The Fishkill Tea Party was held today at the Town of Fishkill Recreation Center. The topic of discussion was the $4.9 million dollar defict and the NYS Comptrollers Audit. http://www.osc.state.ny.us/localgov/audits/towns/2010/fishkill.pdf
This was truly a bi-partisan event. Speakers were from all political parties as both Democrats and Republicans had the floor. About 50 people attended the event and the response was clearly positive. I anticipate future events under a different community oriented name. I will keep you posted and here is a copy of my speech.
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Hello, my name is Ozzy Albra and I am a longtime Fishkill resident. I would like to thank Mr. Harvey for inviting me, and to all in the crowd, I thank you for attending this important meeting of Fishkill residents.
We are gathered here today, to talk about the budget deficit reported by the NYS Comptroller.
Before we talk about that, we need to review what caused this economic disaster.
What caused it, was the failed economic policies of Fishkill Supervisor Joan Pagones. Those failed policies include the botched Assessment program, a “borrow, bond and spend” policy, a Zero Based budgeting policy that resulted in a zero Reserve Fund. This according to her right hand man, resulted in Robbing Peter to pay Paul. For at least the last 5 years, Pagones has filed inaccurate annual financial reports to the NYS Comptroller. Moody’s downgrade to just above Junk Bonds. This toxic financial policy has led to the NYS Comptroller to release a critical report regarding Fishkill’s economic vitality.
Among the issues cited in the report are:
Our deficit is $4.9 million or equal to 35% of our annual budget.
Pagones took money in the form of loans from water and sewer districts to pay bills. While that is legal, the law requires that those loans be paid back by the end of the fiscal year, which they have not.
The money taken from those funds are currently unaccounted for.
Pagones also used money from trust funds and capital projects.
For example, Pagones bonded out 7 M for the Rombout Sewer District infrastructure and transferred 1.2 M to the general fund, which means that residents of this district are subsidizing the town.
The Comptroller added, “These transfers were an improper use of borrowed moneys, and that Local Finance Laws does not allow such debt proceeds to be used to finance operations. This according to the Comptroller, created taxpayer inequities.
The Comptroller added that there is also a lack of control on cash receipts, and security issues. The Comptroller also censored part of the report due to sensitive issues, this is a rare occurrence indeed.
Throughout the process, Pagones has denied any wrongdoing and has not accepted any responsibility for her failed economic polices. Instead, she has wielded her power to silence those who dared to question her.
I was thrown out of a Town Board meeting when I called for a Ethics Commission to be created.
Town employees have been threatened with termination for using the 1st amendment.
A sitting Councilman was stripped of his duties when he dared to ask why $300,000 was spent on a lawyer, who represented her and not the towns in regard to the Comptrollers report.
Just yesterday in the PJ, Pagones wrote an editorial blaming everyone else and not once accepted responsibility as Supervisor or as the Chief Financial Officer of the town.
It is apparent that Pagones does not have the best interest of Fishkill, only hers. For that reason, I call on her to resign immediately, so this town can come together and work through this difficult time together. As long as Pagones is in charge, the fiscal situation of the town will grow worse, after all, the NYS Comptroller has already rejected her 5 year plan and we all should reject her now. Thank You and God Bless.
Monday, August 30, 2010
Wednesday, July 28, 2010
Fishkill Site Important to Nation’s History
I wish to thank The Putnam County News and Recorder for its excellent coverage of the controversial development proposal: the Highland Valley Project—a Hudson Highlands project area poised at the gateway between Dutchess and Putnam Counties.
It remains remarkable that this high-density development proposal is even on the table, as it puts forth a potential environmental calamity—destroying water purity, biodiversity, beauty, and historically significant landscapes forever more. These are the magnificent assets of our region—finite and irreplaceable. This vulnerable area has already been compromised enough with mining activities.
Importantly, we have sound reason to believe that this critical portion of the Route 9 corridor, where the development project would sit, is potentially home to Continental Army burials and archaeological features belonging to the southern barracks of the Fishkill Supply Depot—New York’s Valley Forge.
I invite readers to visit fishkillsupplydepot.org for key facts, recent news and historical documents related to the extraordinary Fishkill Supply Depot. I testified before the United States Senate in July 2009 on the Fishkill Supply Depot’s importance to our nation’s history and the pressing need for its preservation. That Senate testimony can be viewed on the website as well.
