HomeMy WebLinkAboutDome Sand & Salt Storage AUTHORIZING THE ISSUANCE
OF $90,000 SERIAL BONDS TO
FINANCE SAID APPROPRIA-
TION.
THE TOWN BOARD OF THE
TOWN OF SOUTHOLD, IN THE
COUNTY OF SUFFOLK, NEW
YORK, HEREBY RESOLVES (by
tim favorable vote of not less than
two-thirds of all the members of said
Town Board) AS FOLLOWS:
~ The Town of Southold. in
the Cotulty of Suffolk, New York
{herein cabled "Town"), is hereby
authorized to construct a salt storage
building, iaciading original furnish-
ings, equipment, machine ry or appara-
tm r~luized for the purpose for which
said bhilding is to be used. in the
Highway Yard, Peconic Lane. Peconic.
in the Town. for use by the Town
Highway Department. The estimated
maximura cost thereof, including pre-
liminary costs and costs incidental
thereto and the financing thereof, is
$90,000 and the said amount is hereby
appropriated therefor. The plan of
financing includes the issuance of
$90,060 ~erial bonds of the Town to
finance said appropriation and the
levy and collection of taxes on all the
tm~ble real property in the Town to
pay ~he principal of said bonds and
th~int~rest thereon as the same shall
- ~eome due and payable.
~-.ction 2. Serial bonds of the Town
in the principal amount of $90,000 are
hereby authorized to be issued pur-
suant to the provisions of the Local
Finance Law. constituting Chapter 33-
a of the Consolidated Laws of the
State of New York {herein called
"Law"), to finance said appropriation.
~ The following additional
matters are hereby determined and
declared.
{a) The building to be constructed
i~ of at least Class "B" construction as
defined by Section 11.00 a. 11. (b)
the Law, and the period of probable
u.,mfulnels of the specific object or
purpose for which said serial bonds
are authorized to be issued, within the
limitations of said Section. is twenty
C20)_years; however, any bonds issued
pursimnt to this bond resolution or
any bond anticipation notes issued in
~ntkipation of the sale of such bonds,
shall mature no later than five (5)
ye.~s from the original date of issue of
such bonds or any bond anticipation
notes issued in anticipation of the sale
of such bonds, pursuant to the appli-
cable provisions of the Law.
(b) The proceeds of the bonds here-
in authorized, and any bond anticipa-
tion notes issued in anticipation of
~ bonds, may be applied to reim-
burse the Town for expenditures
made after the effective date of this
reanlution for the purpose for which
~id bonds are authorized. The fore-
' 8°ing statement °f latent wit h respect
b- ~a ~imbm~ement is made in con[or-
-d., miry with Treasury Regulation
.llt'~~[~ S~ctinn 1.150-2 of the United States
(C) lao~n~ng an examination ot !nc
, ,,~d thee nians and specifications
,'-aon,hereo thisT°wn B ard,
co.. ct,on of s.cfi .iid,ngon sa,d
~O~ a°Vl~°mnl site to have any adverse impac! up°n,
same to be a TYPE it
or Sunni to the New York State Envt-
~~a~ r,o, nmenta!. Ouallt) Review Act
m'~~~u~fi~=~ii~%, (d) The proposed ma!unty of !he
~'~"~t~;11 :~ltds authorized by this resolution
' ~ ~ ,m~, tP~v'n~°m ~ m~ ¢°~' ~OOt exceed five year~
tl{o~e~O.~ Each of the bonds au-
~;"~an~this resolution, and any
sale of said bond,
pal of and interest on said bonds, and
any notes issued in anticipation of the
sale of said bonds, and provision shall
be made annually in the budget of the
Town by appropriation for (a) the
amortization and redemption of the
bonds and any notes in anticipation
thereof to mature in such year and (b]
the payment of interest to be due and
payable in such year,
~¢ction 5. Subject to the prowsions
of this resolution and of the Law and
pursuant to the provisions of Section
21,00 relative to the authorization of
the issuance of bonds with substan-
tially level or declining annual debt
service, Section 30.00 relative to the
authorization of the issuance of bond
anticipation notes and Section 50.00
and Sections 56.00 to 60.00 and IriS,00
of the Law, the powers and duties of
the Town Board relative to authoriz-
ing bond anticipation notes and pre-
scribing the terms, form and contents
and as to the sale and issuance of the
bonds herein authorized, and of any
bond anticipation notes issued in
anticipation of said bonds, and the
renewals of said bond anticipation
notes, and relative to executing con-
tracts for credit enhancements and
providing for substantially level or
declining annual debt service, are
hereby delegated to the Supervisor,
the chief fiscal officer of the Town.
