Village of Valley Stream authorizes financing for budget expenditures.

 Legal Notice # 21928375 BUDGET NOTE RESOLUTION OF THE VILLAGE OF VALLEY STREAM, NEW YORK, ADOPTED MARCH 2, 2026 AUTHORIZING THE FINANCING OF CERTAIN EXPENDITURES FOR WHICH AN INSUFFICIENT OR NO PROVISION WAS MADE IN THE BUDGET OF THE VILLAGE (INCLUDING CERTAIN EXPENSES FOR THE REMOVAL OF SNOW AND ICE), PURSUANT TO SECTION 29 OF THE LOCAL FINANCE LAW, STATING THE MAXIMUM COST THEREOF IS $2,597,110.18, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $2,597,110.18 BUDGET NOTES OF SAID VILLAGE TO FINANCE SAID APPROPRIATION. THE BOARD OF TRUSTEES OF THE VILLAGE OF VALLEY STREAM (THE "VILLAGE"), IN THE COUNTY OF NASSAU, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than a majority of all members of said Village Board) AS FOLLOWS: Section 1. Prior to the issuance of obligations authorized to be issued by this budget note resolution, the Board of Trustees of the Village shall comply with all applicable provisions prescribed in Article 8 of the Environmental Conservation Law, all regulations promulgated thereunder by the New York State Department of Environmental Conservation, and all applicable Federal laws and regulations in connection with environmental quality review relating to the Project (collectively, the "Environmental Compliance Proceedings"). In the event that any of the Environmental Compliance Proceedings are not completed, or require amendment or modification subsequent to the date of adoption of this resolution, the Board of Trustees of the Village will re-adopt, amend or modify this resolution prior to the issuance of obligations authorized to be issued herein upon the advice of bond counsel. It is hereby determined by the Board of Trustees of the Village that the Purpose (defined below) will not have a significant effect on the environment. Section 2. The Village is hereby authorized to incur and finance the costs associated with the following expenditures for which an insufficient or no provision was made in the budget of the Village (collectively, the "Purpose"). Budget Item Line Budget Actual Amount (i) Health Insurance (including costs $6,500,000.00 $6,923,381.13 $423,381.13 related to removal of snow and ice) (ii) NYS Retirement (including costs $2,300,000.00 $2,437,662.00 $137,662.00 related to removal of snow and ice) (iii) Emergency HVAC Replacements- $0.00 $263,439.59 $263,439.59 PS/Materials (iv) Personal Services - Recreation/Pool $3,535,000.00 $3,977,618.10 $442,618.10 (v) Debt Service $3,375,000.00 $3,772,331.00 $397,331.00 (vi) Removal of Snow and Ice $245,000.00 $865,780.00 $620,780.00 (vii) Professional Services: Auditors $165,000.00 $295,000.00 $130,000.00 (viii) Social Security/FICA (including costs $1,375,000.00 $1,556,898.36 $181,898.36 related to removal of snow and ice) Total $2,597,110.18 The amount of the foregoing additional expenditures (other than those related to the removal of snow and ice) does not exceed five percent (5%) of the amount of the Village's current year budget. There are no other funds available to the Village with which to pay or provide for such Purpose. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $2,597,110.18, and said amount is hereby appropriated therefor. The financing thereof includes the issuance of $2,597,110.18 budget notes of the Village to finance said appropriation and the levy and collection of taxes on all taxable real property in the Village to pay the principal of said notes and the interest thereon as the same become due and payable. Section 3. Budget notes of the Village in the principal amount of $2,597,110.18 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 4. The facts and circumstances necessitating the issuance of such budget notes are unexpectedly large amounts of snow and ice and larger than expected actual expenses of the other budget items. The original Village budget was very conservative with regard thereto. The budget notes authorized herein shall mature no later than May 31, 2027. Section 5. Each of the budget notes authorized by this resolution shall contain the recital of validity as prescribed by Section 52.00 of the Law and said budget notes shall be obligations of the Village, payable as to both principal and interest by a general tax levied and collected from all the taxable real property within the Village without limitation of rate or amount. The faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on said budget notes and provision shall be made in the budget of the Village by appropriation for the payment of principal and interest to be due and payable in such year. Section 6. Subject to the provisions of this resolution and of the Law, and pursuant to the provisions of Section 21.00, Section 30.00, Section 50.00, Sections 56.00 to 60.00 and Section 63.00 of the Law, the powers and duties of the Village Board relative to authorizing the issuance of the budget notes herein authorized, or the renewals thereof, prescribing the terms, form and contents of the budget notes herein authorized, and the renewals thereof, and any other powers or duties pertaining to or incidental to the sale and issuance of the budget notes herein authorized, are hereby delegated to the Village Treasurer, as the chief fiscal officer of the Village. The Village Treasurer is hereby authorized to execute on behalf of the Village all budget notes issued pursuant to this Resolution, and the Village Clerk is hereby authorized to affix the seal of the Village to all such budget notes and to attest such seal. Each interest coupon, if any, representing interest payable on such budget notes shall be authenticated by the facsimile signature of the Village Treasurer. Section 7. The validity of the budget notes authorized by this resolution may be contested only if: (a) such obligations are authorized for an object or purpose for which said Village is not authorized to expend money, or (b) 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 (c) such obligations are authorized in violation of the provisions of the Constitution. Section 8. This resolution shall constitute the declaration of the Village's "official intent" to reimburse expenditures authorized by Section 2 with proceeds of the budget notes, as required by United States Treasury Regulation Section 1.150-2. Section 9. This resolution, when it takes effect, shall be published, in full or in summary form, in "Newsday," a newspaper having a general circulation within said Village and hereby designated the official newspaper of the Village for such publication, together with a notice in substantially the form as prescribed by Section 81.00 of the Law. VILLAGE OF VALLEY STREAM, NEW YORK ESTOPPEL NOTICE The budget note resolution published herewith was adopted by the Board of Trustees of the Village of Valley Stream on March 2, 2026. The validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Village of Valley Stream is not authorized to expend money, or if the provisions of law which should be complied with at the date of the publication of such resolution were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty (20) days after the date of publication of this notice, or if such obligations were authorized in violation of the provisions of the Constitution of New York. Date: March 5, 2026 JAMES J. HUNTER Village Clerk Village of Valley Stream, New York