So much is at stake here. The town government of Fishkill should be far better stewards of this land. Aggressive development has been the name of the game in Fishkill for way too long—time for that game to end. We need leadership that will fight to protect its water supply, press for stringent archaeological review and aim for permanent protection of these lands.
Mara Farrell
Fishkill
It remains remarkable that this high-density development proposal is even on the table, as it puts forth a potential environmental calamity—destroying water purity, biodiversity, beauty, and historically significant landscapes forever more. These are the magnificent assets of our region—finite and irreplaceable. This vulnerable area has already been compromised enough with mining activities.
Importantly, we have sound reason to believe that this critical portion of the Route 9 corridor, where the development project would sit, is potentially home to Continental Army burials and archaeological features belonging to the southern barracks of the Fishkill Supply Depot—New York’s Valley Forge.
I invite readers to visit fishkillsupplydepot.org for key facts, recent news and historical documents related to the extraordinary Fishkill Supply Depot. I testified before the United States Senate in July 2009 on the Fishkill Supply Depot’s importance to our nation’s history and the pressing need for its preservation. That Senate testimony can be viewed on the website as well.
So much is at stake here. The town government of Fishkill should be far better stewards of this land. Aggressive development has been the name of the game in Fishkill for way too long—time for that game to end. We need leadership that will fight to protect its water supply, press for stringent archaeological review and aim for permanent protection of these lands.
Mara Farrell
Fishkill
Saturday, July 10, 2010
7/10/2010 Fishkill Town Board Meeting
http://www.fishkill-ny.gov/pdfs/TownBoardAgendas/2010Agendas/07-10-2010%20%20TB%20Agenda.pdf
Short meeting, Supervisor Pagones mentioned that there was a fireworks accident at Dutchess Stadium and that 2 people were injured.
Short meeting, Supervisor Pagones mentioned that there was a fireworks accident at Dutchess Stadium and that 2 people were injured.
Tuesday, June 29, 2010
Letter by Mrs. Hawkins about the Aquifer
Project threatens water supply
The Clove Creek aquifer is a regional water supply relied upon by seven communities: Village of Fishkill, City of Beacon, Philipstown, East Fishkill, Wappingers Falls, Town of Fishkill, and the Downstate Correctional Facility.
The purity of the Clove Creek aquifer is threatened by the Highland Valley Development Project, a 210-unit, high-density residential community planned for construction on top of the Clove Creek aquifer.
Concerns of residents in these communities must enjoyrespectful audience by the Town of Fishkill's leadership and the property owner, the Montfort Brothers.
At a recent Town of Fishkill board meeting, a Fishkill resident requested discussion of Highland Valley Development Project and its impact on the Clove Creek aquifer.
Supervisor Joan Pagones refused the woman's request while breezily introducing counsel for the property owner, providing him a public forum to speak on behalf of his private client.
Not only unconcerned with the integrity of this regional water supply, Town of Fishkill leadership is uninterested in public comment that might otherwise require they take a hard look at the interests of those directly affected damage to the Clove Creek aquifer.This is unacceptable.
Compel the hard look! Residents of these seven communities must be aware of this threat to the aquifer and must call on their elected officials (at all levels), the state Department of Environmental Conservation, and local/regional media outlets asking for help in stopping Highland Valley Development Project and bringing to light the Town of Fishkill's flagrant disregard for the region's water supply.
Stephanie Hawkins
Cold Spring
The Clove Creek aquifer is a regional water supply relied upon by seven communities: Village of Fishkill, City of Beacon, Philipstown, East Fishkill, Wappingers Falls, Town of Fishkill, and the Downstate Correctional Facility.
The purity of the Clove Creek aquifer is threatened by the Highland Valley Development Project, a 210-unit, high-density residential community planned for construction on top of the Clove Creek aquifer.
Concerns of residents in these communities must enjoyrespectful audience by the Town of Fishkill's leadership and the property owner, the Montfort Brothers.
At a recent Town of Fishkill board meeting, a Fishkill resident requested discussion of Highland Valley Development Project and its impact on the Clove Creek aquifer.
