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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