Yonkers, NY - File #: SO.49-2025

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
11/25/2025	2	City Council of Yonkers Stated Meeting	adopted	Pass	Action details	Meeting details	Not available
11/18/2025	2	Rules Committee			Not available	Meeting details	Not available

SPECIAL ORDINANCE

BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP NORMAN, MINORITY LEADER BREEN, COUNCIL MEMBERS PINEDA-ISAAC, DIAZ, AND MERANTE:

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REFUNDING BOND ORDINANCE OF THE CITY OF YONKERS, IN THE COUNTY OF WESTCHESTER, NEW YORK, ADOPTED NOVEMBER 25, 2025, AUTHORIZING THE REFUNDING OF ALL OR A PORTION OF THE CITY'S OUTSTANDING GENERAL OBLIGATION REFUNDING BONDS-2015D, GENERAL OBLIGATION SERIAL BONDS-2015E AND SCHOOL SERIAL BONDS-2015F, STATING THE PLAN OF REFUNDING, APPROPRIATING AN AMOUNT NOT TO EXCEED $63,000,000 THEREFOR, AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $63,000,000 REFUNDING BONDS TO FINANCE SAID APPROPRIATION, AND MAKING CERTAIN DETERMINATIONS ALL RELATIVE THERETO

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Recitals

WHEREAS, on September 10, 2015, the City of Yonkers, in the County of Westchester, New York (herein called the “City), heretofore issued its: (a) $76,215,000 General Obligation Refunding Bonds-2015D (herein called the “2015D Bonds”), now outstanding in the principal amount of $33,625,000, (b) $50,185,000 General Obligation Serial Bonds-2015E (herein called the “2015E Bonds”), now outstanding in the principal amount of $24,375,000, and (c) $18,370,000 School Serial Bonds-2015F (herein called the “2015F Bonds”), now outstanding in the principal amount of $3,965,000, all of such bonds maturing and bearing interest at the rates and on the dates, and being subject to prior redemption as set forth in each such respective bond;

WHEREAS, Section 90.10 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the “Law”), permits the City to refund all or a portion of the outstanding unredeemed maturities of such bonds by the issuance of new bonds, the issuance of which will result in present value debt service savings for the City;

Now, therefore

THE CITY COUNCIL OF THE CITY OF YONKERS, IN THE COUNTY OF WESTCHESTER, NEW YORK, HEREBY ORDAINS (by the favorable vote of not less than two-thirds of all the members of said City Council) AS FOLLOWS:

In this ordinance the following definitions apply, unless a different meaning clearly appears from the context:

“Bond To Be Refunded” or “Bonds To Be Refunded” means all or a portion of the outstanding 2015D Bonds, 2015E Bonds and 2015F Bonds of the City of Yonkers, in the County of Westchester, New York.

“Escrow Contract” means the contract to be entered into by and between the City and the Escrow Holder pursuant to Section 10 hereof.

“Escrow Holder” means the bank or trust company designated as such pursuant to Section 10 hereof.

“Present Value Savings” means the dollar savings which result from the issuance of the Refunding Bonds computed by discounting the principal and interest payments on both the Refunding Bonds and the Bonds To Be Refunded from the respective maturities thereof to the date of issue of the Refunding Bonds at a rate equal to the effective interest cost of the Refunding Bonds, excluding all principal and interest payments to be made on the Refunding Bonds from income received as a result of the investment of the proceeds from the sale of the Refunding Bonds, and deducting therefrom all costs and expenses incidental to the issuance of the Refunding Bonds. The effective interest cost of the Refunding Bonds shall be that rate which is arrived at by doubling the semi-annual interest rate (compounded semi-annually), necessary to discount the debt service payments on the Refunding Bonds from the maturity dates thereof to the date of issue of the Refunding Bonds and to the bona fide initial public offering price including estimated accrued interest.