Supervisor Joan Pagones refused the woman's request while breezily introducing counsel for the property owner, providing him a public forum to speak on behalf of his private client.
Not only unconcerned with the integrity of this regional water supply, Town of Fishkill leadership is uninterested in public comment that might otherwise require they take a hard look at the interests of those directly affected damage to the Clove Creek aquifer.This is unacceptable.
Compel the hard look! Residents of these seven communities must be aware of this threat to the aquifer and must call on their elected officials (at all levels), the state Department of Environmental Conservation, and local/regional media outlets asking for help in stopping Highland Valley Development Project and bringing to light the Town of Fishkill's flagrant disregard for the region's water supply.
Stephanie Hawkins
Cold Spring
Wednesday, June 23, 2010
6.5 M Bill amended to require a public referendum.
S08141 Summary:
BILL NO S08141A
SAME AS Same as A11416-A
SPONSOR SALAND
COSPNSR
MLTSPNSR
Authorizes the town of Fishkill to issue serial bonds in an amount not to
exceed $6,500,000 for the purpose of liquidating an actual deficit in the
general fund and highway fund, if approved by the qualified voters of such town
at a public referendum.
S08141 Actions:
BILL NO S08141A
06/11/2010 REFERRED TO LOCAL GOVERNMENT
06/23/2010 AMEND AND RECOMMIT TO LOCAL GOVERNMENT
06/23/2010 PRINT NUMBER 8141A
S08141 Text:
S T A T E O F N E W Y O R K
________________________________________________________________________
8141--A
I N S E N A T E
June 11, 2010
___________
Introduced by Sen. SALAND -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to authorize the town of Fishkill to issue bonds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The town of Fishkill (hereinafter the "town"), in the
2 county of Dutchess, is hereby authorized to issue serial bonds, subject
3 to the provisions of section 10.10 of the local finance law, on or
4 before December 31, 2011, in an aggregate principal amount not to exceed
5 six million five hundred thousand dollars ($6,500,000) for the specific
6 object or purpose of liquidating an actual deficit (hereinafter the
7 "deficit") in its general fund and highway fund accumulated as of the
8 close of its fiscal year ending December 31, 2010 if such issuance is
9 approved by the qualified voters of such town at a public referendum. In
10 anticipation of the issuance and sale of such serial bonds, bond antic-
11 ipation notes are hereby authorized to be issued. Payment of principal
12 of and interest on such bonds and notes shall be a general fund charge.
13 S 2. (a) As additional security for any issue of general obligation
14 serial bonds and/or bond anticipation notes issued pursuant to this act,
15 the town board of the town is hereby authorized to irrevocably pledge to
16 the payment of the principal of and interest on such bonds and/or bond
17 anticipation notes the town's share of the net collections, as such term
18 is defined in section 1262 of the tax law, from taxes imposed by the
19 county of Dutchess pursuant to the authority of section 1210 of the tax
20 law, as amended, or any successor law thereto, and which such town may
21 be entitled to receive from such taxes, or such portion of such net
22 collections determined by said town at the time of issuance of said
23 bonds and/or bond anticipation notes to be necessary to do so addi-
24 tionally secure such bonds and/or bond anticipation notes, subject to
25 the following limitations and conditions:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17716-02-0
S. 8141--A 2
1 (i) Any such pledge shall become effective on the date of issue of any
2 bonds and/or bond anticipation notes the payment of which is secured by
3 such pledge;
4 (ii) Any such pledge may be made subject to such terms and conditions,
5 not inconsistent with this act, as may be determined necessary or appro-
6 priate by such town board; and
7 (iii) Any such pledge shall not be authorized by such town board
8 unless such town board shall have determined that such pledge is neces-
9 sary and in the public interest.
10 (b) Any pledge made pursuant to this section shall be valid and bind-
11 ing from the time when such pledge takes effect, and the net collections
12 so pledged and thereafter received by the town shall immediately be
13 subject to the lien of such pledge without any physical delivery thereof
14 or further act. The lien of any such pledge shall be valid and binding
15 as against all parties having claims of any kind in tort, contract or
16 otherwise against the town irrespective of whether such parties have
17 notice thereof. Neither the resolution nor any other instrument by which
18 such a pledge is created need be filed or recorded.
