SPECIAL ORDINANCE
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP NORMAN, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA-ISAAC, DIAZ AND HODGES:
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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 2026-2027, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $15,000,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF BONDS OF SAID CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $15,000,000 TO FINANCE SAID APPROPRIATION
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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:
Section 1. The City of Yonkers, in the County of Westchester, New York (herein called “City”), is hereby authorized to pay various tax certiorari judgments, compromised claims and settled claims against the City, approved by the City Council during Fiscal Year 2026-2027. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $15,000,000, and said amount is hereby appropriated therefor pursuant to the City’s Budget for Fiscal Year 2026-2027. The plan of financing includes the issuance of $15,000,000 bonds of the City to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the City to pay the principal of said bonds and the interest thereon as the same shall become due and payable.
Section 2. Bonds of the City in the principal amount of $15,000,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the “Law”), to finance said appropriation.
Section 3. The period of probable usefulness of said class of objects or purposes for which said bonds authorized pursuant to this ordinance are to be issued, within the limitations of Section 11.00 a. 33. of the Law, is five (5) years; provided, however, that pursuant to such Section, if the total amount of tax refunds to be paid by the City pursuant to court orders in the fiscal year in which any of such refunds are paid is (i) more than one per centum but less than three per centum of the City’s tax levy for such year, then the period of probable usefulness relative to the bonds issued to finance such refund(s) shall be ten (10) years, or (ii) more than three per centum but less than five per centum of the City’s tax levy for such year, then the period of probable usefulness relative to the bonds issued to finance such refund(s) shall be fifteen (15) years, or (iii) more than five per centum of the City’s tax levy for such year, then the period of probable usefulness relative to the bonds issued to finance such refund(s) shall be twenty (20) years.
Section 4. Each of the bonds authorized by this ordinance and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds, shall be general obligations of the City, payable as to both principal and interest by 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 bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the City by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year.
Section 5. (a) Subject to the provisions of this ordinance and of the Law and pursuant to the provisions of Section 30.00, Section 50.00, Sections 56.00 to 60.00, and Section 168.00 of the Law, the powers and duties of the City Council relative to authorizing bond anticipation notes and prescribing the terms, form and contents and all other powers or duties pertaining or incidental to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said notes, and the power to enter into agreements for credit enhancement for said bonds and notes, are hereby delegated to the chief fiscal officer of the City.
(b) The City Council shall be given notice of any determination by the Commissioner of Finance and Management Services of the City to issue bond anticipation notes pursuant to this bond ordinance. Such notice shall be given at least fourteen (14) days prior to the sale of any such bond anticipation notes. The City Council shall have fourteen (14) days to consider the proposed sale of such bond anticipation notes and either approve or disapprove such sale. The determination by the Commissioner of Finance and Management Services of the City to sell said bond anticipation notes shall be deemed approved unless a resolution disapproving such sale is adopted by a vote of not less than two-thirds of all the members of said City Council within fourteen (14) days after such notice shall have been given. The foregoing shall not apply in the case of bond anticipation notes to be issued to refinance outstanding notes and shall not otherwise limit the delegation of the powers and duties set forth in subparagraph (a) of this Section 5 to the Commissioner of Finance & Management Services of the City.
Section 6. 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 following pledge and agreement of the State of New York (herein called the “State”) contained in said Section 17 of the Act, in this ordinance, and the Act provides that upon payment for the Bonds, or notes in anticipation of said Bonds, 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:
“The state does hereby pledge to and agree with the holders of obligations of the City issued pursuant to the local finance law or this act that the state will not (a) repeal, revoke, repudiate, limit, alter, stay, suspend or otherwise reduce or rescind or impair the power or duty of the City to exercise, perform, carry out and fulfill its responsibilities under this act to the extent that the City incorporates in any bond ordinance or credit agreement covenants and agreements to so exercise, perform, carry out and fulfill such responsibilities, (b) repeal, revoke, repudiate, limit, alter, stay, suspend or otherwise reduce or rescind or impair the rights and remedies of any such holders to fully enforce in a court of law such covenants and agreements so incorporated in the bond ordinance or credit agreement or to enforce the pledge and agreement of the state contained in this section, or (c) otherwise exercise any sovereign power contrary to or inconsistent with the provisions of such bond ordinance or credit agreement, it being hereby determined and declared that the provisions of this act and the powers and duties of the City authorized and imposed hereunder are proper, reasonable and appropriate means by which the state can and should exercise and has exercised its duty under section twelve of article eight of the constitution to prevent abuses by the City in taxation and in the contracting of indebtedness and that the provisions hereof are necessary and in the public interest and proper means to improve market reception for the purchase of bonds and other obligations of the City; provided, however, the foregoing pledge and agreement shall be of no further force and effect if at any time (i) there is on deposit in a separate trust account with the fiscal agent sufficient moneys or direct obligations of the United States of America or the state the principal of and/or interest on which will provide moneys to pay punctually when due at maturity or prior to maturity by redemption in accordance with their terms all principal and interest on all such obligations of the City outstanding, (ii) irrevocable instructions from the state and City to the fiscal agent for such payment of such principal and interest with such moneys have been given, and (iii) notice to the holders of such obligation as provided in the bond ordinance or credit agreement has been given, and provided further that such pledge and agreement by the state may be temporarily suspended upon the declaration of martial law in the City in the event of circumstances in the City deriving directly out of a natural disaster (such as an earthquake or major conflagration or flood but not a snowstorm) or civil disturbance (such as military invasion or civil insurrections but not strikes or crises created by financial abuses or economic events)”.
Section 7. 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.
Section 8. This 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.
Section 9. This bond ordinance shall be deemed repealed four (4) years after the date of adoption hereof, except to the extent of any indebtedness theretofore contracted.
Section 10. This ordinance shall take effect immediately.