, Ordinance No. 3, adopted on December 11, 2024, provided for the financing of such equipment; and
Whereas, the lease agreement previously considered requires a guarantee against the leased equipment through a bond ordinance; and
Whereas, the City's Comptroller has presented a referral letter requesting the issuance of serial bonds to finance the costs of the necessary equipment; and
Whereas, the City Council has determined that it is in the best interests of the residents of the City to amend Ordinance No. 3 to allow for the issuance of serial bonds pursuant to the Local Finance Law; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Authorization of Bond Issuance. The Comptroller of the City is hereby authorized to issue serial bonds of the City in the aggregate principal amount of $3,195,326.00 to finance the costs of the following equipment for the Department of Public Works:
• $600,317.00 for a Truck Mounted Jetter and a Bucket Truck
• $647,712.00 for two (2) Sweeper Trucks
• $617,803.00 for two (2) Garbage Trucks and a Pickup Truck
• $703,675.00 for a Grapple Truck, a 624 Loader, and an LT40 Bucket Truck
• $625,819.00 for two (2) Garbage Trucks and a Chipper
Section 2. Terms of the Bonds. The terms, issuance, and repayment schedule of the bonds shall be determined in accordance with the Local Finance Law and subject to approval by an authorized financial institution. The final amount of debt, type of bond issuance, and term shall depend on financial institution approval and the City's financial capacity.
Section 3. Debt Service Obligation. The City shall undertake to appropriate the necessary funds annually for the repayment of the principal and interest on the bonds issued pursuant to this Ordinance. An estimated debt service schedule shall be maintained and updated based on prevailing market conditions.
Section 4. Effective Date. This Ordinance shall take effect immediately upon its adoption by the Board of Estimate & Contract.