19 (c) The state does hereby pledge and agree with the holders of any
20 issue of bonds and/or bond anticipation notes secured by such a pledge
21 that the state will not limit or alter the rights hereby vested in the
22 town to fulfill the terms of any agreements made with said holders
23 pursuant to this act, or in any way impair the rights and remedies of
24 such holders or the security for said bonds and/or bond anticipation
25 notes, until such bonds and/or bond anticipation notes, together with
26 the interest thereon and all costs and expenses in connection with any
27 action or proceedings by or on behalf of such holders, are fully paid
28 and discharged; provided, however, that this pledge shall be subject to
29 the reserved right of the state to alter the base, rate, method of taxa-
30 tion and exemptions from taxation or the method of distribution of the
31 taxes which may be imposed by the county of Dutchess, the net
32 collections from which may be pledged, pursuant to this act, as addi-
33 tional security for any issue of general obligation serial bonds and/or
34 bond anticipation notes of such town. The town is authorized to include
35 this pledge and agreement of the state, subject to the state's reserved
36 right, in any agreement with the holders of such bonds and/or bond
37 anticipation notes.
38 S 3. This act shall take effect immediately.
http://assembly.state.ny.us/leg/?default_fld=&bn=S08141%09%09&Summary=Y&Actions=Y&Votes=Y&Memo=Y&Text=Y
BILL NO S08141A
SAME AS Same as A11416-A
SPONSOR SALAND
COSPNSR
MLTSPNSR
Authorizes the town of Fishkill to issue serial bonds in an amount not to
exceed $6,500,000 for the purpose of liquidating an actual deficit in the
general fund and highway fund, if approved by the qualified voters of such town
at a public referendum.
S08141 Actions:
BILL NO S08141A
06/11/2010 REFERRED TO LOCAL GOVERNMENT
06/23/2010 AMEND AND RECOMMIT TO LOCAL GOVERNMENT
06/23/2010 PRINT NUMBER 8141A
S08141 Text:
S T A T E O F N E W Y O R K
________________________________________________________________________
8141--A
I N S E N A T E
June 11, 2010
___________
Introduced by Sen. SALAND -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to authorize the town of Fishkill to issue bonds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The town of Fishkill (hereinafter the "town"), in the
2 county of Dutchess, is hereby authorized to issue serial bonds, subject
3 to the provisions of section 10.10 of the local finance law, on or
4 before December 31, 2011, in an aggregate principal amount not to exceed
5 six million five hundred thousand dollars ($6,500,000) for the specific
6 object or purpose of liquidating an actual deficit (hereinafter the
7 "deficit") in its general fund and highway fund accumulated as of the
8 close of its fiscal year ending December 31, 2010 if such issuance is
9 approved by the qualified voters of such town at a public referendum. In
10 anticipation of the issuance and sale of such serial bonds, bond antic-
11 ipation notes are hereby authorized to be issued. Payment of principal
12 of and interest on such bonds and notes shall be a general fund charge.
13 S 2. (a) As additional security for any issue of general obligation
14 serial bonds and/or bond anticipation notes issued pursuant to this act,
15 the town board of the town is hereby authorized to irrevocably pledge to
16 the payment of the principal of and interest on such bonds and/or bond
17 anticipation notes the town's share of the net collections, as such term
18 is defined in section 1262 of the tax law, from taxes imposed by the
19 county of Dutchess pursuant to the authority of section 1210 of the tax
20 law, as amended, or any successor law thereto, and which such town may
21 be entitled to receive from such taxes, or such portion of such net
22 collections determined by said town at the time of issuance of said
23 bonds and/or bond anticipation notes to be necessary to do so addi-
24 tionally secure such bonds and/or bond anticipation notes, subject to
25 the following limitations and conditions:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17716-02-0
S. 8141--A 2
1 (i) Any such pledge shall become effective on the date of issue of any
2 bonds and/or bond anticipation notes the payment of which is secured by
3 such pledge;
4 (ii) Any such pledge may be made subject to such terms and conditions,
5 not inconsistent with this act, as may be determined necessary or appro-
6 priate by such town board; and
7 (iii) Any such pledge shall not be authorized by such town board
8 unless such town board shall have determined that such pledge is neces-
9 sary and in the public interest.