“Redemption Date(s)” means, as applicable and subject to any notice provisions set forth in the Bonds to be Refunded: August 1, 2025 and any date thereafter for the 2015D Bonds maturing on or after August 1, 2026; and September 1, 2025 and any date thereafter for the 2015E and 2015F Bonds maturing on or after September 1, 2026.

“Refunding Bond” or “Refunding Bonds” means a portion or all of the $63,000,000 General Obligation Refunding Bonds-2026 (or a substantially similar designation) of the City of Yonkers, authorized pursuant to Section 2 hereof.

“Refunding Bond Amount Limitation” means an amount of Refunding Bonds sufficient to pay the sum of the principal amount of Bonds To Be Refunded plus the aggregate amount of unmatured interest payable on such Bonds To Be Refunded to and including the Redemption Date, plus redemption premiums payable on such Bonds To Be Refunded as of such Redemption Date, as hereinabove referred to in the Recitals hereof, plus costs and expenses incidental to the issuance of the Refunding Bonds including the development of the refunding financial plan, and of executing and performing the terms and conditions of the Escrow Contract and all fees and charges of the Escrow Holder as referred to in Section 10 hereof.

The City Council of the City (herein called the “City Council”), hereby authorizes the refunding of the Bonds To Be Refunded, more particularly described and referred to in the Recitals hereof, and appropriates an amount not to exceed $63,000,000 therefor to accomplish such refunding. The plan of financing said appropriation includes the issuance of Refunding Bonds in an aggregate principal amount not to exceed $63,000,000 and the levy and collection of a tax upon all the taxable real property within the City to pay the principal of and interest on said Refunding Bonds as the same shall become due and payable. Bonds of the City in the maximum principal amount of $63,000,000 and designated substantially as “GENERAL OBLIGATION REFUNDING BONDS-2026,” (or a substantially similar designation) are hereby authorized to be issued pursuant to the provisions of the Law. The proposed financial plan for the refunding (the “refunding financial plan”) prepared for the City by its financial advisor, Capital Markets Advisors LLC, in substantially the form attached hereto as Exhibit A and hereby accepted and approved, includes the deposit of all the proceeds of said Refunding Bonds with an Escrow Holder pursuant to an Escrow Contract as authorized in Section 10 hereof, the payment of all costs incurred by the City in connection with said refunding from such proceeds, and the investment of a portion of such proceeds by the Escrow Holder in certain obligations, the principal of and interest, together with the balance of such proceeds to be held uninvested, shall be sufficient to pay the principal amount, aggregate amount of unmatured interest payable, and redemption premium, if any, on the Bonds To Be Refunded to be called for redemption prior to maturity on the Redemption Date.

The Bonds To Be Refunded referred to in Section 1 hereof are the aggregate unmatured outstanding balances of three (3) issues of bonds, each originally issued and/or previously refunded pursuant to various bond ordinances of the City, duly adopted by the City Council on their respective dates and the Sale Ordinances adopted on Augst 18, 2015. In accordance with the refunding financial plan, the Refunding Bonds authorized in the aggregate principal amount not to exceed $63,000,000 shall be allocated to the component issues of the Bonds To Be Refunded, and shall mature in amounts and at dates to be determined. The Commissioner of Finance and Management Services, the chief fiscal officer of the City, is hereby authorized to finalize and approve all details of the final refunding financial plan not contained herein, including, but not limited to, any and all changes to the structure of the Refunding Bonds and the resulting debt savings, all as may be later approved by the City Council.

The issuance of the Refunding Bonds will not exceed the Refunding Bond Amount Limitation. The maximum period of probable usefulness (“PPU”) of each project included in each issue comprising the Bonds to be Refunded, commencing at the date of issuance of said bonds or the first bond anticipation notes issued in anticipation of the sale of said bonds, is set forth in the table below:

General Obligation Refunding Bonds - 2015D

	Project Description	Period of Probable Usefulness

2005B	Acquisition of Land and Building Comprising Downtown Library and Board of Education Administration Building	30.00
2015E	Bridge Rehabilitation	20.00
	Road Resurfacing	15.00
	Ashburton Avenue Roadway Improvements	15.00
	Government Center Parking Garage Reconstruction	25.00
	Ashburton Parkadrome Reconstruction	25.00
	Sanitary/Storm Sewer Improvements	40.00
	Saw Mill/Bronx River Outflow Remediation	30.00
	Traffic Signal Replacement	20.00
	Traffic Signal Control Equipment and Upgrades	5.00
	Acquisition of Radar Speed Display Signs	10.00
	Acquisition of Traffic Engineering Equipment	5.00
	Acquisition of Vehicles	3.00
	Acquisition of Self Contained Breathing Apparatus	5.00
	Acquisition of Firefighting Gear and Equipment	5.00
	Acquisition of Firefighting Vehicles and Apparatus	20.00
	Acquisition of computer hardware and software	5.00
	Demolition of Buildings	5.00
	Acquisition of Equipment	5.00
	Acquisition of MIS Hardware and Software	5.00
	Acquisition of New Data Center & Network Switch	5.00
	Records Preservation/Document Storage System	5.00
	Rewiring of City Hall	5.00
	Acquisition of Library Books and Other Materials	5.00
	Exterior Reconstruction - Will Branch	15.00
	Auditorium Sound and Lighting Improvements - Will Branch	5.00
	Acquisition of Computer Equipment	5.00
	Acquisition of Passenger Van	3.00
	Replacement of HVAC System	10.00
	Replacement of Ballfield Backstops	15.00
	General Reconstruction of fields - topsoil and clay	15.00
	Replacement of Playground Rubber Matting	15.00
	Parks Vehicles and Equipment	5.00
	General Park Improvements	15.00
	Installation of Park Fencing	15.00
	Shade Tree Rehabilitation/Replacement	5.00
	Court Resurfacing	15.00
	Reconstruction of City Monuments	5.00
	Retaining Wall Reconstruction	10.00
	JFK Marina Lighting/Floating Dock Improvements	20.00
	Streetscape Improvements	10.00
	JFK Marina Stabilization project	20.00
	Saw Mill River Daylighting	15.00
	Downtown Streetscape Improvements	10.00
	Police Athletic League Building Reconstruction	15.00
	Nepperhan Community Center Reconstruction	15.00
	Acquisition of Police Vehicles	3.00
	Precinct and Facility Reconstruction	25.00
	Acquisition of Computer Hardware and Software	5.00
	Acquisition of Equipment	5.00
	Curb, Step and Sidewalk Reconstruction	10.00
	Wall Reconstruction	10.00
	Fence and Guardrail Replacement	5.00
	Reconstruction of City Buildings	15.00
	Reconstruction of Butler Building	15.00
	Cacace Justice Center Building Improvements	15.00
	Hydrant Replacement Program	40.00
	Water System Improvements	40.00
	Water Valve Replacement	40.00
	Improvements to 30" Main at Saw Mill River Parkway	40.00
	Leak Detection Study	5.00
	Southwest Water Redundancy Project	40.00
	Water Redundancy Improvements - Lamartine	40.00
	Supervisory Control and Data Acquisition System Replacement	40.00
	Water Main Improvements - Crestwood section	40.00
	Heavy Duty Vehicle/Equipment Replacement	15.00
	Acquisition of Equipment	5.00
	Fuel Management System Replacement	5.00
	Tax Certioraris	10.00
2015F	Construction of Improvements to Various SD Buildings and Sites	30.00
	Acquisition of Textbooks and Equipment	5.00

General Obligation Serial Bonds-2015E
	Project Description	Period of Probable Usefulness

