Narrative of Resolution:
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Authorize the creation of “Sullivan County Resort Facilities Local Development Corporation:
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RESOLUTION NO. INTRODUCED BY THE EXECUTIVE COMMITTEE AUTHORIZING THE CREATION OF “SULLIVAN COUNTY RESORT FACILITIES LOCAL DEVELOPMENT CORPORATION”, APPROVING THE FORM OF THE CERTIFICATE OF INCORPORATION, DESIGNATING THE CORPORATION AS ISSUER OF TAX-EXEMPT AND TAXABLE BONDS AND AUTHORIZING THE CORPORATION TO PERFORM ESSENTIAL GOVERNMENTAL FUNCTIONS INCLUDING ACTIVITIES ASSOCIATED WITH THE PROMOTION OF COMMUNITY AND ECONOMIC DEVELOPMENT AND JOB CREATION AND THE ISSUANCE OF BONDS ON ITS BEHALF
WHEREAS, it is the policy of the State of New York to promote the economic welfare and prosperity of its inhabitants and to actively promote, attract, encourage and develop economically sound commerce and industry; and
WHEREAS, Sullivan County, New York (the "County") is tasked with the responsibility and burden to promote the health, safety and general welfare of the residents of the County by, among other, things preventing unemployment and economic deterioration including by increasing and maintaining employment opportunities and attracting and sustaining economically sound commerce; and
WHEREAS, it is essential for the County to support job creation, private investment and economic growth for residents of the County: and
WHEREAS, in furtherance of the public purposes set forth above, the County wishes to form Sullivan County Resort Facilities Local Development Corporation (the "Corporation"), a local development corporation authorized under Section 1411 of the New York State Not For Profit Corporation Law (the "NFPCL"), and
WHEREAS, a proposed certificate of incorporation (the "Certificate of Incorporation") has been prepared for review by the County Legislature and a copy of such proposed Certificate of Incorporation is attached hereto as Exhibit A; and
WHEREAS, in furtherance of the public purposes set forth above, a local development corporation formed under the NFPCL is empowered to take all actions authorized pursuant to the Certificate of Incorporation and the NFPCL, including, but not limited to, the following actions: (1) to borrow money and to issue negotiable bonds, notes and other obligations therefor, (2) to sell, lease, mortgage or otherwise dispose of or encumber any such real or personal property or any interest therein upon such terms as it may determine to be suitable; and
WHEREAS, the Corporation will be operated exclusively for charitable purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, or governmental purposes to relieve and reduce unemployment, promote and provide for additional and maximum employment, improve and maintain job opportunities, and lessen the burden of government and act in the public interest; and
WHEREAS, to accomplish its job creation and other economic development responsibilities and relieve the burdens related to same and to create and preserve employment opportunities for residents of the County, the County desires to task the Corporation with such burdens and responsibilities and authorize the Corporation to issue tax-exempt and taxable bonds on behalf of the County for such public purposes.
NOW, THEREFORE, BE IT RESOLVED, the County authorizes the creation of the Corporation and the County Legislature approves the form and substance of the Certificate of Incorporation presented at this meeting and attached hereto as Exhibit A, all in substantially the form thereof presented to this meeting, with such changes, variations, omissions and insertions as the Chairman (or Vice Chairman) and the County Attorney shall approve; and
BE IT FURTHER RESOLVED, that the Corporation is hereby designated as an on behalf of issuer of the County for the purposes of issuing bonds with authority to exercise on the County’s behalf all lawful powers as may be deemed necessary to accomplish its public purposes including to enhance, create and preserve employment opportunities for residents of the County, which such powers shall include, but not be limited to, those powers described in NFPCL Section 1411 and the Corporation’s Certificate of Incorporation, with the power to issue tax-exempt and taxable bonds, notes, or other obligations on behalf of the County in furtherance of its purposes, provided however that any obligations issued by the Corporation shall never be a debt of, nor guaranteed or supported by, the State of New York, the County or any political subdivision thereof (other than Corporation) and neither the State of New York, the County or any political subdivision thereof (other than Corporation) shall be liable thereon and provided further that the Corporation shall exercise its powers only in accordance with its Certificate of Incorporation; and
BE IT FURTHER RESOLVED, that the County Manager or his designated representative is hereby authorized and directed for and in the name and on behalf of the County to do all acts and things required of the County in connection with the issuance of tax-exempt and taxable bonds, and to execute and deliver all such additional certificates, instruments and documents, and to do all such further acts and things as may be necessary or, in the opinion of the County Manager or his designated representative, desirable and proper to effect the purposes of the foregoing resolutions; and be it
BE IT FURTHER RESOLVED, that this resolution shall take effect immediately.
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