10 (b) Any pledge made pursuant to this section shall be valid and bind-
11 ing from the time when such pledge takes effect, and the net collections
12 so pledged and thereafter received by the town shall immediately be
13 subject to the lien of such pledge without any physical delivery thereof
14 or further act. The lien of any such pledge shall be valid and binding
15 as against all parties having claims of any kind in tort, contract or
16 otherwise against the town irrespective of whether such parties have
17 notice thereof. Neither the resolution nor any other instrument by which
18 such a pledge is created need be filed or recorded.
19 (c) The state does hereby pledge and agree with the holders of any
20 issue of bonds and/or bond anticipation notes secured by such a pledge
21 that the state will not limit or alter the rights hereby vested in the
22 town to fulfill the terms of any agreements made with said holders
23 pursuant to this act, or in any way impair the rights and remedies of
24 such holders or the security for said bonds and/or bond anticipation
25 notes, until such bonds and/or bond anticipation notes, together with
26 the interest thereon and all costs and expenses in connection with any
27 action or proceedings by or on behalf of such holders, are fully paid
28 and discharged; provided, however, that this pledge shall be subject to
29 the reserved right of the state to alter the base, rate, method of taxa-
30 tion and exemptions from taxation or the method of distribution of the
31 taxes which may be imposed by the county of Dutchess, the net
32 collections from which may be pledged, pursuant to this act, as addi-
33 tional security for any issue of general obligation serial bonds and/or
34 bond anticipation notes of such town. The town is authorized to include
35 this pledge and agreement of the state, subject to the state's reserved
36 right, in any agreement with the holders of such bonds and/or bond
37 anticipation notes.
38 S 3. This act shall take effect immediately.
http://assembly.state.ny.us/leg/?default_fld=&bn=S08141%09%09&Summary=Y&Actions=Y&Votes=Y&Memo=Y&Text=Y
Southern Dutchess News article about the 6.5 Million Bond in Fishkill for Deficit Spending
Town of Fishkill looks to borrow $6.5M to cover revenue losses.
Southern Dutchess News June 23, 2010 by Kristine Coulter
Fishkill- The Fishkill town board voted unanimously to seek home rule from the NYS Senate and Assembly for a $6.5 million financing package. The vote took place during a special meeting on the afternoon of Tuesday, June 15.
" As you are already aware the town has experienced a shortfall in anticipated revenue. This shortfall began in late 2005, far too late for a change in the 2006 budget", read Fishkill Supervisor Joan Pagones from a Home Rule Message to NYS Senate/Assembly. "While those issues were a concern and being addressed, nothing could have prepared the town for the national "tsunami" collapse of the housing market".
Pagones remarked the town has seen reductions in revenue from all aspects of the housing downturn, from the mortgage taxes on new construction and financing to building and alteration permits.
"To a smaller extent we have seen reductions in sales tax revenues", said the supervisor.
In 2008 the town took in $1.2 million in mortgage tax revenue, said Fishkill Comptroller Robert Wheeling. In 2009, the town took in approximately $537,000 in mortgage tax revenue, he said.
The financial package would authorize the borrowing of up to $6.5 million to cover 2005 to date, said officials. The option would allow, according to Pagones, the restructuring of town finaces without a tax increase. That would offset under-performing revenues 2005 to date, according to officials.
The supervisor went on to tell those in attendance, of what she called the additional steps taken in the current budget, such as an overall 15 percent reduction in the budget, the institution of lag pay, no cost of living increases for employees (frozen salaries for the second year for officials), employees pay 15% toward their health insurance and no longevity increases for employees.
The town's deficit is approximately $1.3 million as of December 30, 2009, said Wheeling recently.
There are four general funds. The A (General Fund town wide), B (General Fund Town outside village), DA (Highway, town wide) and DB (Highway, town outside village). There are also six ambulance districts, seven lighting districts, eleven sewer districts, and seven water districts, said Wheeling.
"The problem really is the B fund", said the comptroller. He later added, "You're allowed to loan money from one district to another". The B fund, said Wheeling, They owe everybody and that's the problem".
The B fund has a deficit of approximately $2.7 million, said Wheeling. The B and DB funds, which have the same tax base, have a combined $3.2 million deficit. Add to that another $1.8 million in debt that is coming due next year, said Wheeling. That would be a total of $5 million, "I'm talking worst case scenario," said Wheeling.