	Bridge Rehabilitation	20
	Road Resurfacing	15
	Sewer Improvements	40
	Saw Mill/Bronx River Outflow Remediation	40
	Environmental Site Work	5
	Public Right of Way Improvements	15
	Engineering Vehicles	3
	City Pier Structural Foundation Reconstruction	20
	Gabion Wall Construction	5
	Planning for Bronx River Road Bicycle Lane Improvements	5
	Crestwood Lake Spillway Channel Rehabilitation	30
	Parking Garage Inspection & Rehabilitation	25
	Acquisition of Traffic Radar Speed Display Signs	5
	Flood Mitigation/Drainage	40
	Creation of Green Space at 87 Nepperhan Avenue	15
	Trinity Plaza Construction	10
	JFK Marina Bulkhead Replacement	20
	Yonkers City Pier Repairs (Phase 3)	20
	Architectural and Engineering Designs	5
	Acq. of Vehicles	3
	Fire Building Reconstruction	15
	Acq. of Self-Contained Breathing Apparatus	5
	Acq. of Firefighting Gear and Equipment	5
	Acq. of Firefighting Vehicles and Apparatus	20
	Acq. of Emergency Generators	5
	Engineering Design for Future Projects	5
	Acq. of Hardware and Software	5
	Security System Upgrades	5

	Demolition of Buildings	5
	Acq. of Vehicles	3
	Acq. of Hardware and Software	5
	Acq. of Asset Management System	5
	Acq. of Document Scanning Equipment and Software	5
	Crestwood Library Improvements	15
	Will Library Renovations (Phase I)	15
	Acq. of Vehicles	3
	Boiler/Chiller Replacement	10
	Museum Construction	15
	Acq. of Museum Equipment	5
	Acq. of Hardware and Software	5
	West Wing Furnishings	5
	Construction of ADA Improvements	15
	Museum Upgrades	15
	Acq. of Vehicles	3
	General Park Improvements	15
	Court Resurfacing & Safety Surfacing Rehabilitation and Replacement	15
	Replace Ballfield Backstops	5
	North Boys N Girls Building Improvements	15
	Tree Planting	5
	Sidewalk Replacement	10
	Plans and Specs. for Park Improvements	5
	Installation of Park Fencing	5
	Field Rehabilitation	5
	Wall Reconstruction and Replacement	5
	Acq. of Heavy Duty Vehicles	15
	Acq. of Parks Vehicles and Equipment	3
	Sidewalk and Walkway Improvements	10
	Acq. of Parks Equipment	5
	Installation of EV Charging Stations	5
	Parks Department Window Replacement	15
	Nepperhan Community Center Upgrades	15
	Planning Department Project Designs	5
	Central Avenue Rezoning Study	5
	Construction of Floating Docks	20
	Acquisition and Renovation of Building	25
	Acq. of Police Vehicles	3
	Precinct and Building Reconstruction	15
	Acq. of Hardware and Software	5
	Acq. of Equipment	5
	City Hall and Larkin Building Improvements	25
	Water System Improvements	40
	Acq. of Heavy Duty Equipment	15
	Acq. of Light Duty Equipment	5
	Acq. of Light Duty Vehicles	3
	Acq. of Heavy Duty Vehicles	15
	Sidewalk and City Step Replacement	10
	City Hall Parapet Reconstruction	25
	Installation of Fencing	5
	Water Tower Improvements	40
	Cacace Center Improvements	15
	Crisfield Pump Station	40
	Gas Buddy System Replacement	5
	Replacement of Flooring	5
	Acq. of Shelving for Archives	5

School Serial Bonds - 2015F
Special Ordinance No.	Project Description	Period of Probable Usefulness

39-2015	Construction of Improvements to Various School Buildings and the Sites Thereof	30
39-2015	Acquisition of Textbooks and Equipment	5

As set forth in Exhibit A, the projected aggregate amount of estimated Present Value Savings resulting from the refunding of all of the Bonds to be Refunded, computed in accordance with subdivision two of paragraph b of Section 90.10 of the Law, is approximately $3,066,574.66.

(a) The Refunding Bonds may be sold at public or private sale. If the Refunding Bonds are sold at private sale, the Commissioner of Finance and Management Services, the chief fiscal officer of the City, is hereby authorized to execute a purchase contract on behalf of the City for the sale of said Refunding Bonds, provided that the terms and conditions of such sale shall be approved by the State Comptroller.