~ _egtinn 6, The validit3' of the bonds
authorized by this resolution, and of
any notes issued in anticipation of the
sale of said bonds, may be contested
only if:
(a) such obligations are authorized
for an object or purpose for which the
Town is not authorized to expend
money, or
(b) the provisions of law which
should be complied with at the date of
the publication of such resolution.or a
summary thereof, are not substantial-
ly complied with. and an action, suit or
proceeding contesting such validity is
commenced within twenty days after
the date of such publication, or
(c) such obligations are authorized
in violation of the provisions of the
constitution.
~ggtion 7, This bond resolution
shall take effect immediately and the
Town Clerk is hereby authorized and
directed to publish this bond resolu-
tion. in full, together with a notice ia
substantially the form prescribed b~
Section 81.00 of the Law in "The
Suffolk Times," a newspaper pub-,
lished in Mattituck. New York, in the
Town. and hereby designated as the
officiaITown newspaper for such pnb-
STATE OF NEWYORK)
)SS:
CO.UNTY OF SUFFOLK) ,
x, / ~_CI.J% ~-' ~'l ~ ~ ~ ~ of Mattituck, in said
county, being duly sworn, says that he/she is Principal
clerk of THE SUFFOLK TIMES, a weekly newspaper,
published at Mattituck, in the Town of Southold,
County of Suffolk and State of NewYork, and that the
Notice of which the annexed is a printed copy, has
been regularly published in said Newspaper once
each week for ~ weeks sucgessively,
the [ .--~-t-~ day
commencing on
of rL _o.(vf 20 0()
shaU contain th~ recital of validity as
pr~ribed by Section 52.00 of the
THE Law and said bonds, and any notes Sworn to before me this
haued in anticipation of said bonds, day of
· shall be general obligations of the
Town, payable as to both principal
and interest by general tax upon all
the taxable real property within the
~l'own without limitation as to rate or
amount. The faith and credit of the
' Town are hereby irrevocably pledged
to the punctual payment of the princi-
principal Clerk
20 00
EXTRACT OF MINUTES
Meeting of the Town Board of the Town of Southold,
in the County of Suffolk, New York
December 21, 1999
A regular meeting of the Town Board of the Town of Southold, in the County of
Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, within said Town,
on December 21, 1999 at 7 30 o'clock P.M. (Prevailing Time).
There were presenti Hon. Jean W. Cochran, Supervisor; and
Board Members:
CouncilmAn Brian 6. l~lurphy
Connctlm~n John H. Ro~anelli
Counclman William D. Hoore
Justice Louisa P. Evans
CouncilvomanAlice j. Hussie
Supervisor Jean W. Cochran
There were absent: None
Also present:
Elizabeth A. Neville, Town Clerk
Gregory Yakaboski, Town Attorney
John Cushman, Town Comptroller
the following resolution and moved its .adoption:
33~435.1 021946 RES
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK,
ADOPTED DECEMBER 21, 1999, AUTHORIZING THE
CONSTRUCTION OF A SALT STORAGE BUILDING IN TI~
HIGHWAY YARD, IN PECONIC, IN SAID TOWN, FOR USE BY THE
TOWN HIGHWAY DEPARTMENT, STATING THE ESTIMATED
MAXIMUM COST THEREOF IS $90,000, APPROPRIATING SAID
AMOUNT THEREFOR AND AUTHORIZING THE ISSUANCE OF
$90,000 SERIAL BONDS TO FINANCE SAID APPROPRIATION.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called "Town"), is hereby authorized to construct a salt storage building, including original
furnishings, equipment, machinery or apparatus required for the purpose for which said building is
to be used, in the Highway Yard, Peconic Lane, Peconic, in the Town, for use by the Town
Highway Department. The estimated maximum cost thereof, including preliminary costs and
costs incidental thereto and the financing thereof, is $90,000 and the said amount is hereby
appropriated therefor. The plan of financing includes the issuance of $90,000 serial bonds of the
Town to finance said appropriation and the levy and collection of taxes on all the taxable real
property in the Town to pay the principal of said bonds and the interest thereon as the same shall
become due and payable.
