HomeMy WebLinkAbout2018 E
CERTIFICATE OF DETERMINATION OF THE
SUPERVISOR RELATIVE TO THE AUTHORIZATION,.,
SALE, ISSUANCE, FORM AND CONTENTS OF THE
$8,180,000 BOND ANTICIPATION NOTE-2018 OF THE
TOWN OF SOUTHOLD,SUFFOLK COUNTY,NEW YORK
I, Scott A. Russell, Supervisor of the Town of Southold, Suffolk County, New
York (herein called the "Town"), HEREBY CERTIFY that pursuant to the powers and duties
delegated to me, the chief fiscal officer of the Town, by the Town Board of the Town, pursuant
to the bond resolutions duly adopted and referred to in paragraph 1 hereof, and subject to the
limitations prescribed in said bond resolutions, I have made the following determinations:
1. Bond anticipation notes of the Town shall be issued in the respective
principal amounts dg-seet forth in column F of Schedule I, attached hereto and hereby made a part
hereof, to renew, in full or in part, the bond anticipation notes currently outstanding in the
principal amounts as set forth in column C of said Schedule I, which have been heretofore issued
to finance the respective objects or purposes set forth in column B of said Schedule I; all of said
objects or purposes set forth in column B of said Schedule I having been authorized pursuant to
the bond resolutions duly adopted by the Town Board of the Town on their respective dates forth
in column A of said Schedule 1. Principal payments with respect to the bond anticipation notes
currently outstanding shall be made, as and where required, in the amounts as set forth in column
E of said Schedule 1.
2. The terms, form and details of said Note shall be as follows:
Amount and Title: $8,180,000 Bond Anticipation Note-2018
Dated: December 6, 2018
Matures: September 25, 2019
Number and
Denomination No. 2R-1, at$8,180,000
J Interest Rate
t per annum 3.00%
Th,pi�-;`e.)of payment of principal and interest shall be the office of the Town Clerk, Town Hall,
'Iho',A---New York, and the form of note shall be substantially in accordance with the form
)res;ril 'ed by Schedule B;2 of the Local Finance Law, constituting Chapter 33-a of the
Consolidated Laws of the State-of New York, provided that the Note when issued will be
(i)registered in the name of Cede & Co. as nominee of The Depository Trust Company, New
York, New York ("DTC") and (ii) deposited with DTC to be held in trust until maturity.
Purchases of ownership interests in the Note will be in book-entry form in denominations of
$5,000, or any integral multiple'thereof. Beneficial owners of the.Note will not receive
3172225.1 041419 CLD
certificates representing their interest in the Note. Unless the Town determines otherwise,
transfers or exchanges of ownership interests in the Note may be accomplished via book-entry
transactions only, as recorded through the book-entry system established and maintained by DTC
or a successor depository.
3. The bonds authorized improvements that are assessable for projects marked
by an asterisk(*) in Schedule I.
4. Pursuant to said powers and duties delegated to me, I DO HEREBY
AWARD AND SELL said Note to TD Securities (USA) LLC, New York, New York, for the
purchase price of$8,232,679.20, plus accrued interest, if any, from the date of said Note to the
date of delivery thereof; and I HEREBY FURTHER DETERMINE that said Note shall bear
interest at the rate of three per centum (3.00%)per annum,payable at maturity.
5. Said Note shall be executed in the name of the Town by its Supervisor and
the corporate seal of the Town shall be impressed or imprinted thereon and attested by its Town
Clerk.
I HEREBY FURTHER DETERMINE that at the time of the delivery of the Note,
and as a condition to such delivery, I shall deliver or cause to be delivered to the financial
institution referred to in paragraph 4 hereof a copy of the Town's Undertaking to Provide
Notices of Events, executed by the undersigned as chief fiscal officer of the Town, setting forth
the Town's written agreement for the benefit of holders of or owners of beneficial interests in the
Note, all in conformity with applicable provisions of Rule 15c2-12 of the Securities and
Exchange Commission.
I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to
issue and sell the Note hereinabove referred to are in full force and effect and have not been
modified, amended or revoked.
IN WITNESS WHEREOF, I have hereunto set my hand as of the 6th day of
December, 2018.
Supervisor
Schedule I
3172225.1 041419 CLD
i
i
A B C D E F
Amount Additional
Date Amount to be Amount to Amount to
Authorized Project Description Oustanding pgiLbelssued be Issued
08/16/2011 Stormwater Mitigation Improvements $ 250,000 $ 250,000
01/31/2017 Upgrade Town Hall Telephone System 26,000 26,000
01/31/2017 Firewall 114,000 114,000
050/9/2017 Shade Shelter/Solar Array at Animal Shelter 370,000 370,000
06/12/2017 Ferry Pilings* 380,000 380,000
10/10/2017 Munnatawket Engine* 300,000 300,000
05/09/2017 Salt Barn on FI $200,000 200,000
03/14/2018 1080 Carroll Ave Acquisition 750,000 750,000
03/14/2018 Town Hall Annex-Acquisition 3,200,000 3,200,000
03/14/2018 Town Hall Annex-Improvements 600,000 600,000
03/27/2018 Sidewalks and Drainage 500,000 500,000
06/05/2018 Salt Barn on FI 80,000 80,000
07/17/2018 Increase of SWMD (Payloader)* 500,000 500,000
08/28/2018 Sidewalk Improvements-FI 620,000 620,000
09/25/2018 Munnatawket Engine* 150,000 150,000
09/25/2018 Dredge Silver Eel Channel* 140,000 140,000
$1,440,000 $ $ 6,740,000 $8,1802000
* -assessable improvements
3172225.1 041419 CLD
CLERK'S CERTIFICATE
I, Elizabeth A. Neville, Town Clerk of the Town of Southold, in the County of
Suffolk, New York, HEREBY CERTIFY that I have compared the foregoing copy of the
Certificate of Determination executed by the Supervisor and the same is a true and complete
copy of the Certificate filed with said Town in my office as Town Clerk on or before December
6, 2018; and
I FURTHER CERTIFY that no resolution electing to reassume any of the powers
or duties mentioned in said Certificate and delegated to the Supervisor by the bond resolutions
cited in said Certificate has been adopted by said Town Board.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town as of December 6,
2018.
(SEAL)
Town Clerk
3172225.1 041419 CLD