(b) If the Refunding Bonds are sold at public sale pursuant to Section 57.00 of the Law, the Commissioner of Finance and Management Services is hereby authorized and directed to prepare or have prepared a Notice of Sale, which shall be published in full or in summary at least once in (i) “THE BOND BUYER”, published in the City of New York and/or (ii) the official newspaper(s) of the City having general circulation within said City, not less than five (5) nor more than thirty (30) days prior to the date of said sale. A copy of such notice shall be sent not less than eight (8) nor more than thirty (30) days prior to the date of said sale to (1) the State Comptroller, Albany, New York 12236; (2) at least two banks or trust companies having a place of business in the county in which the City is located, or, if only one bank is located in such county, then to such bank and to at least two banks or trust companies having a place of business in an adjoining county; (3) “THE BOND BUYER”, 1 State Street Plaza, New York, New York 10004; and (4) at least 10 bond dealers.

(c) Prior to the issuance of the Refunding Bonds, the Commissioner of Finance and Management Services shall file with the City Council all requisite certifications, including a certificate approved by the State Comptroller setting forth the Present Value Savings to the City resulting from the issuance of the Refunding Bonds.

(d) In connection with the sale of the Refunding Bonds, the City hereby authorizes the preparation of an Official Statement and approves its use in connection with such sale and, further, consents to the distribution of a Preliminary Official Statement prior to the date said Official Statement is executed and available for distribution.

(e) The Commissioner of Finance and Management Services is hereby further authorized and directed to take any and all actions necessary to accomplish said refunding and to execute any contracts and agreements for the purchase of and payment for services rendered or to be rendered to the City in connection with said refunding, including the preparation of the refunding financial plan referred to in Section 2.

Each of the Refunding Bonds authorized by this ordinance shall contain the recital of validity prescribed by Section 52.00 of the Law and said Refunding Bonds shall be general obligations of the City payable as to both principal and interest by a general tax upon all the taxable real property within the City. The faith and credit of the City are hereby irrevocably pledged to the punctual payment of the principal of and interest on said Refunding Bonds and provision shall be made annually in the budget of the City by appropriation for (a) the amortization and redemption of the Refunding Bonds to mature in such year and (b) the payment of interest to be due and payable in such year.

Subject to the provisions of this ordinance and of the Law, and pursuant to the provisions of Section 30.00, Section 50.00, Sections 90.10 and 90.10, Sections 56.00 to 60.00, and Section 168.00 of the Law, the powers and duties of the City Council relative to prescribing the terms, form and contents and all other powers or duties pertaining or incidental to the sale and issuance of the Refunding Bonds, and the power to enter into agreements for credit enhancement for the Refunding Bonds and to execute any arbitrage certification relative thereto, as well as to executing the Escrow Contract described in Section 10 and the Official Statement referred to in Section 6, are hereby delegated to the Commissioner of Finance and Management Services of the City.

The validity of the bonds authorized by this ordinance and of any notes issued in anticipation of the sale of said bonds, may be contested only if:

(a) such obligations are authorized for an object or purpose for which the City is not authorized to expend money, or

(b) the provisions of law which should be complied with at the date of the publication of such ordinance 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

(c) such obligations are authorized in violation of the provisions of the constitution.

Prior to the issuance of the Refunding Bonds, the City shall contract with The Bank of New York Mellon, New York, New York (as agent for the Comptroller of the State of New York, in his capacity as fiscal agent of the City), a bank or trust company located and authorized to do business in this state, for the purpose of having such bank or trust company act as the Escrow Holder of the proceeds, inclusive of any premium from the sale of the Refunding Bonds, together with all income derived from the investment of such proceeds. The Escrow Contract shall contain such terms and conditions as shall be necessary in order to accomplish the refunding financial plan, including provisions for the Escrow Holder without further authorization or direction from the City, except as otherwise provided therein, (a) to make all required payments of principal, interest and redemption premiums, if any, to the appropriate paying agent with respect to the Bonds To Be Refunded, (b) to pay costs and expenses incidental to the issuance of the Refunding Bonds, including the development of the refunding financial plan, and of executing and performing the terms and conditions of the Escrow Contract and all of its fees and charges as the Escrow Holder, (c) at the appropriate time or times to cause to be given on behalf of the City the notice of redemption authorized to be given pursuant to Section 13 hereof, and (d) to invest the moneys held by it consistent with the provisions of the refunding financial plan. The Escrow Contract shall be irrevocable and shall constitute a covenant with the holders of the Refunding Bonds.