The board can borrow up to (the words "up to" were stressed by Wheeling) $6.5 million for debt services, if approved by the state Legislature. NYS Senator Saland and Assemblyman Miller support the financial plan as do the town's financial planners, said Pagones.
Thomas Myers from Orrick, Herrington, Sutcliffe, who wrote a book about bond basics for towns, villages and cities in NYS, was one financial planner who worked with the town on it's strategy to get rid of it's deficit.
"Over the next seven years the town reduces it's debt payment by $6.5 million, over the next 10 years that number grow's to $9.9 million. This offsetting debt reduction will fund the new borrowing," said Pagones.
Wheeling remarked as far as the deficit, town officials think they can solve the deficit without raising taxes.
"This is only one step. They're going to have to mind the store," said Wheeling. "They know they've got a problem. They've taken steps to fix the problem...,"said Wheeling.
Southern Dutchess News June 23, 2010 by Kristine Coulter
Fishkill- The Fishkill town board voted unanimously to seek home rule from the NYS Senate and Assembly for a $6.5 million financing package. The vote took place during a special meeting on the afternoon of Tuesday, June 15.
" As you are already aware the town has experienced a shortfall in anticipated revenue. This shortfall began in late 2005, far too late for a change in the 2006 budget", read Fishkill Supervisor Joan Pagones from a Home Rule Message to NYS Senate/Assembly. "While those issues were a concern and being addressed, nothing could have prepared the town for the national "tsunami" collapse of the housing market".
Pagones remarked the town has seen reductions in revenue from all aspects of the housing downturn, from the mortgage taxes on new construction and financing to building and alteration permits.
"To a smaller extent we have seen reductions in sales tax revenues", said the supervisor.
In 2008 the town took in $1.2 million in mortgage tax revenue, said Fishkill Comptroller Robert Wheeling. In 2009, the town took in approximately $537,000 in mortgage tax revenue, he said.
The financial package would authorize the borrowing of up to $6.5 million to cover 2005 to date, said officials. The option would allow, according to Pagones, the restructuring of town finaces without a tax increase. That would offset under-performing revenues 2005 to date, according to officials.
The supervisor went on to tell those in attendance, of what she called the additional steps taken in the current budget, such as an overall 15 percent reduction in the budget, the institution of lag pay, no cost of living increases for employees (frozen salaries for the second year for officials), employees pay 15% toward their health insurance and no longevity increases for employees.
The town's deficit is approximately $1.3 million as of December 30, 2009, said Wheeling recently.
There are four general funds. The A (General Fund town wide), B (General Fund Town outside village), DA (Highway, town wide) and DB (Highway, town outside village). There are also six ambulance districts, seven lighting districts, eleven sewer districts, and seven water districts, said Wheeling.
"The problem really is the B fund", said the comptroller. He later added, "You're allowed to loan money from one district to another". The B fund, said Wheeling, They owe everybody and that's the problem".
The B fund has a deficit of approximately $2.7 million, said Wheeling. The B and DB funds, which have the same tax base, have a combined $3.2 million deficit. Add to that another $1.8 million in debt that is coming due next year, said Wheeling. That would be a total of $5 million, "I'm talking worst case scenario," said Wheeling.
The board can borrow up to (the words "up to" were stressed by Wheeling) $6.5 million for debt services, if approved by the state Legislature. NYS Senator Saland and Assemblyman Miller support the financial plan as do the town's financial planners, said Pagones.
Thomas Myers from Orrick, Herrington, Sutcliffe, who wrote a book about bond basics for towns, villages and cities in NYS, was one financial planner who worked with the town on it's strategy to get rid of it's deficit.
"Over the next seven years the town reduces it's debt payment by $6.5 million, over the next 10 years that number grow's to $9.9 million. This offsetting debt reduction will fund the new borrowing," said Pagones.
Wheeling remarked as far as the deficit, town officials think they can solve the deficit without raising taxes.
"This is only one step. They're going to have to mind the store," said Wheeling. "They know they've got a problem. They've taken steps to fix the problem...,"said Wheeling.
