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Oneida authorizes $663,000 in bonds for Higinbotham Brook culvert replacement
Summary
The Common Council authorized Phase II of the Higinbotham Brook Culvert Replacement at a maximum estimated cost of $663,000 and approved issuing bonds not to exceed that amount to finance the project; the period of probable usefulness was set at 40 years and the vote was unanimous.
The Oneida Common Council on March 4 authorized Phase II of the Higinbotham Brook Culvert replacement and approved issuance of bonds not to exceed $663,000 to fund the work. The resolution specifies the financing plan by bond issuance and states the period of probable usefulness as 40 years under the Local Finance Law; the resolution passed unanimously.
The resolution includes detailed financing provisions delegating authority to the City Comptroller to determine issuance details and permits the issuance of bond anticipation notes in accordance with the Local Finance Law. The Council declared the faith and credit of the City irrevocably pledged for payment of principal and interest. The Council subsequently authorized the City Engineer to proceed with Capital Project 25-2 for construction of the culvert replacement.
The action moves the project from planning to construction and establishes the local borrowing mechanism; the City Comptroller will administer bond issuance details and publication requirements as required by law.
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