The proceeds, inclusive of any premium, from the sale of the Refunding Bonds, immediately upon receipt, shall be placed in escrow by the City with the Escrow Holder in accordance with the Escrow Contract. All moneys held by the Escrow Holder shall be invested only in direct obligations of the United States of America or in obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, which obligations shall mature or be subject to redemption at the option of the holder thereof not later than the respective dates when such moneys will be required to make payments in accordance with the refunding financial plan. Any such moneys remaining in the custody of the Escrow Holder after the full execution of the Escrow Contract shall be returned to the City and shall be applied by the City only to the payment of the principal of or interest on the Refunding Bonds then outstanding.

That portion of such proceeds from the sale of the Refunding Bonds, together with interest earned thereon, which shall be required for the payment of the principal of and interest on the Bonds To Be Refunded, including any redemption premiums, in accordance with the refunding financial plan, shall be irrevocably committed and pledged to such purpose and the holders of the Bonds To Be Refunded shall have a lien upon such moneys and the investments thereof held by the Escrow Holder. The pledge and lien provided for herein shall become valid and binding upon the issuance of the Refunding Bonds and the moneys and investments held by the Escrow Holder shall immediately be subject thereto without any further act. Such pledge and lien shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the City irrespective of whether such parties have notice thereof. Neither this ordinance, the Escrow Contract, nor any other instrument relating to such pledge and lien, need be filed or recorded.

In accordance with the provisions of Section 53.00 and of paragraph h of Section 90.10 of the Law, the City Council hereby elects to call in and redeem all the Bonds To Be Refunded which are subject to prior redemption according to their terms on each applicable Redemption Date. The sum to be paid therefor on the Redemption Date shall be the par value thereof, the accrued interest to the Redemption Date and the redemption premium, if any, payable on the Bonds to be Refunded in accordance with their terms. The Escrow Holder is hereby authorized and directed to cause a notice of such call for redemption to be given in the name of the City, by publishing the notice of call for redemption in a financial newspaper published and circulated in the City of New York and in the official newspaper or newspapers of the City or, if there be no official newspaper, then in any newspaper having general circulation therein, the first publication to be at least thirty and not more than sixty days prior to the Redemption Date or, in the case of registered bonds, by mailing such notice to the registered holder at least thirty and not more than sixty days prior to such Redemption Date. Upon the issuance of the Refunding Bonds, the election to call in and redeem the Bonds To Be Refunded which are subject to prior redemption and the direction to the Escrow Holder to cause notice thereof to be given as provided in this Section shall become irrevocable and the provisions of this Section shall constitute a covenant with the holders, from time to time, of the Refunding Bonds, provided that this Section may be amended from time to time as may be necessary to comply with the publication requirements of paragraph a of Section 53.00 of the Law, as the same may be amended from time to time.

Notwithstanding anything herein to the contrary, following the issuance of any Refunding Bonds pursuant hereto, this ordinance shall be deemed repealed, except to the extent of the any indebtedness contracted.

This refunding bond ordinance shall take effect immediately, and the City Clerk is hereby authorized and directed to publish the foregoing ordinance, in full or summary, together with a Notice attached in substantially the form prescribed by §81.00 of the Law in “THE JOURNAL NEWS” and/or in “YONKERS RISING", each having a general circulation in the City and hereby designated as official newspaper(s) of said City for such publication.

This ordinance shall take effect immediately.

Legislation Details