Monday, June 21, 2010
Fishkill 6.5 M bill in Albany
http://assembly.state.ny.us/leg/?default_fld=&bn=S08141%09%09&Summary=Y&Actions=Y&Votes=Y&Memo=Y&Text=Y
S08141 Summary:
BILL NO S08141
Authorizes the town of Fishkill to issue serial bonds in an amount not to
exceed $6,500,000 for the purpose of liquidating an actual deficit in the
general fund and highway fund of such town.
S08141 Text:
S T A T E O F N E W Y O R K
________________________________________________________________________
8141
I N S E N A T E
June 11, 2010
___________
Introduced by Sen. SALAND -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to authorize the town of Fishkill to issue bonds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The town of Fishkill (hereinafter the "town"), in the
2 county of Dutchess, is hereby authorized to issue serial bonds, subject
3 to the provisions of section 10.10 of the local finance law, on or
4 before December 31, 2011, in an aggregate principal amount not to exceed
5 six million five hundred thousand dollars ($6,500,000) for the specific
6 object or purpose of liquidating an actual deficit (hereinafter the
7 "deficit") in its general fund and highway fund accumulated as of the
8 close of its fiscal year ending December 31, 2010. In anticipation of
9 the issuance and sale of such serial bonds, bond anticipation notes are
10 hereby authorized to be issued. Payment of principal of and interest on
11 such bonds and notes shall be a general fund charge.
12 S 2. (a) As additional security for any issue of general obligation
13 serial bonds and/or bond anticipation notes issued pursuant to this act,
14 the town board of the town is hereby authorized to irrevocably pledge to
15 the payment of the principal of and interest on such bonds and/or bond
16 anticipation notes the town's share of the net collections, as such term
17 is defined in section 1262 of the tax law, from taxes imposed by the
18 county of Dutchess pursuant to the authority of section 1210 of the tax
19 law, as amended, or any successor law thereto, and which such town may
20 be entitled to receive from such taxes, or such portion of such net
21 collections determined by said town at the time of issuance of said
22 bonds and/or bond anticipation notes to be necessary to do so addi-
23 tionally secure such bonds and/or bond anticipation notes, subject to
24 the following limitations and conditions:
25 (i) Any such pledge shall become effective on the date of issue of any
26 bonds and/or bond anticipation notes the payment of which is secured by
27 such pledge;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17716-01-0
S. 8141 2
1 (ii) Any such pledge may be made subject to such terms and conditions,
2 not inconsistent with this act, as may be determined necessary or appro-
3 priate by such town board; and
4 (iii) Any such pledge shall not be authorized by such town board
5 unless such town board shall have determined that such pledge is neces-
6 sary and in the public interest.
7 (b) Any pledge made pursuant to this section shall be valid and bind-
8 ing from the time when such pledge takes effect, and the net collections
9 so pledged and thereafter received by the town shall immediately be
10 subject to the lien of such pledge without any physical delivery thereof
11 or further act. The lien of any such pledge shall be valid and binding
12 as against all parties having claims of any kind in tort, contract or
13 otherwise against the town irrespective of whether such parties have
14 notice thereof. Neither the resolution nor any other instrument by which
15 such a pledge is created need be filed or recorded.
16 (c) The state does hereby pledge and agree with the holders of any
17 issue of bonds and/or bond anticipation notes secured by such a pledge
18 that the state will not limit or alter the rights hereby vested in the
19 town to fulfill the terms of any agreements made with said holders
20 pursuant to this act, or in any way impair the rights and remedies of
21 such holders or the security for said bonds and/or bond anticipation
22 notes, until such bonds and/or bond anticipation notes, together with
23 the interest thereon and all costs and expenses in connection with any
24 action or proceedings by or on behalf of such holders, are fully paid
25 and discharged; provided, however, that this pledge shall be subject to
26 the reserved right of the state to alter the base, rate, method of taxa-
27 tion and exemptions from taxation or the method of distribution of the
28 taxes which may be imposed by the county of Dutchess, the net
29 collections from which may be pledged, pursuant to this act, as addi-
30 tional security for any issue of general obligation serial bonds and/or
31 bond anticipation notes of such town. The town is authorized to include
32 this pledge and agreement of the state, subject to the state's reserved
33 right, in any agreement with the holders of such bonds and/or bond
34 anticipation notes.
