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Syracuse City board approves M&T Bank disbursement agreement for phase 3 bond proceeds
Summary
At a Syracuse City board meeting, members unanimously approved Resolution No. 1 of 2025 authorizing the commissioner of finance and the JSCB secretary to execute a disbursement agreement with M&T Bank to hold and disburse bond proceeds tied to phase 3; staff said a bond anticipation note is closing next week.
At a Syracuse City board meeting, members unanimously approved Resolution No. 1 of 2025 to authorize the commissioner of finance and the Joint School Construction Board (JSCB) secretary to execute a disbursement agreement with M&T Bank related to phase 3 bond proceeds.
Secretary Joe told the board the agreement would allow M&T Bank, which has served as trustee for prior phases, to hold the proceeds and disburse funds as bills come due under Board approval. “This agreement has been reviewed by our outside bond counsel, Ted Trespass, and of course Mike Cannizzaro,” Joe said. He said the city issued a bond anticipation note “I believe $2,000,000” last month and that the city is closing on that note next week.
Joe also reported the broader project paperwork is complex and that staff and the program manager, Turner, need additional time to complete cross-checks. “The document itself is complicated… we need another couple of weeks to go over all the drafts,” Joe said. Separately, he said the RFP committee for the independent compliance officer (ICO) met this week, that candidates had follow-up questions, and that the committee scheduled an additional meeting next week to continue that procurement.
Ann Marie Deagan, first deputy commissioner of finance, attended the meeting in place of Commissioner Mike Cannizzaro and was available to answer finance questions, the board said. Council President Hudson and member Steve Swift were excused.
Board members moved and approved Resolution No. 1 of 2025 by voice vote; no individual roll-call votes or mover/second names were recorded in the transcript. The resolution authorizes the named officials to execute the M&T Bank disbursement agreement for phase 3 and sets the administrative process for future disbursements.
Next steps identified in the meeting: staff will complete the remaining draft reviews over the next two weeks for outstanding documents tied to the project, the bond anticipation note closing is scheduled for next week, and the ICO procurement committee will meet again to address candidate questions. The board did not specify a timeline for returning the finalized disbursement agreement to the board for further review.