33~435.1 021946 R~S
Section 2. Serial bonds of the Town in the principal amoun~ of $90,000 are hereby
authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter
33-a of the Consolidated Laws of the State of New York (herein called "Law"), to finance said
appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The building to be constructed is of at least Class "B" construction as
defined by Section 11.00 a. 11. (b) of the Law, and the period of probable usefulness of the
specific object or purpose for which said serial bonds are authorized to be issued, within the
limitations of said Section, is twenty (20) years; however, any bonds issued pursuant to this bond
resolution or any bond anticipation notes issued ih anticipation of the sale of such bonds, shall
mature no later than five (5) years fi.om the original date of issue of such bonds or any bond
anticipation notes issued in anticipation of the sale of such bonds, pursuant to the applicable
provisions of the Law.
(b) The proceeds of the bonds herein authorized, and any bond anticipation
notes issued in anticipation of said bonds, may be applied to reimburse the Town for expend{tures
made after the effective date of this resolution for the purpose for which said bonds are
authorized. The foregoing statement of intent with respect to reimbursement is made in
conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department.
(c) Following an examination of the site of the proposed salt storage building and
the plans and specifications for its construction, referred to in Section l hereof, this Town Board,
the Lead Agency, does not consider the construction of such building on said site to have any
334~35.1 021946 RES
adverse impact upon the environment and has considered same to be a TYPE II Action pursuant
to the New York State Environmental Quality Review Act ("SEQRA").
(d) The proposed maturity of the bonds authorized by this resolution will not
exceed five years.
Section4. Each ofthe bonds authorized by this resolution, and anybond
anticipation notes issued in anticipation of the sale of said bonds, shall contain the recital of
validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in
anticipation of said bonds, shall be general obligations of the Town, payable as to .both principal
and interest by general tax upon ali the taxable real property within the Town without limitation as
to rate or amount. The faith and credit of the T~wn are hereby irrevocably pledged to the
punctual payment of the principal of and interest on said bonds, and any notes issued in
anticipation of the sale of said bonds, and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b) the payment of interest to be due and payable
in such year.
Section 5. Subject to the provisions of this resolution and of the Law and pursuant
to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00
of the Law, the powers and duties of the Town Board relative to authorizing bond .anticipation
notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds
herein authorized, and of any bond anticipation notes issued in anticipation of.said bonds, and the
334435.1 021946 RES
renewals of said bond anticipation notes, and relative to executing contracts for credit
enhancements and providing for substantially level or declining annual debt service, are hereby
delegated to the Supervisor, the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this resolution, and of any notes
issued in anticipation of the sale of said bonds, may be contested only if
(a) such obligations are authorized for an object or purpose for which the
Town is not authorized to expend money, or
(b) the provisions of law which should be complied with at the date of the
publication of such resolution, or a summary thereof, are not substantially complied with,
and an action, suit or proceeding contesting such validity is commenced Wi~thin twenty
days after the date of such ~ublication, or
(c) such obligations are authorized in violation of the provisions of the
constitution.
Section 7. This bond resolution shall take effect immediately and the Town Clerk
is hereby authorized and directed to publish this bond resolution, in full, together with a notice in
substantially the form prescribed by Section 81.00 of the Law in "The Suffolk Times", a
newspaper published in Mattituck, New York, in the Town, and hereby designated as the official
Town newspaper for such publication.
334435.1 021946 RES
The adoption of the foregoing resolution was seconded by Just±ce Evans. nd duly
put to a vote on roll call, which resulted as follows:
Councilman Brian G. Hurphy
AYES: Councilman John H. Romanelli
Councilman ~/illiam O. Hoore
Justice Louisa P. Evans
Councilwoman Alice J. Hussie
NOES: None Supervisor Jean ~/. Cochrau
The resolution was declared adopted.
334435.1 021946 RES
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract
from the minutes of a meeting of the Town Board of said Town of Southold duly called and held
on December 21, 1999, has been compared by me with the original minutes as officially recorded
in my office in the Minute Book of said Town Board and is a true, complete and correct copy
thereof and of the whole of said original minutes so far as the same relate to the subject matters
referred to in said extract.
IN WITNESS WHEREOF,
I have hereunto set my hand and affixed the
corporate seal of said Town of Southold this
day of December, 1999.
(SEAL)
T~ Clerk '
334435.1 021946 R~S