35 S 3. This act shall take effect immediately.
S08141 Summary:
BILL NO S08141
Authorizes the town of Fishkill to issue serial bonds in an amount not to
exceed $6,500,000 for the purpose of liquidating an actual deficit in the
general fund and highway fund of such town.
S08141 Text:
S T A T E O F N E W Y O R K
________________________________________________________________________
8141
I N S E N A T E
June 11, 2010
___________
Introduced by Sen. SALAND -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to authorize the town of Fishkill to issue bonds
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The town of Fishkill (hereinafter the "town"), in the
2 county of Dutchess, is hereby authorized to issue serial bonds, subject
3 to the provisions of section 10.10 of the local finance law, on or
4 before December 31, 2011, in an aggregate principal amount not to exceed
5 six million five hundred thousand dollars ($6,500,000) for the specific
6 object or purpose of liquidating an actual deficit (hereinafter the
7 "deficit") in its general fund and highway fund accumulated as of the
8 close of its fiscal year ending December 31, 2010. In anticipation of
9 the issuance and sale of such serial bonds, bond anticipation notes are
10 hereby authorized to be issued. Payment of principal of and interest on
11 such bonds and notes shall be a general fund charge.
12 S 2. (a) As additional security for any issue of general obligation
13 serial bonds and/or bond anticipation notes issued pursuant to this act,
14 the town board of the town is hereby authorized to irrevocably pledge to
15 the payment of the principal of and interest on such bonds and/or bond
16 anticipation notes the town's share of the net collections, as such term
17 is defined in section 1262 of the tax law, from taxes imposed by the
18 county of Dutchess pursuant to the authority of section 1210 of the tax
19 law, as amended, or any successor law thereto, and which such town may
20 be entitled to receive from such taxes, or such portion of such net
21 collections determined by said town at the time of issuance of said
22 bonds and/or bond anticipation notes to be necessary to do so addi-
23 tionally secure such bonds and/or bond anticipation notes, subject to
24 the following limitations and conditions:
25 (i) Any such pledge shall become effective on the date of issue of any
26 bonds and/or bond anticipation notes the payment of which is secured by
27 such pledge;
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD17716-01-0
S. 8141 2
1 (ii) Any such pledge may be made subject to such terms and conditions,
2 not inconsistent with this act, as may be determined necessary or appro-
3 priate by such town board; and
4 (iii) Any such pledge shall not be authorized by such town board
5 unless such town board shall have determined that such pledge is neces-
6 sary and in the public interest.
7 (b) Any pledge made pursuant to this section shall be valid and bind-
8 ing from the time when such pledge takes effect, and the net collections
9 so pledged and thereafter received by the town shall immediately be
10 subject to the lien of such pledge without any physical delivery thereof
11 or further act. The lien of any such pledge shall be valid and binding
12 as against all parties having claims of any kind in tort, contract or
13 otherwise against the town irrespective of whether such parties have
14 notice thereof. Neither the resolution nor any other instrument by which
15 such a pledge is created need be filed or recorded.
16 (c) The state does hereby pledge and agree with the holders of any
17 issue of bonds and/or bond anticipation notes secured by such a pledge
18 that the state will not limit or alter the rights hereby vested in the
19 town to fulfill the terms of any agreements made with said holders
20 pursuant to this act, or in any way impair the rights and remedies of
21 such holders or the security for said bonds and/or bond anticipation
22 notes, until such bonds and/or bond anticipation notes, together with
23 the interest thereon and all costs and expenses in connection with any
24 action or proceedings by or on behalf of such holders, are fully paid
25 and discharged; provided, however, that this pledge shall be subject to
26 the reserved right of the state to alter the base, rate, method of taxa-
27 tion and exemptions from taxation or the method of distribution of the
28 taxes which may be imposed by the county of Dutchess, the net
29 collections from which may be pledged, pursuant to this act, as addi-
30 tional security for any issue of general obligation serial bonds and/or
31 bond anticipation notes of such town. The town is authorized to include
32 this pledge and agreement of the state, subject to the state's reserved
33 right, in any agreement with the holders of such bonds and/or bond
34 anticipation notes.
35 S 3. This act shall take effect immediately.
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