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Local Law Filing NEW YORK STATE DEPARTMENT OF STATE 41 STATE STREET ALBANY, NY 12231 (Use this form to flle a local law with the Secretary of State.) CTATE OF NEW VORK DEPARTMENTOFSTATE Texl of law should be given as amended. Do not include matter being eliminated and do ndpisfe ^ L ) italics or underHning lo indicate new matler. m 0220» County of CortlaiLd...--- lown Village Local Law No, —01 of theyear2a-01 MISCELLANEOUS & STATE RECORDS A local law -Counly-of.lta-rightB^tQ.rejcfiive (Insert Tale) d-la. bficoine. due - ooiiiier. iJie.. . - --anxl - tJie - j?elat ed - £U)nseiit - l>ecr - and - ^ l i ^ Icxbacco-jcompanies-^ - - Be it enacted by the Le.gislat.UXa ofthe (Name of Legisialive Body) County of - - as follows: (If additionai space is needed, attach pages the same size as this sheet, and number each.) DOS-239 (Rev. 11/99) ---PAGE BREAK--- (Complete the certiiication in the paragraph that applies to the filing ofthis locai iaw and strike out that which is not applicabie.) 1. (Final adoption by locai legislative body only.) I hereby certify lhat the local law annexed hereto, designated as local law No. of of the (Counly)(-fe5i±y;i^faaM>H^i'illuj-.L) of ....QPr-tk^P-C-- - was duly passed by the ]^?.S?-Slature on A p r i l 25__ 20 ..-Qf in accordance wilh the applicable provisions of law. (Name of Legislative Body) 2. (Passage by locai legislative body with approval, no disapproval or repassage after disapproval by the Elective Chief Executive Officer*.) I hereby certify lhat the local law annexed herelo, designated as local law No. of 20 ofthe (Counly)(Cily)(Town)(Village) of - was duly passed by the on 20 and was (approved)(nol approved)(repassed after (Name of Legislative Body) disapproval) by the and was deemed duly adopted on 20— , (Elective Chief Executive Officer*) in accordance wilh the applicable provisions of law. 3. (Final adoption by referendum.) I hereby certify lhat the local law annexed herelo, designaled as local law No. r of 20 ofthe (County)(City)(Town)(Village) of was duly passed by the on 20— , and was (approved)(not approved)(repassed afler (Name of Legislative Body) disapproval) by the on 20— . Such local law was submitled (Elective Chief Executive Officer*) to the people by reason of a (mandalory)(permissive) referendum, and received the affirmative vote ofa majority of the qualified electors voting thereon at the (general)(special)(annual) election held on 20-— , in accordance wilh the applicable provisions of law. 4. (Subject to permissive referendum and final adoption because no valid petition was filed requesting referendum.) I hereby certify that the local law annexed hereto, designated as local law No. - of 20 ofthe (County)(City)(Town)(Village) of was duly passed by the on 20— , and was (approved)(not approved)(repassed after (Name of Legislative Body} disapproval) by the- on — 20--- . Such local law was subject to (Elective Chief Execulive Officer*) permissive referendum and no valid petition requesting such referendum was filed as of — 20-— , in accordance with the applicable provisions of law. * Elective Chief Executive Officer means or includes the chief executive officer of a county elected on a county- wide basis or, if there be none, the chairperson of the county legislative body, the mayor of a city or village, or the supervisor of a town where such officer is vested with the power to approve or veto local laws or ordinances. ---PAGE BREAK--- 5, (City local law concerning Charter revision proposed by petition.) I hereby certify lhat the local law annexed hereto, designated as local law No. — of 20 of the City of having been submitted to referendum pursuant to the provisions of seciion (36)(37) of the Municipal Home Rule Law, and having received the affirmative vote of a majority of the qualified electors of such cily voling thereon al the (special)(general) election held on 20—, became operative. 6. (County local law concerning adoption of Charter.) 1 hereby certify that the local law annexed hereto, designated as local law No of 20 - of the County of — Stale of New York, having been submitted to the electors at the General Election of November 20— , pursuant to subdivisions 5 and 7 ofsection 33 ofthe Municipal Home Rule Law, and having received the affirmative vote of a majority of the qualified electors of the cit- ies of said county as a unit and a majority of the qualified electors of the towns of said county considered as a unit voling at said general election, became operalive. (If any other authorized form of finai adoption has been foiiowed, please provide an appropriate certiflcation.) I furlher certify that I have compared the preceding local law with the original on file in this office and lhat the same is a correct transcript therefrom and of the whole of such original local law, and was finally adopted in the manner in- dicated in paragraph above. ^ Clerk of the County legislative body, City, Town or Village Olerk or officer designated by local legistative body (Seal) Date: April 30, 2001 (Certiflcation to l>e executed by County Attorney, Corporation Counsei, Town Attorney, Village Attorney or other authorized attomey of locality.) STATE OF NEW YORK COUNTY OF —Cortland I, the undersigned, hereby certify that the foregoing local law contains the correct text and lhal all proper proceedings have been had or taken for the enactment of the local law annexed hereto. Signature County A t t o r n e y Title County of Cortland Date: April 30, 2001 ---PAGE BREAK--- LOCAL LAW NO. 1 FOR THE YEAR 2001 A Local Law in relation to the sale by Cortland County of its rights to receive payments expected to become due under the Master Settlement Agreement and the related Consent Decree and Final Judgment with various tobacco companies. Be it enacted by the Legislature of the County of Cortland as follows: SECTION 1. LEGISLATIVE INTENT The Legislature hereby finds that: a. The County of Cortland is entitled to receive payments under the Master Settlement Agreement (hereinafter, the "MSA") and the Consent Decree and Final Judgment ofthe Supreme Court of the State of New York, County of New York, dated December 23, 1998 (hereinafter, as the same may be amended or modified, the "Decree") in the class action entitled State of New York et al. v. Philip Morris Incorporated, et al. (Index No. 400361/97); and b. In order to secure to present generations a portion of the benefits intended to be conferred by the MSA and the Decree it is necessary or desirable for the County to sell all or a portion of its rights, title and interest in, to and under the Decree and in and to the moneys payable to the County under the MSA and the Decree (all such rights, title and interest hereinafter collectively referred to as the "Tobacco Settlement Revenues") to a local development corporation to be created by the County pursuant to the Not-For-Profit Corporation Law of the State of New York. SECTION 2. AUTHORITY Authorization to take all actions necessary to effect sales and to benefit from the consideration to be received from such sales. The County is hereby authorized to sell to the said local development corporation, and to take any and all action necessary or desirable to effect one or more sales to the said local development corporation of, the County's rights, title and interest in and to all or a portion of the Tobacco Settlement Revenues and to take any and all actions necessary or desirable to enable the County to benefit from the consideration to be received from any such sale. The Chairman of the ---PAGE BREAK--- County Legislature or his designee(s) may approve the terms and conditions of any such transaction and the form and substance of any agreement of sale or other document necessary or desirable to effect any such transaction including the power to execute and deliver any such agreement or other document as may be approved by the person executing the same and to take any and ail other actions necessary or desirable to enter into, facilitate or consummate such transaction, including agreeing to pay certain fees and expenses which will be payable regardless of whether or not such transaction is consummated. The County shall use approximately $7,500,000.00 ofthe initial proceeds to be received from said corporation from such sale to finance the defeasance of County obligations and the remaining initial proceeds to finance certain capital projects idenUfied in the County's capital program. It is the intent of this local law that a sale by the County of Tobacco Settlement Revenues to the said local development corporation is, and it is hereby deemed to be, a true sale and not a borrowing. SECTION 3. LOCAL DEVELOPMENT CORPORATION The Chairman of the County Legislature or his designee(s) is hereby authorized to take all actions necessary to create a corporation pursuant to the New York Not-For-Profit Corporation Law §1411 (hereinafter, the "Corporation"). The Corporation shall be granted all powers as may be deemed necessary by the Chairman ofthe County Legislature or his designee(s), which powers shall include, but not be limited to, the power to purchase from the County its right, title and interest in and to all or a portion of the Tobacco Settlement Revenues, to issue bonds, notes and other evidence of indebtedness and other securities and to incur other obligations, to create and transfer assets ofthe corporation to a trust or other entity, and to take all other actions as may be necessary in connection therewith. It is the specific intention of the Legislature that the purpose and scope of the Corporation be limited to the transaction contemplated by this local law including the purchase of Tobacco Settlement Revenues from the County, the fmancing of such purchase and related transactions. ---PAGE BREAK--- SECTION 4. COVENANT AND AGREEMENT The County is hereby authorized to covenant and agree with the Corporation in a transaction contemplated by this local law for the benefit of the Corporation and the holders from time to time of any bonds, notes or other obligations or other securities (hereinafter collectively, the "Securities") issued by the Corporation that the County will not limit or alter the rights of the Corporation to fulfill the terms of its agreements with the holders of the Securities or in any way impair the rights and remedies of such holders or the security for the Securities until the Securities, together with the interest due thereon or payable in respect thereof and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The Chairman of the County Legislature or his designee(s) is granted the power to make such a covenant to and agreement with the Corporation and to take any and all actions necessary or desirable to cause such covenant to and agreement with the Corporation and to take any and all actions necessary or desirable to cause such covenant and agreement to be made or enforced. The Corporation is hereby authorized to assign to or for the benefit of the holders of its Securities any covenant or agreement made by the County pursuant to this Section. SECTION 5. EFFECTIVE DATE This local law takes effect upon filing in the office of the Secretary of State as provided by Section 27 of the Municipal Home Rule Law. ---PAGE BREAK--- ON MOTION OF MRS. PRICE RESOLUTION NO. 208-01 ADOPT LOCAL LAW NO. 1 FOR THE YEAR 2001 A LOCAL LAW IN RELATION TO THE SALE BY CORTLAND OF ITS RIGHTS TO RECEIVE PAYMENT EXPECTED TO BECOME DUE UNDER THE MASTER SETTLEMENT AGREEMENT AND THE RELATED CONSENT DECREE AND FINAL JUDGMENT WITH VARIOUS TOBACCO COMPANIES WHEREAS, said local law has been in its final form upon the desks of the members of the Legislature at least seven calendar days, exclusive of Sunday, prior to this date, NOW, THEREFORE BE IT RESOLVED, that Local Law No. 1 for the year 2001 be passed and enacted. STATE OF NEW YORK } SS: COUNTY OF CORTLAND } This is to certify that I, the undersigned. Clerk of the Cortland County Legislature of the County of Cortland have compared the foregoing copy of resolution with the original resolution now on file in this office, and which was passed by the Cortland County Legislature of said county on the 2 5 i h _ day of April 2001 and that the same is a correct and true transcript of such original resolution and of the whole thereof. IN WITNESS WHEREOF I have hereunto set my hand and the official seal of the CORTLAND COUNTY LEGISLATURE, this 25th day of April 2001 Clerk of the Cortland County Leglsj^ure