Cold Spring OKs up to $1.045M for purchase and $375K for dam design

The Village Board adopted two separate bond resolutions to finance the acquisition of land and to cover preliminary engineering for the Upper Cold Spring Dam project. Mayor Foley moved to authorize a bond issuance not to exceed $1,045,000 to finance acquisition of the properties at 260 and 261 Lakes Price Road; the roll-call vote passed 4-0-0-1.

The board then considered and adopted a second bond resolution authorizing the issuance of bonds not to exceed $375,000 to finance preparation of preliminary plans, specifications and design for improvements to the Upper Cold Spring Dam. That motion also passed on a recorded roll call. The mayor and clerk confirmed the supermajority requirement and the clerk recorded the votes as unanimous among members present.

Board discussion framed the financings as short-term fronting of funds ahead of an anticipated grant application that could reimburse the village for acquisition costs. Counsel and staff confirmed the actions are limited to financing authority and do not authorize construction or expenditures beyond the described purposes.